Commerzbank’s Henry Hao and Moses Lim report that Bank Indonesia kept the BI Rate at 5.75% while expanding FX hedging incentives to support the Indonesian Rupiah. Governor Destry Damayanti signaled a preference for non-rate tools and incentive-based measures over SRBI yield hikes.

Rabobank’s Molly Schwartz and Christian Lawrence note Banxico kept its overnight rate at 6.50% but significantly softened forward guidance, decoupling Mexican policy from expected Federal Reserve moves.

Brown Brothers Harriman’s (BBH) Elias Haddad highlights that the Norwegian Krone (NOK) outperformed after Norges Bank delivered a hawkish 25 basis point hike to 4.50%.

Commerzbank’s Dr. Henry Hao and Moses Lim note that Singapore’s August headline and core inflation both climbed to the upper half of the Monetary Authority of Singapore’s 2026 forecast range, with services, retail goods, food and utilities all contributing.

Brown Brothers Harriman notes the Swiss Franc underperformed as the Swiss National Bank (SNB) kept its policy rate at zero for a fifth straight meeting and resisted market expectations for future hikes.

According to Reuters, US and Iranian negotiators are discussing a phased agreement to end the conflict.

Standard Chartered argues that Europe’s political balance could shift to the right in 2027, with key elections in France, Spain, Italy and Poland. The bank highlights France’s presidential race as most critical, warning an RN victory would be market negative.

Commerzbank’s Chief Economist Dr. Jörg Krämer notes that leading indicators such as the Ifo business climate index and PMIs have surprised to the upside, showing the German economy’s resilience to high energy prices and the Iran War.

China's paramount leader Xi Jinping's remarks at the White House ran to 21 lines on the wires, covering friendship, artificial intelligence (AI), counter-narcotics work and fair treatment for Chinese firms, and none of them mentioned tariffs.

ING’s James Knightley and Coco Zhang argue that US manufacturing is finally reviving after years of stagnation, helped by reshoring narratives, AI-driven investment and defence spending.

Philadelphia Fed President Anna Paulson crossed the wires on Thursday, signaling that further rate hikes may be needed to lower inflation. She acknowledged that the rate hike in September helped to “move policy to better inflation-fighting posture.”

Bank of England (BoE) Deputy Governor Sarah Breeden said on Thursday that it is “not at all obvious” that there is a path toward lower energy prices, according to Reuters.

Royal Bank of Canada economist Rachel Battaglia explains that Statistics Canada’s upward revision to population data has erased earlier signs of negative growth and now shows Canada’s population rising 0.5% year-over-year in Q2.

Cleveland Federal Reserve (Fed) President Beth Hammack warned on Thursday that inflation remains elevated in the United States (US), stressing that persistent price pressures could make the Fed’s task increasingly difficult.

ING’s Carsten Brzeski highlights that Germany’s IFO index has risen for five consecutive months, pointing to a cyclical rebound and unexpected resilience in the German economy.

Brown Brothers Harriman’s (BBH) Elias Haddad reports the Swedish Krona (SEK) rallied after the Riksbank delivered a hawkish hold, keeping rates unchanged but signaling more tightening ahead.

According to a report from the US Department of Labour (DOL) released on Thursday, the number of US citizens submitting new applications for unemployment insurance decreased to 197K for the week ending September 19.

TD Securities’ Macro Research team, led by Prashant Newnaha and Howard Du, expects the Reserve Bank of Australia to raise the cash rate by 25bps to 4.60% at the September meeting.

Nordea’s Kjetil Olsen notes that Norges Bank raised its policy rate by 25bp to 4.5% and lifted the policy rate path, implying some risk of a further hike over the next six months.

Mexico 1st half-month Core Inflation came in at 0.17% below forecasts (0.2%) in September

Mexico 1st half-month Inflation came in at 0.33%, above forecasts (0.26%) in September

Rachel Battaglia at Royal Bank of Canada (RBC) argues that higher backward-looking population growth implies stronger potential output, mechanically reducing pressure on the Bank of Canada (BoC) to hike rates.

United States (US) President Donald Trump shares excitement ahead of meeting with Chinese leader Xi Jinping through a post on Truth.Social.

US Treasury yields stretched to their highest levels in years on Wednesday, fuelled by a mix of rising expectations of further monetary tightening by the US Federal Reserve (Fed), following upbeat US business activity data and a poor US Treasury bond auction.

Bank of England (BoE) Monetary Policy Committee (MPC) member Swati Dhingra struck a dovish tone on Thursday, highlighting signs of easing price pressures and weakness in the United Kingdom (UK) labour market, according to Reuters.

The People’s Bank of China (PBoC) said on Thursday that it will step up counter-cyclical adjustments and continue to implement an “appropriately loose” monetary policy, according to Reuters.

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is gaining ground for the fourth consecutive day and trading around 101.20 during European hours on Thursday.

Societe Generale strategists note that EUR/CHF has rebounded about 0.3% after the Swiss National Bank (SNB) left rates at 0.0% but softened its FX intervention language.

EUR/CAD gains ground after registering modest losses the previous day, trading around 1.6060 during European hours on Thursday. The Euro (EUR) is appreciating as markets react positively to better-than-expected economic sentiment data out of Germany.

Commerzbank’s Volkmar Baur reports the South African Reserve Bank (SARB) raised its benchmark rate by 25 bps to 7.25%, the second hike this year as earlier expectations for cuts faded with higher Oil prices. Despite the move, South African Rand (ZAR) weakened, largely on Dollar strength.