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.

Iran's Foreign Minister Abbas Araghchi dismissed the threat of a fresh round of US economic sanctions as a “desperate” ploy and said the expected new measures would fail to defeat Tehran, Reuters reported on Sunday.

Retail Sales,a measures of the volume of sales of goods by retailers in New Zealand, fell 0.1% QoQ in the second quarter (Q2) of 2026 after rising 1.0% in Q1 (revised from 0.9%), the latest data published by the Statistics New Zealand showed on Monday. 

US Treasury yields continue their recovery following the announcement of a bond buyback by the US Department of the Treasury, while data reveal that business activity remains solid despite a slowdown in manufacturing.

DBS economists Taimur Baig and Radhika Rao expect the Bank of Korea (BoK) to raise its base rate by 25bps to 3.00% at the August meeting, alongside upgraded Gross Domestic Product (GDP) and Consumer Price Index (CPI) forecasts.

Commerzbank’s Moses Lim notes Malaysia’s July exports rose 38.0% year-on-year, marking a fourth month of double‑digit growth led by electronics and machinery. The bank highlights resilient external demand, strong shipments to the US and China, and an AI‑driven electronics cycle.

DBS economists Taimur Baig and Radhika Rao expect the Bank of Thailand (BoT) to keep its policy rate unchanged at 1.00% in August, extending the pause after June’s unanimous decision.

OCBC’s Sim Moh Siong and Christopher Wong stress that the Malaysian Ringgit (MYR) remains relatively well supported by a softer US Dollar (USD) and robust domestic fundamentals.

DBS economists Taimur Baig and Radhika Rao project Singapore’s headline and core inflation will rise in July to 2.4% and 2.3% year-on-year, respectively, driven by higher energy and food costs.

Commerzbank economists Christoph Balz and Ralph Solveen expect the Ifo Business Climate Index to slip from 86.6 to 86.0 in August as renewed Iran war concerns and higher energy prices weigh on expectations.

Deutsche Bank Research, led by Sanjay Raja and Maui Brennan, highlights the United Kingdom (UK) economy’s surprising resilience to the Iran-related energy shock in 2026. Gross Domestic Product (GDP) grew 0.6% q-o-q in Q1 and 0.4% in Q2, making the UK the fastest-growing G7 economy.

The Iranian President Masoud Pezeshkian stated that “It would be better to end the war today, when we have power and dignity, and with the whole world acknowledging our victory,” according to a Bloomberg article.

TD Securities’ Robert Both expects the Bank of Canada to remain cautious even if a tariff agreement is reached. The Bank wants more data on how lower tariffs affect exports and output, with key trade figures not available until November.

Rabobank's Bas van Geffen, analyses how forthcoming structural Longer-term Refinancing Operations (LTROs) could complement the European Central Bank's (ECB) standard refinancing operations as excess liquidity declines.

Nomura’s European Economics team highlights that UK composite output PMI rose to 52.5 in August, with services offsetting weaker manufacturing. GfK consumer confidence improved to its highest level in two years, supporting activity.

Royal Bank of Canada economists Nathan Janzen and Abbey Xu expect Canadian gross domestic product data for June and Q2 to confirm a strong rebound after winter stagnation.

Scotiabank strategists Shaun Osborne and Eric Theoret point out that Japan’s July Consumer Price Index (CPI) and stronger August Purchasing Managers' Index (PMI) data support expectations for Bank of Japan (BoJ) tightening, with about 20 bps of hikes priced in swaps.

Commerzbank’s Barbara Lambrecht says tensions around the Strait of Hormuz and tight diesel inventories continue to support Brent. With prices near USD 94 and almost 20% above their early-August lows, Brent remains well below its April peak.

Standard Chartered’s Aldian Taloputra assesses Indonesia’s 2027 fiscal plans, noting a targeted deficit of 2.4% of GDP versus 2.9% in 2026. The bank maintains its own forecast of a 2.9%-of-GDP deficit, citing ambitious revenue assumptions and potential tax shortfalls.

Nomura strategists see greater fiscal vulnerabilities in the United Kingdom (UK) than in the Euro area. Strong foreign inflows into Euro area bonds and comparatively better debt dynamics support its view that Euro (EUR) should outperform British Pound (GBP), US Dollar (USD) and Japanese Yen (JPY).

Deutsche Bank strategists highlight a sharp improvement in sentiment towards Prime Minister Burnham and Labour.