OCBC’s Sim Moh Siong and Christopher Wong note that Indonesian Rupiah (IDR) weakness is driven by higher Oil prices and elevated global yields, even as domestic sentiment improves after President Prabowo’s speeches and the BI governor nomination.

Danske Research Team reports a marked drop in global equities, with the S&P 500 and Stoxx 600 down 0.7% on Tuesday. After a period of value-versus-growth rotation, flows shifted toward defensive sectors such as consumer staples and health care, funded by cyclicals.

MUFG’s Lloyd Chan notes that the Korean Won (KRW) and Taiwan Dollar (TWD) are leading Asia FX gains as softer US yields and a resilient technology cycle support sentiment.

UOB strategists highlight Bank Indonesia’s (BI) policy meeting, with consensus expecting no change but its macro team forecasting a 25 bps hike to 6.00%. They see risks around the Indian Rupee (IDR), divided views on Federal Reserve (Fed) policy and rising global inflation.

United Kingdom Retail Price Index (MoM) climbed from previous 0.3% to 0.6% in July

United Kingdom Producer Price Index - Output (MoM) n.s.a meets forecasts (0.2%) in July

United Kingdom PPI Core Output (YoY) n.s.a climbed from previous 2.6% to 2.8% in July

United Kingdom Retail Price Index (YoY) meets forecasts (3.2%) in July

AUD/USD extends its losses for the second successive day, trading around 0.7080 during the Asian hours on Wednesday. Addressing the broader economic backdrop, Reserve Bank of Australia (RBA) Deputy Governor Andrew Hauser emphasized on Wednesday that inflation remains unacceptably high.

Following overnight negotiations with Canadian Prime Minister Mark Carney, US President Donald Trump announced on Wednesday, “I have paused 50% tariffs against Canada for a three-day period.”

Reserve Bank of Australia (RBA) Deputy Governor Andrew Hauser said during the Asian trading session on Wednesday that inflation is too high and the central bank needs to raise interest rates to bring price pressures down.

Japan Machinery Orders (YoY) registered at 16.9% above expectations (10.8%) in June

Japan Machinery Orders (MoM) above expectations (7.8%) in June: Actual (9.7%)

US President Donald Trump and Canadian Prime Minister Mark Carney are negotiating in an effort to reach an agreement on tariffs, with just hours to go before the United States (US) imposes 50% tariffs on hockey sticks, wine and an array of other Canadian imports, CNBC reported on Tuesday. 

New Zealand Producer Price Index - Output (QoQ) above expectations (0.8%) in 2Q: Actual (1.6%)

New Zealand Producer Price Index - Input (QoQ) registered at 2.9% above expectations (1.3%) in 2Q

United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Sue Ann note that USD/CNH has been trading quietly, with intraday ranges clustered around current levels.

TD Securities turns bearish on the Korean Won, arguing USD/KRW is likely to find support around 1,400 as prior KRW strength fades.

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note that USD/SGD rebounded after a sharper-than-expected drop to 1.2752, easing immediate downside pressure and pointing to intraday consolidation between 1.2760 and 1.2795.

MUFG analysts Lin Li and Khang Sek Lee note that July data point to weaker Chinese growth and a widening divergence between the "new" and "traditional" economy.

Commerzbank’s Singapore-focused FX research highlights robust non-oil domestic exports driven by electronics and AI-related demand, with NODX growth already above the government’s upgraded full-year forecast.

The Bank of England (BoE) will keep interest rates unchanged for the rest of the year, according to a Reuters poll conducted between August 13 and 18.

UOB economist Enrico Tanuwidjaja reviews Indonesia’s 2027 State Budget, highlighting a calibrated balance between growth and fiscal discipline that matters for the Rupiah and local bonds.

New Zealand GDT Price Index: 2.3% vs 0.1%

EUR/GBP slips toward 0.8550 at the time of writing on Tuesday, with the Euro (EUR) unable to hold onto earlier gains against the Pound Sterling (GBP).

Colombia Gross Domestic Product (YoY) up to 3.5% in 2Q from previous 2.2%

Brown Brothers Harriman’s (BBH) Elias Haddad describes United Kingdom (UK) June labor data as soft, with unemployment stuck at 4.9% and private sector regular pay growth slowing to 2.8% year-on-year.

United States Pending Home Sales (YoY) fell from previous -0.3% to -2.2% in July

United States Pending Home Sales (MoM) came in at -2.3%, below expectations (0.3%) in July

United States Capacity Utilization meets forecasts (76.3%) in July