Commerzbank’s FX analysts flag that USD/THB slipped to 32.55 on portfolio inflows, even as Thailand’s April trade deficit widened to a record USD10.0bn.

UOB Global Economics & Markets Research highlights that USD/SGD was little changed around 1.2770 in quiet holiday trading, with the Singapore Dollar (SGD) Nominal Effective Exchange Rate (S$NEER) trading at the 2% upper bound of its estimated band.

ABN AMRO notes that China benefits from solid foreign trade linked to the global tech and AI boom, but is still affected by the Iran conflict. April data show broad weakening, with sharply higher producer prices but low core CPI reflecting weak domestic demand.

The St. Louis Fed President Alberto Musalem said that an easing bias in the Federal Reserve’s monetary policy statement is “no longer consistent,” he said in an interview with Bloomberg TV.

United States 7-Year Note Auction: 4.29% vs 4.175%

United States 4-Week Bill Auction up to 3.63% from previous 3.61%

The St. Louis Fed President, Alberto Musalem, crossed the wires on Thursday, and said that rate hikes may be needed if inflation doesn’t ease, at a Central Bank of Iceland and Northwestern University economic conference in Reykjavik.

UOB economists Enrico Tanuwidjaja and Sathit Talaengsatya assess Thailand’s fiscal stimulus as cushioning 2H2026 growth but not warranting a Gross Domestic Product (GDP) upgrade.

United States EIA Natural Gas Storage Change declined to 92B in May 22 from previous 101B

ABN AMRO highlights a more dovish tone from the MPC after its earlier hawkish stance in March. The bank still expects an insurance rate hike over summer, albeit with less conviction, before a return to a wait-and-see approach as energy supplies normalise in Q3.

Axios journalist Barak Ravid reported on Thursday that the US and Iran have reached an agreement on a 60-day memorandum of understanding to extend the ceasefire and launch negotiations on Iran's nuclear program, but President Trump has yet to give it his final approval, according to two US official

Alberto Musalem (St. Louis, 2028 voter) struck a cautious and hawkish tone on Thursday, warning that inflation pressures remain elevated despite growing optimism around artificial intelligence and productivity gains.

United States New Home Sales (MoM) came in at 0.622M below forecasts (0.67M) in April

United States New Home Sales (MoM) above expectations (0.67M) in April: Actual (622M)

UOB’s economist Lee Sue Ann highlights softer Australian inflation and a cooling labour market as reasons for the Reserve Bank of Australia (RBA) to keep the cash rate at 4.35%.

Michael Pfister at Commerzbank highlights that three months into the Iran conflict, the Strait of Hormuz remains closed, implying a persistent energy price shock even if a US–Iran deal is reached soon.

Federal Reserve Bank of New York President John Williams said on Thursday that the the path for the monetary depends on data, outlook and risks, per Reuters.

The United States' (US) real Gross Domestic Product (GDP) expanded at an annual rate of 1.6% in the first quarter, the US Bureau of Economic Analysis (BEA) reported on Thursday. This print followed the 2% growth reported in the initial estimate and came in below the market expectation of 2%.

South Africa SARB Interest Rate Decision meets expectations (7%)

Russia Central Bank Reserves $ fell from previous $768.9B to $753.8B

ING’s Frantisek Taborsky highlights that a less hawkish Central and Eastern European rates outlook is undermining Koruna strength. Markets have scaled back expected hikes in Poland and the Czech Republic, while Hungary is priced for sizeable cuts.

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 215K for the week ending May 23.

Rabobank’s Senior FX Strategist Jane Foley highlights that the Pound has underperformed in G10 in May, linking weakness to UK political uncertainty following local elections and ongoing questions over Labour leadership.

United States Continuing Jobless Claims came in at 1.786M, above forecasts (1.78M) in May 15

United States Gross Domestic Product Price Index declined to 3.5% in 1Q from previous 3.6%

United States Personal Income (MoM) came in at 0% below forecasts (0.4%) in April

United States Core Personal Consumption Expenditures (QoQ) came in at 4.4%, above forecasts (4.3%) in 1Q

Canada Current Account dipped from previous -0.7B to -7.2B in 1Q

United States Personal Consumption Expenditures - Price Index (MoM) came in at 0.4%, below expectations (0.5%) in April

United States Core Personal Consumption Expenditures - Price Index (MoM) registered at 0.2%, below expectations (0.3%) in April