Crude Oil markets staged a sharp intraday reversal on Thursday, with WTI futures briefly tagging lows below $90 a barrel before clawing back above $93, while Brent slid toward $95 before recovering to reclaim the $100 handle.

Mary Daly, President of the Federal Reserve (Fed) Bank of San Francisco, said on Bloomberg TV on Thursday that she doesn’t see evidence that longer-run inflation expectations are up. She also claimed that wage rises are consistent with the overall 2% inflation.

OCBC strategists Sim Moh Siong and Christopher Wong see USD/SGD consolidating as markets await clarity on a potential US–Iran deal. The pair has slipped slightly on tentative optimism, but Iran has yet to respond and a 48‑hour deadline looms, keeping some caution in place.

The New York Fed released its Survey of Consumer Expectations for April, which showed that American households expect prices to rise in the short term. For the medium- to long-term horizon, inflation expectations were unchanged.

The DJIA was off around 0.4% in early afternoon trade, sliding back below 50,000 after tagging an intraday high near 50,100.

Silver (XAG/USD) extends its strong rally on Thursday, with the white metal trading around $80.60 at the time of writing, up 4.19% on the day. XAG/USD is reaching fresh multi-week highs, supported by lower Oil prices, declining US Treasury yields and broad weakness in the US Dollar (USD).

GBP/USD advances by some 0.28% on Thursday as the US and Iran appear close to signing a peace deal that could reopen the Strait of Hormuz, while keeping issues—like the nuclear program—unresolved. At the time of writing, the pair trades at 1.3627.

United States 4-Week Bill Auction increased to 3.61% from previous 3.6%

Zcash (ZEC) continues to build momentum, trading above $570 at the time of writing on Thursday. The privacy-oriented token has sustained significant gains since late April, rising from lows of $345, supported by steady retail demand.

Scotiabank strategists Shaun Osborne and Eric Theoret report the Euro (EUR) is modestly higher, extending a sentiment-driven recovery despite softer expectations for European Central Bank (ECB) tightening.

Beth Hammack, President of the Federal Reserve (Fed) Bank of Cleveland, in an interview on a public radio station on Thursday. She claimed that she sees a lot of uncertainty in the economic outlook and that the Fed should be more neutral in its policy stance given this uncertainty.

The USD/JPY pair is currently trading around the 156.40 level, showing minimal change throughout the day. This stability comes as multiple reports indicate that the United States (US) and Iran are moving closer to a deal to resolve the over two-month-long conflict.

The Swiss Franc (CHF) strengthens against the US Dollar (USD) on Thursday as renewed hopes for a possible US-Iran peace deal pressure the Greenback. At the time of writing, USD/CHF is trading around 0.7766, its lowest level since March 10.

Commerzbank’s Dr. Ralph Solveen notes that German industry orders rose 5% in March, with core orders up 5.1% and gains broadly spread across sectors, indicating an economic recovery was underway before the Middle East conflict.

National Bank of Canada (NBC) analysts highlight that Canada’s aggregate tariff burden still looks relatively low versus peers, but warns this advantage is eroding.

United States EIA Natural Gas Storage Change below forecasts (72B) in May 1: Actual (63B)

TD Securities strategist Bart Melek notes that the latest FOMC decision and the Iran-related Oil shock are pushing the Fed toward a neutral or even restrictive bias, delaying any rate cuts.

United States Construction Spending (MoM): -0.2% (February) vs -0.3%

United States Construction Spending (MoM) registered at 0.6% above expectations (0.2%) in March

United States Construction Spending (MoM) up to 0.6% in February from previous -0.3%

Scotiabank strategists Shaun Osborne and Eric Theoret note the Canadian Dollar (CAD) is little changed as traders await US/Iran headlines and Friday’s Canadian employment data. USD/CAD trades near 1.36, with spot still above Scotiabank’s fair value estimate around 1.3514.

Societe Generale’s team highlights that GBP/USD has edged higher, helped by lower Oil prices, risk correlations and Asian FX intervention-driven US Dollar (USD) selling. However, they stress that UK local elections and seasonal patterns pose downside risks.

Nomura's research analysts note that the the central bank of Sweden, Riksbank kept its policy rate at 1.75% in May, maintaining a wait-and-see stance as weak inflation offsets upside risks from global energy prices and the Iran war.

BNY's Geoff Yu highlights that Euro area retail trade shows modest growth while Eurozone construction PMI signals a sharp contraction and rising cost pressures. German manufacturing orders and services turnover are improving, but France’s trade deficit is widening on energy imports.

EUR/GBP trades flat on Thursday as traders remain cautious ahead of the UK local election results, while also assessing the prospects of a possible US-Iran deal aimed at ending the war in the Middle East.

TD Securities strategist Bart Melek highlights that the Strait of Hormuz disruption has removed 9–10 million bbl/d from the market, keeping Brent near $100/bbl and potentially pushing it above $150/bbl.

According to a report from the US Department of Labour (DOL) released on Thursday, the number of US citizens submitting new applications for unemployment insurance increased to 200K for the week ending May 2.