The GBP/USD fell by some 0.20% on Thursday amid concerns that the US and Iran couldn’t reach a deal, while strong US economic data was a headwind for Sterling, which dipped amid weakening UK business activity. At the time of writing, the pair trades at 1.3406 after peaking near 1.3454.

Standard Chartered Bank economists Anubhuti Sahay and Saurav Anand now expect the Reserve Bank of India’s repo rate to rise by 50bps to 5.75% in FY27, starting in June.

United States 4-Week Bill Auction up to 3.61% from previous 3.605%

United States Kansas Fed Manufacturing Activity declined to 9 in May from previous 10

Royal Bank of Canada economist Salim Zanzana notes that higher Gold prices and expanded access to foreign markets helped cushion Canada’s exports in the face of U.S. tariff pressures.

Sui Network (SUI), a Layer-1 protocol, launched a new feature that supports gasless stablecoin transfers. The feature enables users and businesses to send supported stablecoins without paying gas fees or maintaining a separate SUI token balance.

OCBC’s Christopher Wong says USD/IDR should find near‑term support after Bank Indonesia’s larger‑than‑expected 50bp hike to 5.25%, aimed at stabilising FX sentiment.

Silver (XAG/USD) trades in a narrow range on Thursday as traders continue to monitor developments surrounding the US-Iran conflict. At the time of writing, XAG/USD is trading around $75.20, hovering near two-week lows.

United States EIA Natural Gas Storage Change above forecasts (96B) in May 15: Actual (101B)

BNY’s Geoff Yu argues that Hungarian asset positioning is stretched after elections, with markets now watching the central bank of Hungary Magyar Nemzeti Bank's (MNB) upcoming decision.

Georgette Boele at ABN AMRO highlights that both the Euro and Sterling have fallen about 0.9% against the US Dollar since mid-May, driven by energy markets and bond yields.

Brown Brothers Harriman’s (BBH) Elias Haddad highlights USD/JPY trading around 159.00, with expectations it should stay below 160.00 given intervention risks and a more hawkish Bank of Japan (BoJ).

Eurozone Consumer Confidence above expectations (-20.8) in May: Actual (-19)

BNY’s Bob Savage explains that the United Kingdom (UK) government’s targeted cost-of-living package seeks to cushion households from Iran-related energy shocks while avoiding a repeat of large-scale bailouts.

United States S&P Global Manufacturing PMI registered at 55.3 above expectations (54) in May

United States S&P Global Services PMI below forecasts (51) in May: Actual (50.9)

United States S&P Global Composite PMI: 51.7 (May)

The British Pound (GBP) weakens against the Japanese Yen (JPY) on Thursday as traders digest the latest preliminary PMI data from both the United Kingdom and Japan. At the time of writing, GBP/JPY is trading around 213.40, hovering near one-week highs.

ING’s Warren Patterson and Ewa Manthey note that Oil prices sold off heavily despite evidence of tightening US fundamentals.

MUFG’s Lee Hardman notes the US Dollar is trading at stronger levels as higher US yields reflect growing expectations for multiple Federal Reserve rate hikes following the energy price shock. FOMC minutes signalled a gradual hawkish shift but did not fully endorse aggressive tightening.

Commerzbank’s Dr. Vincent Stamer argues that weak Euro area PMI data and rising input costs leave the ECB in a policy dilemma.

Russia Central Bank Reserves $ declined to $768.9B from previous $771B

HSBC’s Willem Sels highlights that global equities remain supported by robust earnings growth, led by US Technology and Communications, with AI-driven capex and productivity gains at the core.

Brown Brothers Harriman’s (BBH) Elias Haddad notes GBP/USD is consolidating near 1.3440 but warns that a likely downward repricing of the UK swaps curve and a potential further leftward pivot by a Labour government could undermine the Pound.

DBS FX & Credit Strategist Chang Wei Liang writes that USD/JPY is consolidating around 159 as markets remain wary of potential intervention and hesitate to test 160.

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 209K for the week ending May 16.

United States Continuing Jobless Claims registered at 1.782M, below expectations (1.79M) in May 8