UOB strategists highlight that the Bank of England (BoE) kept its policy rate at 3.75%, with Governor Bailey stressing no move toward a hike despite US-Iran conflict risks.

Deutsche Bank strategists note that strong Microsoft earnings triggered a global technology rebound, lifting the KOSPI, Nasdaq and semiconductor stocks.

Asian stock markets move higher on Friday, tracking overnight gains on Wall Street as a global rally in semiconductor stocks and renewed AI optimism lifted sentiment. Strong earnings from Microsoft and Amazon reinforced expectations for continued hyperscaler investment and resilient AI demand.

Japanese and South Korean officials stepped in to buy their currencies in the open market in what sources described as a rare and an unprecedented coordinated market intervention, possibly alongside the United States (US), Reuters reported on Friday.

Gold prices fell in India on Friday, according to data compiled by FXStreet.

USD/IDR gains ground after two days of losses, trading around 18,120 during the Asian hours on Friday. The pair appreciates as the Indonesian Rupiah (IDR) struggles following the release of disappointing Purchasing Managers' Index (PMI) data from China, Indonesia’s largest trading partner.

China’s Manufacturing Purchasing Managers' Index (PMI) fell to 49.2 in July, compared to 50.3 in the previous reading, China’s National Bureau of Statistics (NBS) reported on Friday. The reading came in below the market consensus of 50.0 in the reported month. 

Australia Private Sector Credit (YoY): 8.5% (June) vs 8.2%

China NBS Manufacturing PMI registered at 49.2, below expectations (50) in July

China NBS Non-Manufacturing PMI came in at 49 below forecasts (50) in July

Australia Private Sector Credit (MoM) above expectations (0.6%) in June: Actual (0.8%)

Australia Producer Price Index (YoY) up to 3.6% in 2Q from previous 3%

Atsushi Mimura, Japan’s Vice Finance Minister for International Affairs and top foreign exchange official, said on Friday that he is in close contact with relevant authorities on foreign exchange, adding that the officials are always prepared to take suitable measures.

The headline Tokyo Consumer Price Index (CPI) for July rose 2.0% YoY as compared to 1.7% in the previous month, the Statistics Bureau of Japan showed on Friday.

Investors are turning their attention to the Bank of Japan’s (BoJ) monetary policy announcement on Friday, after the Japanese Yen (JPY) staged a dramatic rebound during Thursday's American session.

TD Securities’ Senior Asia Economist Alex Loo assesses the July Politburo meeting, noting no major new stimulus despite acknowledged growth challenges. The focus is on fiscal execution, accelerating spending and bond use to support the Six Networks infrastructure program.

RaboResearch highlights Oil as the dominant input for UK monetary policy. The Bank of England’s central forecast assumes Oil prices fall from $76 to around $71, with inflation peaking near 3.2%, but Brent already trades above $90.

Commerzbank FX & Commodity Analyst Volkmar Baur argues that China’s large trade surplus, driven increasingly by green technology exports, is supporting a stronger Chinese Yuan.

MUFG’s Lloyd Chan highlights that Malaysia’s solid growth, low inflation and prudent policy are supporting the Ringgit, but rising domestic political risks could drive USD/MYR in coming months.

Commerzbank Research notes that USD/KRW has fallen to its lowest level since February as South Korean authorities tighten rules on leveraged ETFs to curb Kospi volatility.

Rabobank’s Teeuwe Mevissen highlights that China’s Gross Domestic Product (GDP) growth undershot expectations in Q2, with persistent headwinds from weak domestic demand and a deepening real estate crisis.

DBS Group Research economist Chua Han Teng analyzes Singapore’s latest SGD900mn fiscal support package and the Monetary Authority of Singapore’s (MAS) calibrated tightening of the Singapore Dollar (SGD) Nominal Effective Exchange Rate (NEER) band.

MUFG notes Malaysia remains one of Asia’s stronger-performing economies, with above-trend growth, low inflation and robust external demand, especially in electronics.

TD Securities strategists highlight that the Bank of England (BoE) kept Bank Rate at 3.75% with a 6-3 split, signalling slightly more hawkish rhetoric but continued comfort with existing tightening.

Volkmar Baur at Commerzbank assesses that China’s Gross Domestic Product (GDP) growth of 4.3% year-on-year in Q2 2026 fell short of the government’s 4.5–5% target, with real estate weakness and cautious fiscal policy weighing on demand.

United States EIA Natural Gas Storage Change came in at 28B below forecasts (35B) in July 24

RaboResearch economists Maartje Wijffelaars and Leander Kalff outline how the European Union is intensifying efforts to strengthen Eurozone industry and reduce external dependencies.

Commerzbank’s Dr. Ralph Solveen analyzes German inflation after the July national Consumer Price Index (CPI) rose from 2.3% to 2.8%, driven mainly by higher energy prices linked to conflict in the Persian Gulf and the end of fuel tax rebates.

The Japanese Yen is surging accross the board in the American session on Thursday, without a clear catalyst. This development hints that Japanese authorities may finally be intervening in foreign exchange markets following days of speculation.

TD Securities strategists note the Bank of Canada’s (BoC) July Summary of Deliberations was balanced, with the Bank seeing the economy adjusting to recent shocks and expecting growth to strengthen, while worrying about medium-term inflation expectations drifting higher.