A US trade court ruled against US President Donald Trump's latest 10% global tariffs, finding they were not justified under a 1970s trade law, however the court only blocked the levy on two small businesses and the state of Washington, Reuters reported on Thursday.

Japan Jibun Bank Services PMI below expectations (51.2) in April: Actual (51)

Japan Labor Cash Earnings (YoY) registered at 2.7%, below expectations (3.2%) in March

South Korea Current Account Balance rose from previous 23.19B to 37.33B in March

OCBC strategists Sim Moh Siong and Christopher Wong describe USD/IDR as easing from overbought territory as hopes of a US–Iran deal support sentiment. Bank Indonesia’s (BI) tighter rules on cash FX purchases and comments that the Rupiah (IDR) is undervalued back stabilization efforts.

DBS Group Research economist Ma Tieying expects the Bank of Korea (BoK) to keep its base rate at 2.50% at the May 28 meeting, but now projects a single 25 bps hike in 3Q 2026 to 2.75%.

UOB economists Enrico Tanuwidjaja and Sathit Talaengsatya argue that Thailand’s sharp April Consumer Price Index (CPI) jump is driven mainly by energy and selective food pass-through rather than broad demand-led reflation.

Argentina Industrial Output n.s.a (YoY) increased to 5% in March from previous -8.7%

United States Consumer Credit Change came in at $24.86B, above expectations ($12.5B) in March

Mexico Banxico Interest Rate Decision in line with forecasts (6.5%)

Standard Chartered economists Jonathan Koh and Edward Lee argue that the Bangko Sentral ng Pilipinas (BSP) will stay hawkish despite softer growth in the Philippines.

DBS Group Research’s Radhika Rao highlights Bank Indonesia’s latest steps to manage FX volatility and support the Indonesian Rupiah. The central bank has tightened documentation thresholds for Dollar purchases, continued bond buying and enabled selected dealers to access offshore NDFs.

Mary Daly, President of the Federal Reserve (Fed) Bank of San Francisco, said on Bloomberg TV on Thursday that she doesn’t see evidence that longer-run inflation expectations are up. She also claimed that wage rises are consistent with the overall 2% inflation.

OCBC strategists Sim Moh Siong and Christopher Wong see USD/SGD consolidating as markets await clarity on a potential US–Iran deal. The pair has slipped slightly on tentative optimism, but Iran has yet to respond and a 48‑hour deadline looms, keeping some caution in place.

The New York Fed released its Survey of Consumer Expectations for April, which showed that American households expect prices to rise in the short term. For the medium- to long-term horizon, inflation expectations were unchanged.

United States 4-Week Bill Auction increased to 3.61% from previous 3.6%

Beth Hammack, President of the Federal Reserve (Fed) Bank of Cleveland, in an interview on a public radio station on Thursday. She claimed that she sees a lot of uncertainty in the economic outlook and that the Fed should be more neutral in its policy stance given this uncertainty.

Commerzbank’s Dr. Ralph Solveen notes that German industry orders rose 5% in March, with core orders up 5.1% and gains broadly spread across sectors, indicating an economic recovery was underway before the Middle East conflict.

National Bank of Canada (NBC) analysts highlight that Canada’s aggregate tariff burden still looks relatively low versus peers, but warns this advantage is eroding.

United States EIA Natural Gas Storage Change below forecasts (72B) in May 1: Actual (63B)

United States Construction Spending (MoM): -0.2% (February) vs -0.3%

United States Construction Spending (MoM) registered at 0.6% above expectations (0.2%) in March

United States Construction Spending (MoM) up to 0.6% in February from previous -0.3%

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 increased to 200K for the week ending May 2.

United States Unit Labor Costs down to 2.3% in 1Q from previous 4.4%

United States Continuing Jobless Claims below forecasts (1.8M) in April 24: Actual (1.766M)

United States Initial Jobless Claims 4-week average fell from previous 207.5K to 203.25K in May 1

United States Initial Jobless Claims registered at 200K, below expectations (205K) in May 1

Societe Generale analysts note that the National Bank of Poland (NBP) kept its policy rate at 3.75% and markets expect no further changes through 2026. Governor Glapinski’s press conference is expected to be uneventful unless he sounds very hawkish.

Mexico Core Inflation meets forecasts (0.31%) in April