United States Goods Trade Balance dipped from previous $-87.9B to $-88.7B in March

Canada Exports up to $72.77B in March from previous $66.31B

Canada International Merchandise Trade came in at $1.78B, above forecasts ($-2.8B) in March

Canada Imports dipped from previous $72.05B to $70.99B in March

United States Goods and Services Trade Balance above expectations ($-60.5B) in March: Actual ($-60.3B)

TD Securities strategists Prashant Newnaha and Alex Loo highlight that the Reserve Bank of Australia (RBA) raised the cash rate to 4.35% with a dovish message, viewing risks to inflation and growth as more balanced.

Spain 12-Month Letras Auction increased to 2.635% from previous 2.611%

Spain 6-Month Letras Auction down to 2.357% from previous 2.362%

BNY’s John Velis reviews the April Federal Open Market Committee (FOMC), highlighting four dissents against the easing bias and implications for future policy under incoming Chair Kevin Warsh.

Here is what you need to know on Tuesday, May 5:

ING analysts Warren Patterson and Ewa Manthey note that ICE Brent has surged as renewed conflict in the Persian Gulf raises concerns over supply disruptions.

OCBC strategists Sim Moh Siong and Christopher Wong highlights renewed weakness in Silver as Middle East tensions and higher Oil prices weigh on risk sentiment.

Spain Unemployment Change below expectations (-18.6K) in April: Actual (-62.668K)

Spain Unemployment Change below expectations (-18.6K) in April: Actual (-62.7K)

Danske Research Team notes that global equities fell, with the S&P 500 down 0.4% and Stoxx 600 off 1% on Iran-related headlines. The session was characterized as de-risking, with most sectors lower except tech and energy.

Switzerland Consumer Price Index (MoM) came in at 0.3% below forecasts (0.4%) in April

Switzerland Consumer Price Index (YoY) up to 0.6% in April from previous 0.3%

Singapore Retail Sales (MoM) rose from previous -4.1% to 3.7% in March

Singapore Retail Sales (YoY) fell from previous 8.3% to 4.8% in March

Australia RBA Interest Rate Decision meets forecasts (4.35%)

Indonesia Gross Domestic Product (QoQ) registered at -0.77% above expectations (-0.97%) in 1Q

Indonesia Gross Domestic Product (YoY) came in at 5.61%, above forecasts (5.3%) in 1Q

New Zealand ANZ Commodity Price dipped from previous 4.1% to -0.8% in April

The International Monetary Fund (IMF) managing director Kristalina Georgieva warned that inflation is already picking up and the global economy could face a “much worse outcome” if the war in the Middle East drags into 2027 and oil prices hit about $125 a barrel, Reuters reported on Tuesday.

The USD/CAD pair edges lower to near 1.3620 during the early Asian trading hours on Tuesday. Escalating tensions in the Middle East after the United Arab Emirates (UAE) reports missiles and drone threats from Iran underpin the commodity-linked Canadian Dollar (CAD).

Australia S&P Global Composite PMI above forecasts (50.1) in April: Actual (50.4)

Australia S&P Global Services PMI came in at 50.7, above forecasts (50.3) in April

MUFG’s Michael Wan flags a significant shift as China formally invokes its 2021 Blocking Statute for the first time, targeting recent US sanctions on five Chinese refineries linked to Iranian Oil.

Argentina Tax Revenue (MoM) fell from previous 16071B to 17B in April

OCBC strategists Sim Moh Siong and Christopher Wong report that USD/SGD fell into the New York close, helped by a sharp Brent decline and a pullback in USD/JPY, easing immediate inflation and yield concerns.