ING’s Warren Patterson notes that Oil prices fell after the US–Iran Memorandum of Understanding allowed Persian Gulf supply to recover faster than expected, while demand lagged.

Mexico 12-Month Inflation below forecasts (3.52%) in June: Actual (3.37%)

Mexico Headline Inflation below expectations (-0.13%) in June: Actual (-0.27%)

Mexico Core Inflation came in at 0.24%, below expectations (0.31%) in June

TD Securities strategists highlight that the June Federal Open Market Committee (FOMC) Minutes showed rising concern over inflation risks, even as the United States (US) labor market remains stable.

ING’s Frantisek Taborsky reports that the National Bank of Poland kept a neutral stance, with elevated uncertainty from Middle East tensions and CPI projections above expectations. US–Iran headlines triggered a sell-off in CEE rates and FX, with EUR/HUF jumping 1.2%.

South Africa Manufacturing Production Index (YoY) declined to -4.3% in May from previous -2.9%

Ireland HICP (YoY) below forecasts (3.3%) in June: Actual (3.2%)

Ireland Consumer Price Index (YoY) declined to 3.4% in June from previous 3.6%

Ireland HICP (MoM) meets forecasts (0.3%) in June

Ireland Consumer Price Index (MoM) rose from previous -0.1% to 0.3% in June

Deutsche Bank Research’s Early Morning Reid notes that European assets are sensitive to the renewed energy shock. Market pricing for ECB hikes by December rose sharply, implying a chance of three hikes this year after June’s move.

ING’s Chris Turner notes that higher Oil prices and Gulf tensions have driven a bigger reaction in rates than in FX, with Brent near $80 supporting Fed hawks. The US Dollar (USD) is expected to stay firm versus low-yielders, while carry trades in Emerging Markets (EM) have been unwound.

OCBC’s Sim Moh Siong and Christopher Wong note renewed Middle East tensions and higher Oil prices are lifting the US Dollar (USD) and global bond yields.

Greece Consumer Price Index (YoY) declined to 4.4% in June from previous 5.2%

Greece Consumer Price Index - Harmonized (YoY) fell from previous 4.9% to 3.9% in June

TradingKey - On July 8 local time, the Federal Reserve released the minutes of the Federal Open Market Committee (FOMC) monetary policy meeting held on June 16-17.This was the first meeting minutes re

Japan's Chief Cabinet Secretary Minoru Kihara said during the European trading session on Thursday that the administration wants to secure market trust by stably lowering the government debt-to-GDP ratio.

Here is what you need to know on Thursday, July 9:

In a released statement from Qatar Prime Minister (PM) Sheikh Mohammed bin Abdulrahman Al Thani after a phone call with Iranian Foreign Minister (FM) Abbas Araghchi, AI Thani said that he discussed about latest military escalation in the Middle East between the United States (US) and Iran and condem

Deutsche Bank strategists report that United States (US) equities weakened under a stagflationary backdrop. The S&P 500 fell with broad-based losses, while the Philly semiconductor index outperformed strongly.

BNY Mellon’s Geoff Yu notes that reduced Bank of England (BoE) tightening expectations are not undermining the British Pound (GBP).

Germany Imports (MoM) came in at -2.5% below forecasts (0.1%) in May

Germany Trade Balance s.a. registered at €19.1B above expectations (€14.8B) in May

Germany Exports (MoM) above expectations (-0.3%) in May: Actual (0.9%)

The Bank of Japan (BoJ) latest quarterly report showed on Thursday that there's no change to the overall assessment for all 9 Japanese regions. Most regional economies are seen as "recovering moderately" still.

USD/IDR extends its gains for the second successive day, trading around 18,140 during the Asian hours on Thursday. The Indonesian Rupiah (IDR) holds losses ahead of May’s Retail Sales data due later in the day. US weekly Initial Jobless Claims will be eyed later in the North American session.

The USD/CAD pair loses ground to near 1.4165 during the Asian trading hours on Thursday. A rise in crude oil prices provides some support to the commodity-linked Canadian Dollar (CAD) against the US Dollar (USD). Traders await the US weekly Initial Jobless Claims report later on Thursday.

China’s Consumer Price Index (CPI) climbed 1.0% in June from a year ago after arriving at a rise of 1.2% in May, the National Bureau of Statistics of China reported on Thursday. The market consensus was for 1.1% in the reported period.

China Consumer Price Index (MoM) below expectations (-0.2%) in June: Actual (-0.3%)