Labor data in the spotlight

North America

Mark Carney's Liberal Party has come out on top in Canada’s national elections, yet failed to secure a majority — triggering initial optimism for the Canadian dollar that quickly reversed. The Liberals currently hold 164 seats versus 147 for the Conservatives, with final tallies pending.

Carney steps in during a tense moment: trade relations with the U.S. remain strained, and the Bank of Canada has just paused its rate-cut cycle.

The U.S. dollar continues to hold firm against the Canadian dollar, with USD/CAD hovering near 1.3870, gaining around 0.30% intraday. The Canadian dollar remains under pressure following election results.

Markets are watching the U.S. closely today, as Trump prepares to announce a pullback on auto-related tariffs during a rally near Detroit. The decision may reduce pressure on U.S.-manufactured car parts and imported vehicles, signaling a tactical easing in trade friction.

Corporate earnings will also take center stage. Investors are keen to assess both consumer tech and healthcare resilience amid volatile spending patterns. Later in the day, attention shifts to U.S. economic indicators: the JOLTs job openings report and the Conference Board’s Consumer Confidence Index, both offering a pulse check on hiring trends and sentiment heading into midyear.

Commodities

Gold prices are sliding through Tuesday’s Asian session, retracing toward the $3,300 level as signs of thawing in U.S.-China trade tensions ease demand for safe-haven assets. The rebound in the U.S. dollar is also adding downward pressure, prompting traders to take profits after recent highs.

Silver prices are under pressure as demand for safe-haven metals fades in response to signs of easing trade-war rhetoric.