TradingKey - The Federal Reserve is scheduled to release the minutes of the April FOMC meeting on May 21. This will be the first set of minutes in 2026 not presided over by Jerome Powell. On May 15, K

The Minutes of the United States (US) Federal Reserve’s (Fed) April 28-29 monetary policy meeting will be published on Wednesday at 18:00 GMT.

Rabobank's Senior FX Strategist Jane Foley note that reduced expectations for aggressive Bank of England (BoE) tightening are weighing on the British Pound (GBP), even as recent United Kingdom (UK) labour and Consumer Price Index (CPI) data have eased market nerves.

BNY’s Bob Savage highlights that Bank Indonesia (BI) surprised markets with a 50bp rate hike to 5.25% to stabilize the Rupiah (IDR). Governor Perry Warjiyo underscored intensified FX interventions and improved monetary tools to keep inflation within the 1.5–3.5% target for 2026–2027.

TD Securities’ Global Strategy Team expects the April FOMC minutes to clarify how many participants backed removing the easing bias and how divided the committee was after several hawkish dissents.

South Africa Retail Sales (YoY): 2.6% (March) vs 1.6%

United States MBA Mortgage Applications down to -2.3% in May 15 from previous 1.7%

Deutsche Bank highlights that weaker‑than‑expected Canadian CPI reduced the perceived need for near‑term Bank of Canada tightening.

EUR/CAD edges higher after posting modest losses in the previous day, trading around 1.5960 during the European hours on Wednesday. The currency cross holds ground as the commodity-linked Canadian Dollar (CAD) struggles amid lower oil prices.

Rabobank's Head of Macro Strategy Elwin de Groot highlights that United Kingdom (UK) Consumer Price Index (CPI) inflation for April undershot consensus, with services inflation easing, while UK Producer Price Index (PPI) surprised to the upside.

European Central Bank (ECB) policymaker and the head of Belgium's central bank, Pierre Wunsch, said during the European trading session on Wednesday that the central bank needs to act at some point, as “we are at the beginning of an inflation problem”.

United Kingdom DCLG House Price Index (YoY) came in at 0% below forecasts (0.8%) in March

South Africa Consumer Price Index (MoM) climbed from previous 0.6% to 1.1% in April

South Africa Consumer Price Index (YoY) above forecasts (3.9%) in April: Actual (4%)

MUFG’s Derek Halpenny highlights growing downside risks for the Japanese Yen as rising US yields and higher Fed hike probabilities support the Dollar.

European Central Bank policymaker and Bank of France nominee Emmanuel Moulin said during the European trading session on Wednesday that it is too soon to say whether the central bank will make any monetary policy adjustment in the June policy meeting.

Commerzbank’s Michael Pfister notes that Canadian inflation surprised to downside on core measures, staying near 2%, helped by Canada’s status as a net energy exporter and a weak labour market. He questions market expectations for two Bank of Canada (BoC) hikes by year-end.

Deutsche Bank analysts highlight a sharp selloff in US Treasuries, with 30‑year yields reaching post‑2007 highs and 10‑year yields at their highest since early 2025.

Indonesia Bank Indonesia Rate above expectations (5%): Actual (5.25%)

UOB strategists Quek Ser Leang and Lee Sue Ann maintain a negative stance on EUR/USD after the pair broke below 1.1600 and closed lower around 1.1604.

NZD/USD remains flat after experiencing volatility, hovering around 0.5830 during the Asian hours on Wednesday. The pair maintains its position with a bearish tilt as the US Dollar (USD) receives support from safe-haven flows.

Austria HICP (MoM) came in at 0.5%, above forecasts (0.4%) in April

Austria HICP (YoY) came in at 3.4%, above expectations (3.3%) in April

Japanese Prime Minister Sanae Takaichi said on Wednesday that the government is not at the stage to comment on the scale of the extra budget, adding that it's possible the extra budget is aimed mainly at responding to the Middle East situation. 

The EUR/GBP cross pares losses near 0.8660 during the early European trading hours on Wednesday. The British Pound (GBP) edges slightly lower against the Euro (EUR) following the release of the UK inflation report.

Danske Research Team reports that equities sold off again as rising global bond yields and debt and inflation concerns overshadow an otherwise constructive macro and earnings backdrop.

United Kingdom Consumer Price Index (YoY) came in at 2.8%, below expectations (3%) in April

United Kingdom Producer Price Index - Input (MoM) n.s.a registered at 2.4% above expectations (1%) in April

United Kingdom PPI Core Output (MoM) n.s.a up to 0.7% in April from previous 0.2%

United Kingdom PPI Core Output (YoY) n.s.a up to 2.4% in April from previous 2%