UOB economists Julia Goh and Loke Siew Ting highlight that the Bangko Sentral ng Pilipinas (BSP) has started a new tightening cycle, lifting the Target Reverse Repurchase (RRP) rate to 4.50% and signalling further hikes.

DBS Group Research’s Philip Wee highlights that currency markets are consolidating as the April 28 War Powers Resolution deadline approaches, with USD/CNY flattening after an earlier relief rally.

Headlines indicating that Iranian Parliament speaker Mohammad Bagher Ghalibaf has resigned from the negotiating team, according to Israel N12 News, spurred risk aversion and sent Crude Oil prices sharply up in the American session on Thursday.

Rabobank’s Global Strategist Michael Every flags growing trade frictions between the United States (US) and Canada ahead of USMCA (United States–Mexico–Canada Agreement) talks.

 The Iranian Parliament Speaker Ghalibaf has resigned from the negotiating team, according to Israel’s N12 News.

BNY’s Geoff Yu notes that Latin American (LatAm) currencies have been the standout Emerging Markets (EM) FX performers, with holdings remaining strong throughout the conflict and supported by attractive nominal and real rates.

United States 4-Week Bill Auction unchanged at 3.595%

United States Kansas Fed Manufacturing Activity dipped from previous 11 to 10 in April

Nomura analysts expect the European Central Bank (ECB) to keep the depo rate at 2.00% at the 30 April meeting and to maintain this level through Q4 2027.

United States EIA Natural Gas Storage Change above forecasts (96B) in April 17: Actual (103B)

Nomura analysts note that April Euro area PMIs point to stagflation risks as activity softens while price indices jump to highs last seen in 2022/23.

United States S&P Global Manufacturing PMI registered at 54 above expectations (52.5) in April

United States S&P Global Composite PMI climbed from previous 50.3 to 52 in April

United States S&P Global Services PMI registered at 51.3 above expectations (50) in April

ING’s Francesco Pesole notes that the Norwegian Krone (NOK) has rallied sharply versus both US Dollar (USD) and Euro (EUR) in April, supported by resilient US equities and higher Oil prices.

Scotiabank strategists Shaun Osborne and Eric Theoret note the Canadian Dollar (CAD) is holding relatively firm against a stronger US Dollar (USD), helped by resilient risk sentiment and record S&P 500 levels.

Russia Central Bank Reserves $ climbed from previous $774.8B to $779.5B

Canada Employment Insurance Beneficiaries Change (MoM) rose from previous -1.9% to -1.6% in February

United States Continuing Jobless Claims came in at 1.821M, above forecasts (1.82M) in April 10

Canada Raw Material Price Index came in at 12%, above forecasts (9.3%) in March

Canada Industrial Product Price (MoM) above expectations (1.6%) in March: Actual (2.4%)

United States Initial Jobless Claims 4-week average increased to 210.75K in April 17 from previous 209.75K

United States Initial Jobless Claims above forecasts (212K) in April 17: Actual (214K)

United States Chicago Fed National Activity Index declined to -0.2 in March from previous -0.11

Mexico 1st half-month Core Inflation below expectations (0.2%) in April: Actual (0.18%)

Mexico 1st half-month Inflation registered at 0.11% above expectations (0.08%) in April

Mexico Retail Sales (MoM) below expectations (-0.1%) in February: Actual (-0.9%)

Mexico Retail Sales (YoY) registered at 3.1%, below expectations (4.1%) in February

Societe Generale analysts argue that the Australian Dollar’s (AUD) strong year-to-date performance leaves it vulnerable to concerns over imported petroleum dependence during the Gulf blockade.

The preliminary United States (US) S&P Global Purchasing Managers’ Index (PMI) data for April is due for release today at 13:45 GMT.