DBS Group Research economist Chua Han Teng reviews Prime Minister Lawrence Wong’s National Day Rally 2026, highlighting policy themes rather than markets.

Brown Brothers Harriman’s (BBH) Elias Haddad expects the Bank of Thailand (BoT) to hold rates at 1.00%, leaving negative real yields that keep Thai Baht (THB) lagging. The Bank of Korea (BoK) is seen hiking again to 3.00%, supporting South Korean Won (KRW) as growth and inflation exceed targets.

OCBC’s Sim Moh Siong and Christopher Wong highlight that RMB and CNH remain supported by softer USD dynamics and exporter conversion, but the People’s Bank of China is signalling a preference for gradual gains via its fixing.

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann maintain a cautious stance on USD/SGD after Friday’s drop to 1.2682 and close near 1.2700.

United States (US) Treasury Secretary Scotts said on Monday the US is launching "an economic onslaught against Iran's financial connections around the globe".

Scotiabank strategists Shaun Osborne and Eric Theoret note that the Japanese Yen (JPY) is slightly softer versus the US Dollar (USD), with USD/JPY trading between 158.00 support and resistance in the upper‑159s.

Brown Brothers Harriman’s (BBH) Elias Haddad expects Canada’s Q2 Real GDP to rebound strongly, outpacing the Bank of Canada’s (BoC) projection, with domestic demand and exports driving gains.

Scotiabank strategists Shaun Osborne and Eric Theoret report that the British Pound (GBP) is flat versus the Dollar but outperforming G10 peers despite broad USD strength. With data light, attention turns to PM Burnham’s visit to Kiev and the October 28 budget.

Wells Fargo Economics, led by Tom Porcelli and colleagues, expects July consumer spending to rise modestly, with nominal Personal Income up 0.3% and spending up 0.2%. They highlight fading support from tax refunds, leaving demand more reliant on income growth.

Wells Fargo Economics argues that Jackson Hole is often overhyped, with only a couple of truly consequential speeches in the past 14 years.

TD Securities expects the Bank of Canada to maintain the Overnight Rate at 2.25% through 2026, despite headline CPI near the top of its target range.

United States (US) President Donald Trump has announced a sharp escalation in the trade fight with Canada, declaring that beginning January 1, 2027, the United States will raise tariffs to 50% on all cars, trucks, automotive parts, and steel imported from its northern neighbor.

Royal Bank of Canada (RBC) analyzes new Section 338 U.S. tariffs on Canadian exports, noting a 50% rate on goods representing about 5% of Canada’s exports to the United States.

DBS Bank strategist Philip Wee argues that Fed Chairman Kevin Warsh’s rejection of forward guidance is amplifying market volatility and complicating the policy mix with the Treasury.

The United States (US) Treasury is expected to broaden the scope of secondary sanctions it can impose on entities and countries that maintain business ties with Iran, reports Reuters.

TD Securities strategists expect United States (US) output growth to move sideways in 2026, with their Gross Domestic Product (GDP) tracker at 2.5% quarter-on-quarter annualized and full-year growth slightly below trend at 2.1% Q4/Q4.

Societe Generale’s Kit Juckes notes EUR/USD has retraced half of its drop from above 1.20 to 1.1325 and is now stuck in a range as markets await fresh US data.

Commerzbank’s Tatha Ghose reviews recent CEE FX performance, noting that the euro’s strength above 1.17 has supported high-beta PLN and HUF, while the Czech koruna has also gained despite its lower beta profile.

BNY’s Geoff Yu describes Hungary as a constructive story within EMEA, with post-election re-rating and scope for continued MNB easing.

TD Securities economists Robert Both and Emma Lawrence expect Canada’s Q2 National Accounts to show a sharp rebound in Gross Domestic Product (GDP) growth, driven by stronger exports and solid services activity.

Societe Generale says Poland’s elevated fiscal deficit and rapidly rising public debt could keep pressure on the zloty, with the draft 2027 budget set to provide the next key test for investor appetite.

ING strategists see Tuesday’s National Bank of Hungary (NBH) decision as the final step in a summer mini rate-cut cycle, but expect easing to continue.

Geoff Yu at BNY notes that Europe is seeking a Goldilocks mix of improving activity without reigniting inflation, with Euro strength already tightening conditions.

European Central Bank (ECB) Executive Board member Piero Cipollone said that ‌the risk of economic stagnation and a sharp increase in inflation due to the crisis in the Strait of Hormuz is rather remote, Reuters reported on Monday.

Danske Research Team reports that Equities ended Friday higher, though several markets, especially in the US, finished the week lower. The team stresses that robust macro and earnings data, plus sector leadership from Materials over Utilities, show no defensive rotation.

USD/IDR gains ground after three days of losses, trading around 17,740 during the Asian hours on Monday. However, the currency pair could face headwind pressure as the Indonesian Rupiah (IDR) may draw renewed support from lingering high interest rates.

Singapore Consumer Price Index (YoY): 2.2 (July) vs 1.9

West Texas Intermediate (WTI) oil price depreciates after two days of gains, trading around $84.80 per barrel during the Asian hours on Monday. Crude oil prices decline as investors took profits ahead of an expected US announcement regarding stricter sanctions against Iran.

The United States (US) imposed 50% tariffs on some Canadian products on Saturday after trade talks between the two countries fell apart on Friday. In response, Canadian Prime Minister Mark Carney said that the country would impose its own retaliatory tariffs beginning on September 8, CNBC reported.

The NZD/USD pair declines to around 0.5970 during the early Asian session on Monday. The New Zealand Dollar (NZD) weakens against the US Dollar (USD) following New Zealand's downbeat economic data.