ING economists Rafal Benecki and Adam Antoniak expect the National Bank of Poland (NBP) to keep policy rates unchanged at 3.75% in coming months, despite higher April Consumer Price Index (CPI) and stronger March activity data.

United Kingdom S&P Global Services PMI above expectations (52) in April: Actual (52.7)

United Kingdom S&P Global Composite PMI registered at 52.6 above expectations (52) in April

Italy Retail Sales s.a. (MoM) above forecasts (-0.4%) in March: Actual (0.8%)

Italy Retail Sales n.s.a (YoY) up to 3.7% in March from previous 1.6%

DBS Group Research’s Philip Wee argues that the USD Index (DXY) is at an inflection point, consolidating in a 98–99 range after retracing its post-Operation Epic Fury rally.

Developments in the Middle East conflict are likely to remain at the forefront this week, but investors will also keep an eye on a string of US labour market figures.

Spain HCOB Services PMI came in at 47.9 below forecasts (52) in April

Societe Generale strategists observe that EUR/PLN has recently rebounded after defending an ascending trend line from February 2025 near 4.2100. The pair continues to oscillate around the 200-DMA, lacking clear direction.

Commerzbank’s Antje Praefcke expects Norges Bank to keep rates at 4.0% but maintain a distinctly hawkish tone compared with the Riksbank. With Norwegian inflation above target, the bank projects one or two hikes by year-end and may act in June if Iran-related risks persist.

France Industrial Output (MoM) came in at 1%, above forecasts (0.5%) in March

-Danske Research Team highlights a strong rebound in global equities, led by US technology and semiconductor names, with Intel, Qualcomm and Micron up double digits. Asian markets, including Korea and Shenzhen, also rallied, while European equities lagged due to sector composition.

Russia S&P Global Services PMI increased to 49.7 in April from previous 49.5

India HSBC Services PMI rose from previous 57.9 to 58 in April

India HSBC Composite PMI down to 58.2 in April from previous 58.3

India HSBC Services PMI climbed from previous 57.9 to 58.8 in April

India HSBC Services PMI climbed from previous 57.9 to 58.7 in April

USD/INR extends losses for the second successive day, trading around 95.00 during the Asian hours on Wednesday. Traders will likely observe India’s HSBC Composite and Services Purchasing Managers' Index (PMI) data to be released later in the day.

China's Services Purchasing Managers' Index (PMI) rose to 52.6 in April from 52.1 in March, the latest data published by RatingDog showed on Wednesday.  

China RatingDog Services PMI climbed from previous 52.1 to 52.6 in April

Ireland AIB Services PMI declined to 49.7 in April from previous 50.7

US President Donald Trump said that the US military will temporarily pause "Project Freedom" to restore freedom of navigation for commercial shipping through the Strait of Hormuz, the Guardian reported on Tuesday.

South Korea Consumer Price Index Growth (MoM) meets expectations (0.5%) in April

South Korea Consumer Price Index Growth (YoY) meets forecasts (2.6%) in April

New Zealand’s Unemployment Rate fell to 5.3% in the first quarter (Q1) of 2026 from 5.4% in the fourth quarter of 2025, according to the official data released by Statistics New Zealand on Wednesday. The figure came in below the market consensus of 5.4%.

New Zealand Participation Rate registered at 70.4%, below expectations (70.5%) in 1Q

New Zealand Employment Change below expectations (0.3%) in 1Q: Actual (0.2%)

New Zealand Unemployment Rate came in at 5.3%, below expectations (5.4%) in 1Q

New Zealand Labour Cost Index (YoY) meets forecasts (2%) in 1Q

New Zealand Labour Cost Index (QoQ) came in at 0.5%, above expectations (0.4%) in 1Q