First-ever speedcubing competition in P.E.I. draws large crowd | SaltWire #rubikscube #charlottetownSINGAPORE - Industrial metals prices extended their gains on Tuesday with expectations of a worldwide manufacturing rebound, while Asian shares crept up a little more cautiously ahead of this week's U.S. inflation data and a crucial European Central Bank meeting.Related stories
Precious metals have been soaring, too, with gold hovering just below a record high of $2,353 hit on Monday. Spot gold has risen nearly 14% this year. The Australian dollar is up almost 2% in a week and traded at $0.6605 on Tuesday. The New Zealand dollar has regained a footing above $0.60 and hit a two-week high of $0.6047 in morning trade.CPI AND ECB AHEAD
Annualised headline U.S. inflation is seen rising to 3.4% in March from 3.2% a month earlier. U.S. two-year yields, which track short-term interest rate expectations, are their highest since late November at 4.801%, while ten-year yields also hit 2024 highs of 4.46% on Monday. The yen, meanwhile, continues to face heavy pressure as investors see any lags in global rate cuts as leaving the gap open wide with Japan's near-zero interest rates.