Private-sector hiring in the US has further cooled in mid-July. According to the NER Pulse, the weekly companion to the ADP National Employment Report, companies added an average of 15K jobs per week in the four weeks ending July 11.

Commerzbank’s Michael Pfister notes that reports of the Swiss National Bank (SNB) planning to keep rates unchanged until early 2028, if accurate, clash with still-ambitious market expectations for hikes by 2027.

ING’s Frantisek Taborsky notes Central and Eastern European (CEE) rate curves have repriced sharply, with more tightening now expected in Czech Republic and Poland and further easing in Hungary.

Commerzbank’s Moses Lim argues that Bank Indonesia Governor Perry Warjiyo’s surprise resignation, following earlier high-profile departures, heightens concerns over policy continuity and institutional credibility as the Indonesian Rupiah (IDR) trades near historic lows versus the US Dollar (USD).

DBS Group Research’s Philip Wee notes that the Dollar is trading on diverging themes versus Developed Market and Asia-ex Japan currencies, with Fed expectations central. Futures are pricing a 38% chance of a surprise rate hike at Fed Chairman Kevin Warsh’s second FOMC meeting.

HSBC’s Abhilash Narayan notes that the Monetary Authority of Singapore (MAS) unexpectedly tightened policy on 27 July 2026 by raising the Singapore Dollar (SGD) Nominal Effective Exchange Rate (NEER) slope to 1.25%.

ING’s Chris Turner highlights a Bloomberg source story suggesting the Swiss National Bank (SNB) may keep its policy rate at 0.00% until end-2027, aligning with ING’s own forecast.

BNY strategists John Velis and David Tam expect the Federal Reserve (Fed) to keep the federal funds rate unchanged at the upcoming July Federal Open Market Committee (FOMC) meeting, while stressing it is a close call.

Commerzbank’s Tatha Ghose highlights that Poland’s Law and Justice party has split, with Mateusz Morawiecki forming Development Plus and polling above the Sejm threshold.

USD/IDR extends gains for the second successive day, trading around 18,130 during the early European hours on Tuesday. The currency pair appreciates as the Indonesian Rupiah (IDR) faces pressure following the surprise resignation of Bank Indonesia (BI) Governor Perry Warjiyo on Monday.

UOB strategists interpret Monetary Authority of Singapore's (MAS) July 2026 MPS as a calibrated tightening via a modest increase in the Singapore Dollar (SGD) Nominal Effective Exchange Rate (NEER) slope to an estimated 1.25% per annum, smaller than April’s move.

Deutsche Bank strategists report that renewed concerns over Chinese competition and AI investment spending triggered a sharp selloff in global semiconductor stocks. Asian technology indices suffered heavy losses, while ASML and other chip-related shares declined in the United States and Europe.

According to a Gulf source, Oman presented to Iran proposal for a joint regional mechanism to manage the Strait of Hormuz, a vital passage to almost 20% of global energy supply, with voluntary fees.

Commerzbank strategist Charlie Lay, notes Brent Oil tumbled 8.7% to USD 88.36, reversing much of last week’s surge as US–Iran tensions eased and markets priced in de-escalation.

The Indian Rupee (INR) extends its winning streak against the US Dollar (USD) for the third trading day on Tuesday. The USD/INR pair falls to near 95.65 as a further decline in oil prices has strengthened the Indian currency.

Speaking at the Anika Foundation Fundraising Lunch in Sydney on Tuesday, Reserve Bank of Australia (RBA) Governor Michele Bullock said that the “key question is whether tightening already delivered is enough to slow inflation.”

In the Asian trading session on Tuesday, Japan Finance Minister (FM) Satsuki Katayama highlighted the need to communicate to market financial and Japanese Government Bonds (JGBs) markets regarding administration’s intentions towards the fiscal policy stance.

Asian stocks fall sharply on Tuesday as mounting skepticism over the massive financial returns on artificial intelligence spending triggered a widespread sell-off across global semiconductor shares.

Brown Brothers Harriman’s (BBH) Elias Haddad notes that USD/SGD is consolidating around 1.2900 after pulling back from near 1.3000, as the Monetary Authority of Singapore (MAS) unexpectedly tightened policy for a second consecutive meeting.

On Monday, late in the North American session, US President Donald Trump stated that there was a good inflation report recently, adding that costs were falling rapidly and that prices should drop significantly once the Gulf War ends.

OCBC’s Sim Moh Siong and Christopher Wong expect USD/CNH to stay broadly rangebound near term, with the daily People's Bank of China (PBoC) fix clustered around 6.79 and acting as an anchor rather than a directional signal.

MUFG’s Lloyd Chan notes that the Monetary Authority of Singapore (MAS) delivered a second consecutive tightening by slightly increasing the Singapore Dollar (SGD) Nominal Effective Exchange Rate (NEER) slope, reinforcing SGD resilience.

Brown Brothers Harriman’s (BBH) Elias Haddad reports that the Indonesian Rupiah (IDR) and Jakarta equities underperformed after Bank Indonesia Governor Perry Warjiyo unexpectedly resigned two years before his term ends, raising concerns about political interference.

Commerzbank’s Charlie Lay notes Monetary Authority of Singapore (MAS) unexpectedly tightened policy for a second meeting, slightly increasing the Singapore Dollar (SGD) Nominal Effective Exchange Rate (NEER) slope and stressing the move was smaller than April’s.

Commerzbank’s Charlie Lay notes Monetary Authority of Singapore (MAS) unexpectedly tightened policy for a second meeting, slightly increasing the Singapore Dollar (SGD) Nominal Effective Exchange Rate (NEER) slope and stressing the move was smaller than April’s.

ING’s James Smith expects the Bank of England to keep rates on hold on 30 July and sees a prolonged pause extending through 2026. New forecasts are likely to show UK inflation peaking near 3%, below the 4% level seen as risky.

BNP Paribas strategists expect United Kingdom (UK) growth to slow to 1% in 2026 from 1.3% in 2025, with renewed inflation pressures from the war in Iran pushing inflation to 3.2%.

Societe Generale strategists argue July’s global fixed income selloff looks stretched, especially in Western Europe where 2-year and 10-year yields have risen about 30bp in four weeks.

TradingKey - The Federal Reserve will hold its monetary policy meeting from July 28 to 29 Eastern Time, and will announce its interest rate decision at 2:00 PM on July 29, followed by a press conferen

DBS Group Research economists Taimur Baig and Chang Wei Liang argue that sticky United States (US) inflation keeps pressure on the Federal Reserve (Fed), but soft consumption, weak investment and fading labour market resilience justify a pause in Fed Funds rate hikes.