EUR/CAD extends its gains for the third successive day, trading around 1.6040 during the European hours on Friday. The currency cross remains stronger as the Euro (EUR) remains firm against its major peers despite the decline in Germany’s industrial sector activity in March.

Austria Industrial Production (YoY): 1.7% (March) vs 1.1%

Spain Industrial Output Cal Adjusted (YoY) rose from previous -1.1% to 1.8% in March

Here is what you need to know on Friday, May 8:

Germany Industrial Production n.s.a. w.d.a. (YoY) down to -2.8% in March from previous 0%

South Africa Net $Gold & Forex Reserve up to $73.757B in April from previous $73.187B

Germany’s industrial sector activity fell sharply in March, the latest data published by Destatis showed on Friday.

United Kingdom Halifax House Prices (MoM) meets forecasts (-0.1%) in April

South Africa Gross $Gold & Forex Reserve fell from previous $77.759B to $77.09B in April

Sweden Industrial Production Value (YoY) declined to 3% in March from previous 7%

Sweden Industrial Production Value (MoM): -2% (March) vs previous 5.1%

Sweden New Orders Manufacturing (YoY) fell from previous 1% to -7.3% in March

Germany Trade Balance s.a. registered at €14.3B, below expectations (€18.4B) in March

Germany Imports (MoM) came in at 5.1%, above forecasts (0.8%) in March

Germany Industrial Production s.a. (MoM) registered at -0.7%, below expectations (0.5%) in March

Netherlands, The Manufacturing Output (MoM) up to 2.8% in March from previous -1.3%

The United States (US) Bureau of Labor Statistics (BLS) will release the Nonfarm Payrolls (NFP) data for April on Friday at 12:30 GMT. 

Asian equity markets face selling pressure on Friday as risks over the sustainability of the month-long fragile ceasefire between the United States (US) and Iran have increased, following renewed clashes between both nations around the Strait of Hormuz.

Indonesia Foreign Reserves declined to $146.2 in April from previous $148.2

Citing a source familiar with the matter, Reuters reported on Friday that Japan’s officials intervened in the foreign exchange market during holidays in early May, after having conducted Japanese Yen-buying operations on April 30.

A US trade court ruled against US President Donald Trump's latest 10% global tariffs, finding they were not justified under a 1970s trade law, however the court only blocked the levy on two small businesses and the state of Washington, Reuters reported on Thursday.

West Texas Intermediate (WTI) oil price loses ground after registering modest gains in the previous day, trading around $93.70 per barrel during the Asian hours on Friday.

Japan Jibun Bank Services PMI below expectations (51.2) in April: Actual (51)

Japan Labor Cash Earnings (YoY) registered at 2.7%, below expectations (3.2%) in March

South Korea Current Account Balance rose from previous 23.19B to 37.33B in March

OCBC strategists Sim Moh Siong and Christopher Wong describe USD/IDR as easing from overbought territory as hopes of a US–Iran deal support sentiment. Bank Indonesia’s (BI) tighter rules on cash FX purchases and comments that the Rupiah (IDR) is undervalued back stabilization efforts.

DBS Group Research economist Ma Tieying expects the Bank of Korea (BoK) to keep its base rate at 2.50% at the May 28 meeting, but now projects a single 25 bps hike in 3Q 2026 to 2.75%.

UOB economists Enrico Tanuwidjaja and Sathit Talaengsatya argue that Thailand’s sharp April Consumer Price Index (CPI) jump is driven mainly by energy and selective food pass-through rather than broad demand-led reflation.

Argentina Industrial Output n.s.a (YoY) increased to 5% in March from previous -8.7%

United States Consumer Credit Change came in at $24.86B, above expectations ($12.5B) in March