Commerzbank’s Norman Liebke highlights that EU ETS reform, including new benchmark calculations, could significantly raise costs for European Aluminium recyclers and refineries.

DBS' Senior Economist Ma Tieying revises her Taiwan policy rate outlook after upgrading 2026 Gross Domestic Product (GDP) and Consumer Price Index (CPI) forecasts. She now expects a 12.5bps hike in 3Q, taking the policy discount rate from 2.00% to 2.125%.

TD Securities economists judge that April Consumer Price Index (CPI) strength was driven by shelter and energy, but see core Personal Consumption Expenditures (PCE) Price Index running softer than CPI. They argue tariff pass-through is fading and supercore PCE should ease.

MUFG’s Lloyd Chan notes that USD/MYR has broken lower and remains constructive on the Ringgit, expecting fundamentals to support Ringgit appreciation over the next 12 months.

Joachim Nagel, President of the Bundesbank and member of the European Central Bank (ECB), told Handelsblatt on Tuesday that ECB rate hikes are becoming increasingly likely with the high inflation that is ahead of them.

Kunal Kundu of Societe Generale argues that India’s Goods and Services Tax (GST) data and Index of Industrial Production (IIP) figures point to a soft consumption backbone.

Austan Goolsbee, President of the Federal Reserve (Fed) Bank of Chicago, said that without central bank independence, inflation will come roaring back at the Greater Rockford Chamber of Commerce in Rockford, Illinois on Tuesday.

United States Monthly Budget Statement below forecasts ($220B) in April: Actual ($215B)

United States 10-Year Note Auction rose from previous 4.282% to 4.468%

Kevin Warsh squeaked through the Senate 51-45 on Tuesday to claim a seat on the Federal Reserve (Fed) Board of Governors, with the separate vote to confirm him as Fed Chair scheduled for Wednesday and Jerome Powell's term as chair wrapping up on Friday.

United States 52-Week Bill Auction increased to 3.65% from previous 3.56%

Commerzbank’s Thu Lan Nguyen notes Copper prices are trading close to January’s intraday record despite renewed Iran–US tensions and higher Oil prices. Markets currently anticipate limited economic fallout as long as a Hormuz reopening deal is reached, but prolonged disruption could hurt growth.

National Bank of Canada’s (NBC) Senior Economist Jocelyn Paquet, argues that surging AI-related investment is keeping U.S. GDP growth above potential, with forecasts of 2.4% in 2026 and 2.0% in 2027.

Austan Goolsbee, President of the Federal Reserve (Fed) Bank of Chicago, said that the April United States (US) Consumer Price Index (CPI) report was worse than they expected in comments reported by Reuters on Tuesday.

ING’s Francesco Pesole highlights rising political uncertainty in the UK as calls grow for Prime Minister Keir Starmer’s resignation, with betting markets seeing a high chance he leaves office this year.

The Energy Information Administration (EIA) released the Monthly Energy Review on Tuesday. The report showed that the US hit a record energy production in 2025, recording a 3.4% increase from the previous record set in 2024.

Commerzbank's Commodity Analyst Barbara Lambrecht notes that Silver has surged to a two-month high near USD 87 per troy ounce, supported by strength in industrial metals and a record high London Metal Exchange index.

United States Redbook Index (YoY) climbed from previous 7.8% to 9.6% in May 8

TradingKey - On Tuesday (May 12) ET, the U.S. Department of Labor released the CPI. The Consumer Price Index for April rose 3.8% year-over-year, higher than the forecast of 3.7% and well above last mo

Indian Prime Minister Narendra Modi urged the nation’s citizens to avoid buying Gold for a year, in an effort to cut spending and save foreign exchange as the country grapples with the macroeconomic consequences of the Iran war. 

TD Securities’ FX strategists see the Euro (EUR) relatively strong on crosses, particularly versus the Pound (GBP) and Canadian Dollar (CAD).

United States Consumer Price Index Core s.a up to 335.423 in April from previous 334.165

United States Consumer Price Index ex Food & Energy (MoM) above expectations (0.3%) in April: Actual (0.4%)

United States Consumer Price Index ex Food & Energy (YoY) above forecasts (2.7%) in April: Actual (2.8%)

United States Consumer Price Index n.s.a (MoM) rose from previous 330.21 to 333.02 in April

United States Consumer Price Index (YoY) above forecasts (3.7%) in April: Actual (3.8%)

United States Consumer Price Index (MoM) in line with forecasts (0.6%) in April

Private-sector hiring in the US has added extra momentum in late April. According to the NER Pulse, the weekly companion to the ADP National Employment Report, companies added an average of 33K jobs per week in the four weeks ending April 25.

United States ADP Employment Change 4-week average fell from previous 39.25K to 33K in April 18

United States ADP Employment Change 4-week average dipped from previous 39.25K to 30.25K in April 18