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Here is what you need to know on Tuesday, March 24:

DBS Group Research economist Radhika Rao states that surging energy costs and a widening current account deficit are exerting immense pressure on the Indian Rupee (INR), pushing USD/INR toward new highs.

The GBP/JPY cross reverses an intraday dip to the 212.30-212.25 region and climbs to the top end of its daily range heading into the European session on Tuesday.

ING economist Chris Turner notes EUR/GBP remains offered despite sharp declines in UK short‑dated rates, with clear technical support at 0.8600/0.8620 that markets expect to hold.

The United Kingdom (UK) docket has the preliminary Purchasing Managers’ Index (PMI) data for March to be released by the S&P Global on Tuesday, later this session at 09:30 GMT.

German Composite PMI drops sharply to 51.9 from 53.2 in February, according to flash estimates, but remains higher than expectations of 51.8. The overall private business activity expanded moderately due to a sharp slowdown in the service sector output growth.

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, recovers its recent losses from the previous day and is trading around 99.40 during the early European hours on Tuesday.

The USD/CAD pair trades 0.25% higher to near 1.3760 during the early European session on Tuesday, the highest level seen in almost two months.

BNY strategist John Velis says the March FOMC broadly matched expectations, with no rate change and minimal forward guidance, while markets swiftly repriced toward a more hawkish path.

Bank of Japan (BoJ) Governor Kazuo Ueda said on Tuesday that he expects underlying inflation to accelerate moderately. Ueda added that he will guide monetary policy appropriately to stably achieve our inflation target accompanied by wage gains.