Canada Employment Insurance Beneficiaries Change (MoM) climbed from previous -1.6% to 0.4% in March

Rabobank's Senior US Strategist Philip Marey notes that Kevin Warsh may initially avoid pushing for immediate rate cuts, instead laying out an analytical framework to justify resuming pre-war easing later in 2026.

Canada Retail Sales ex Autos (MoM) above forecasts (0.9%) in March: Actual (1.4%)

Canada Retail Sales (MoM) came in at 0.9%, above forecasts (0.6%) in March

Canada Industrial Product Price (MoM) above expectations (1.3%) in April: Actual (2%)

Canada Raw Material Price Index came in at 2.6% below forecasts (2.7%) in April

BNY’s Bob Savage says global equities are posting another weekly gain, led by technology, even as Oil and the Dollar rise and risk-off momentum in iFlow accelerates. Equity outflows have intensified overall, but flows into core government bonds remain resilient.

Mexico Gross Domestic Product (YoY) registered at 0.2% above expectations (0.1%) in 1Q

Mexico Gross Domestic Product (QoQ) above expectations (-0.8%) in 1Q: Actual (-0.6%)

Mexico 1st half-month Core Inflation below forecasts (0.17%) in May: Actual (0.13%)

Mexico 1st half-month Inflation below expectations (-0.15%) in May: Actual (-0.16%)

Bank of Japan (BoJ) Governor Kazuo Ueda said after a meeting with Japan’s Prime Minister (PM) Sanae Takaichi that both the central bank and government will continue to coordinate closely. Ueda added, “The meeting was beneficial to all parties.”

Rabobank’s Senior Macro Strategist Teeuwe Mevissen notes that Brent crude has edged higher as markets reassess prospects for a peace deal in the Iran war and the risk of disruptions in the Strait of Hormuz.

European Central Bank (ECB) President Christine Lagarde said on Friday that the long-term inflation expectations remain "broadly well-anchored," and reiterated that they are particularly attentive to the second-round effects.

The German IFO Institute Business Climate Index has unexpectedly improved to 84.9 in May, while it was expected to arrive lower at 84.2. The sentiment data in April has revised higher to 84.5 from 84.4.

Greece Current Account (YoY): €-2.344B (March) vs previous €-1.286B

Commerzbank’s Volkmar Baur highlights that the Japanese Yen (JPY) remains weak despite only mildly softer April inflation, as rising global interest rates and Japan’s high debt burden weigh on the currency.

TradingKey - On May 22, Eastern Time, the U.S. will release the University of Michigan's consumer sentiment index for May. Market consensus currently expects the index to hold at 48.2, unchanged from

Turkey Trade Balance above expectations (-8.51B) in April: Actual (-8.5B)

Here is what you need to know on Friday, May 22:

France Business Climate in Manufacturing registered at 102 above expectations (100) in May

Danske Research Team notes that global equities advanced, with several markets near new all-time highs, in a volatile session dominated by macro data and Iran-related headlines.

USD/TRY rises after a slight decline in the previous day, reaching a record high of 45.7778 during the Asian hours on Friday. The pair appreciates as the Turkish Lira (TRY) drops due to political uncertainty that emerges after a top court ruling targeting the main opposition party.

Germany Gross Domestic Product (YoY) above forecasts (0.3%) in 1Q: Actual (0.4%)

Retail Sales, a key measure of consumer spending, in the United Kingdom (UK) fell 1.3% month-over-month (MoM) in April after rising by a revised 0.6% in March, the latest data published by the Office for National Statistics (ONS) showed on Friday.

Germany Gross Domestic Product w.d.a (YoY) unchanged at 0.5% in 1Q

United Kingdom Public Sector Net Borrowing above forecasts (£20B) in April: Actual (£24.343B)

Germany Gross Domestic Product (QoQ) in line with expectations (0.3%) in 1Q

United Kingdom Retail Sales ex-Fuel (YoY) below expectations (1.5%) in April: Actual (1.1%)

United Kingdom Retail Sales ex-Fuel (MoM) came in at -0.4%, below expectations (-0.3%) in April