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US Trade Court rules Trump’s 10% global tariff is illegal — Reuters

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.

Source  Fxstreet1778203289

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

Source  Fxstreet1778200202

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

Source  Fxstreet1778196602

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

Source  Fxstreet1778194802
USD/IDR: Overbought conditions and support levels – OCBC

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.

Source  Fxstreet1778187420
South Korea: Modest tightening prospects – DBS

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%.

Source  Fxstreet1778184060
Thailand: Cost-push spike, steady BoT rate – UOB

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.

Source  Fxstreet1778181420

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

Source  Fxstreet1778180423

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

Source  Fxstreet1778180411

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

Source  Fxstreet1778180405
PHP: Hawkish BSP outlook and off-cycle hike – Standard Chartered

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.

Source  Fxstreet1778179140
IDR: FX curbs and bond support to steady currency – DBS

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.

Source  Fxstreet1778176988
Fed’s Daly: We have to work on price stability without overreacting

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.

Source  Fxstreet1778174723
USD/SGD: Range trading with downside bias – OCBC

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.

Source  Fxstreet1778174629
NY Fed Survey of Consumers: Households see higher inflation next year

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.

Source  Fxstreet1778173367

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

Source  Fxstreet1778168062
Fed’s Hammack: Fed should be neutral in policy stance

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.

Source  Fxstreet1778167446
Germany: Recovery risks rise after Middle East conflict – Commerzbank

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.

Source  Fxstreet1778165935
Canada: Sector risks under USMCA review – NBC

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.

Source  Fxstreet1778164541

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

Source  Fxstreet1778164203

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

Source  Fxstreet1778162490

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

Source  Fxstreet1778162426

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

Source  Fxstreet1778162420
US: Initial Jobless Claims rose to 200K last week

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.

Source  Fxstreet1778157374

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

Source  Fxstreet1778157057

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

Source  Fxstreet1778157037

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

Source  Fxstreet1778157002

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

Source  Fxstreet1778157001
EUR/PLN: Drifts lower as NBP on hold – Societe Generale

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.

Source  Fxstreet1778156260

Mexico Core Inflation meets forecasts (0.31%) in April

Source  Fxstreet1778155204
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