Commerzbank’s Volkmar Baur notes that China’s March trade data were slightly weaker than expected, with exports underperforming forecasts and imports surging, narrowing the trade surplus. He estimates the current account surplus likely eased from Q4’s multi‑year high.

South Korea Import Price Growth (YoY): 18.4% (March) vs 1.2%

South Korea Export Price Growth (YoY) climbed from previous 10.7% to 28.7% in March

MUFG’s Senior Currency Analyst Michael Wan notes that the Monetary Authority of Singapore (MAS) tightened its exchange rate policy in April by slightly increasing the slope of the Singapore Dollar Nominal Effective Exchange Rate (S$NEER) band, becoming the first Asia-ex-Japan central bank to tighten

Societe Generale analysts highlight that CNY strength has resumed, with USD/CNY nearing 6.80 for the first time in three years as China-linked tankers transit the Strait of Hormuz.

Argentina Consumer Price Index (MoM) came in at 3.4%, above expectations (3%) in March

UOB’s Jester Koh highlights that MAS raised its 2026 core and headline inflation forecast ranges to 1.5–2.5% as imported energy costs surge. He stresses that higher Oil and gas prices will pass through to Singapore’s CPI via electricity, transport and goods.

OCBC strategists Sim Moh Siong and Christopher Wong note USD/KRW traded higher on heightened Middle East tensions and Oil gains, with Korean Won pressured as a higher-beta, net Oil importer currency.

Commerzbank’s Charlie Lay and Moses Lim note that Monetary Authority of Singapore (MAS) has tightened policy by slightly increasing the pace of Singapore Dollar (SGD) Nominal Effective Exchange Rate (NEER) appreciation, focusing on inflation rather than growth.

MUFG’s Senior Currency Analyst Michael Wan highlights that Trump has begun a US naval blockade of the Strait of Hormuz, but risk assets have rebounded as talks between the US and Iran continue.

Christine Lagarde, President of the European Central Bank (ECB), spoke to Bloomberg TV on Tuesday. She claimed that they need to keep an eye on the medium term while checking data.

The US Treasury Secretary Scott Bessent crossed the wires earlier, stating that he’s “quite confident” that core prices would continue to edge lower in the US despite the Iran war, and that he’s pressing the Federal Reserve to cut rates.

United States 52-Week Bill Auction up to 3.56% from previous 3.485%

Megan Greene, external member of the Bank of England's (BoE) Monetary Policy Committee (MPC), Reuters reported on Tuesday that the United Kingdom’s (UK) economic activity was weak before the Iran war but that at the same time, the war impact is inflationary.

Kevin Hassett, Senior Adviser for the White House told Fox Business on Tuesday that they expect a rapid reduction in energy prices once the Strait of Hormuz is reopened.

Austan Goolsbee, President of the Federal Reserve (Fed) Bank of Chicago, told AP at the Semafor World Economy conference on Tuesday that the longer the Middle East concerns go, the cut could be pushed out of 2026.

ING’s Chief Economist for Greater China, Lynn Song, notes that China’s March trade surplus dropped to a 13‑month low as exports slowed and imports surged, especially in tech-related categories.

Rabobank strategists underline that the Monetary Authority of Singapore (MAS) has tightened policy via the exchange rate despite weak GDP, reacting to potential core inflation from the energy shock.

ING’s Frantisek Taborsky expects March inflation in Romania to stay above 10% in coming months, peaking near 11%, keeping the National Bank of Romania on hold with no rate cuts in 2026.

BNP Paribas’ Stéphane ALBY assesses how Gulf economies are absorbing the conflict-related shock. He notes that Oil exports via the Strait of Hormuz have been severely disrupted, with Bahrain, Kuwait, and Qatar hit hardest, while Saudi Arabia and the UAE partially benefit from higher Oil prices.

United States Redbook Index (YoY) declined to 7% in April 10 from previous 7.6%

Deutsche Bank’s Sebastian Becker assesses Germany’s new fiscal relief package to counter higher energy prices from the conflict in Iran, judging it small relative to 2026 GDP and earlier 2022–23 measures.

Producer inflation in the United States, as measured by the change in the Producer Price Index (PPI), rose to 4% on a yearly basis in March from 3.4% in February, the US Bureau of Labor Statistics (BLS) reported on Tuesday. This reading came in below the market expectation of 4.6%.

Rabobank strategists Molly Schwartz and Christian Lawrence expect Banxico to deliver one more 25bp rate cut in May 2026, bringing the policy rate to 6.50% by year-end.

United States Producer Price Index ex Food & Energy (MoM) registered at 0.1%, below expectations (0.6%) in March

United States Producer Price Index ex Food & Energy (YoY) registered at 3.8%, below expectations (4.2%) in March

United States Producer Price Index (MoM) came in at 0.5%, below expectations (1.2%) in March

United States Producer Price Index (YoY) below forecasts (4.6%) in March: Actual (4%)

Private-sector hiring in the US has added extra momentum in late March. According to the NER Pulse, the weekly companion to the ADP National Employment Report, companies added an average of 39K jobs per week in the four weeks ending March 28.

United States ADP Employment Change 4-week average up to 39K in March 21 from previous 26K