Singapore Retail Sales (MoM) rose from previous -4.1% to 3.7% in March

Singapore Retail Sales (YoY) fell from previous 8.3% to 4.8% in March

Australia RBA Interest Rate Decision meets forecasts (4.35%)

Indonesia Gross Domestic Product (QoQ) registered at -0.77% above expectations (-0.97%) in 1Q

Indonesia Gross Domestic Product (YoY) came in at 5.61%, above forecasts (5.3%) in 1Q

New Zealand ANZ Commodity Price dipped from previous 4.1% to -0.8% in April

The International Monetary Fund (IMF) managing director Kristalina Georgieva warned that inflation is already picking up and the global economy could face a “much worse outcome” if the war in the Middle East drags into 2027 and oil prices hit about $125 a barrel, Reuters reported on Tuesday.

The USD/CAD pair edges lower to near 1.3620 during the early Asian trading hours on Tuesday. Escalating tensions in the Middle East after the United Arab Emirates (UAE) reports missiles and drone threats from Iran underpin the commodity-linked Canadian Dollar (CAD).

Australia S&P Global Composite PMI above forecasts (50.1) in April: Actual (50.4)

Australia S&P Global Services PMI came in at 50.7, above forecasts (50.3) in April

MUFG’s Michael Wan flags a significant shift as China formally invokes its 2021 Blocking Statute for the first time, targeting recent US sanctions on five Chinese refineries linked to Iranian Oil.

Argentina Tax Revenue (MoM) fell from previous 16071B to 17B in April

OCBC strategists Sim Moh Siong and Christopher Wong report that USD/SGD fell into the New York close, helped by a sharp Brent decline and a pullback in USD/JPY, easing immediate inflation and yield concerns.

UOB’s Enrico Tanuwidjaja and Vincentius Ming Shen note Indonesia’s April inflation slowed to 2.42% year-on-year, below expectations but within Bank Indonesia’s (BI) target. They highlight post-holiday normalization, contained energy inflation thanks to subsidized fuel, and steady core inflation.

Joachim Nagel, member of the European Central Bank (ECB) and President of the Bundesbank, spoke in Frankfurt am Main, Germany, on Monday. He said that the longer the Middle East conflict lasts, the greater the risk of high inflation will reimain without ECB intervention.

DBS Group Research economist Ma Tieying upgrades Taiwan’s 2026 GDP growth forecast to 9.4% from 7.0%, citing stronger-than-expected AI-driven exports and resilient ICT demand. The report notes robust first-quarter GDP and expects quarterly growth to moderate later in 2026.

John Williams, President of the Federal Reserve (Fed) Bank of New York, said in a prepared speech at the Cynosure Group Spring Symposium in New York, United States (US) on Monday, that there is no way to know yet how the Iran war impact will play out for the United States economy.

Standard Chartered’s Hunter Chan and Shuang Ding expect robust external demand to support China’s April industrial production and trade, even as services and construction soften. They see higher Oil prices lifting PPI and energy CPI, while headline CPI stays at 1% year-on-year.

ABN Amro's Albert Jan Swart notes that Dutch manufacturing is expanding strongly, with the Nevi Dutch Manufacturing PMI jumping to its highest level since 2022 as companies stockpile due to Middle East supply disruptions.

TD Securities economists Robert Both and Emma Lawrence project a sharp narrowing in Canada’s March international merchandise trade deficit to CAD 1.5 billion, driven by stronger exports on higher West Texas Intermediate (WTI) and autos.

ING’s Chief Economist for Turkey, Muhammet Mercan, notes that April inflation rose more than expected, with annual Consumer Price Index (CPI) reaching 32.4%, well above the Central Bank of Turkey’s 16% target.

Societe Generale’s Kunal Kundu notes that India’s March Index of Industrial Production (IIP) growth slowed to 4.1% year-on-year from 5.2% in February, the weakest in five months, with the eight-core sector contracting and power output softening.

TD Securities economists Oscar Munoz and Eli Nir expect the Federal Reserve (Fed) to stay on hold until September as it assesses the Iran conflict’s impact and monitors inflation.

Societe Generale economists flag rising political risk around Prime Minister Keir Starmer ahead of 7 May local elections. A weak result could trigger a leadership challenge, though the lack of a clear successor may delay moves until the September conference.

BNP Paribas economists expect United Kingdom (UK) growth to slow to 0.7% in 2026 from 1.4% in 2025, with quarterly expansion dropping to about 0.1%.

United States Factory Orders (MoM) above expectations (0.5%) in March: Actual (1.5%)

Commerzbank’s Michael Pfister expects EUR/CHF to rise in coming months as the Euro (EUR) recovers and markets push back Swiss National Bank (SNB) rate hikes, with the bank’s strategy combining verbal intervention and steady rates.

In an interview with Fox News on Monday, US Treasury Secretary Scott Bessent said that the US is opening up the Strait of Hormuz and added that they have "absolute control" of it, per Reuters.

Brazil S&P Global Manufacturing PMI rose from previous 49 to 52.6 in April

TD Securities’ Robert Both and Emma Lawrence expect the Bank of Canada (BoC) to keep the Overnight Rate at 2.25% through 2026, before lifting it back to a 2.75% neutral level in early 2027.