MUFG’s Michael Wan notes that a stronger-than-expected United States (US) April Producer Price Index (PPI) print has driven a hawkish repricing of Federal Reserve (Fed) expectations, lifting Treasury yields and supporting the US Dollar (USD).

Dow Jones futures rise 0.30% to near 49,950 during the European hours on Wednesday, ahead of the United States (US) regular opening. Meanwhile, the S&P 500 advance 0.19% to near 7,480, and the Nasdaq 100 futures gain 0.41% toward 29,600.

Bitcoin (BTC) fell below $80,000 on Thursday after failing to overcome a key overhead supply area earlier this week.

Rabobank's Global Strategist Michael Every notes Europe’s evolving role in global finance as Euroclear considers accepting China onshore bonds traded in Hong Kong as collateral.

Silver price (XAG/USD) trades calmly near $87 during the European trading session on Thursday. The white metal turns sideways after failing to extend its almost two-month-long advance above $90.00 on Wednesday.

The Euro (EUR) remains practically flat around the 0.8660 area against the British Pound (GBP) on Thursday. UK Gross Domestic Product (GDP) and Manufacturing Production figures beat expectations in March, but the growing political uncertainty is keeping the pair from dropping further.

UOB economists Quek Ser Leang and Lee Sue Ann keep a cautious stance on GBP/USD after the pair briefly broke below 1.3490 to 1.3485 before rebounding. For the next day, they expect consolidation between 1.3500 and 1.3560 as downside momentum eases.

Here is what you need to know on Thursday, May 14:

AUD/USD inches lower after registering modest gains in the previous day, trading around 0.7250 during the Asian hours on Thursday. The technical analysis of the daily chart indicates that the pair is remaining within the ascending channel, suggesting an ongoing bullish bias.

Deutsche Bank analysts highlight an upbeat sentiment in Asian markets, with the KOSPI and Nikkei advancing alongside Nasdaq futures following strong tech-led gains in the US.

ING's commodities strategists Warren Patterson and Ewa Manthey highlights that Copper is trading above $14,000/t and close to record highs as supply-side risks dominate. They stress tight refined markets, low inventories outside the US, and heightened sensitivity to demand.

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $96.70 during the early European trading hours on Thursday.

Spain Consumer Price Index (YoY) meets forecasts (3.2%) in April

Spain Harmonized Index of Consumer Prices (YoY) meets expectations (3.5%) in April

Spain Consumer Price Index (MoM) meets forecasts (0.4%) in April

Spain Harmonized Index of Consumer Prices (MoM) in line with expectations (0.7%) in April

The Pound (GBP) remains practically flat against the US Dollar (USD) on Thursday, trading at 1.3520 at the moment of writing, and consolidating losses after pulling back from 1.3650 highs earlier in the week.

Michael Wan at MUFG reports that the Japanese Yen (JPY) has borne the brunt of renewed US Dollar (USD) strength following hotter United States (US) inflation data. USD/JPY climbed toward prior highs as markets priced in additional Federal Reserve (Fed) tightening.

Cardano (ADA) edges lower on Thursday, facing consistent selling pressure so far this week. On-chain data shows persistent buying from large wallet investors, with holdings expanding to a record high, while derivatives data shows short-term weakness on the retail side. 

Commerzbank strategists note that India has more than doubled tariffs on Gold and Silver to 15% to curb Dollar demand and support INR.

The Swiss Franc (CHF) trades flat against its major currency peers, wobbling around 0.7820 against the US Dollar (USD) during the European trading session on Thursday.

India WPI Inflation above forecasts (4.4%) in April: Actual (8.3%)

UOB economists Quek Ser Leang and Lee Sue Ann notes EUR/USD remains under mild pressure after breaking below 1.1720 and touching 1.1695. While intraday conditions look oversold and suggest a 1.1700–1.1755 range, the 1–3 week view still points to a downside bias toward 1.1675.

The European Central Bank Governing Council member Martins Kazaks said in an interview with the public broadcaster LTV on Thursday, the central bank could opt for an interest rate hike if rising oil prices deanchored inflation expectations.

United Kingdom Total Trade Balance fell from previous £-0.72B to £-9.658B in March

United Kingdom Gross Domestic Product (YoY) above expectations (0.8%) in 1Q: Actual (1.1%)

United Kingdom Gross Domestic Product (QoQ) meets expectations (0.6%) in 1Q