As widely expected, the Bank of Canada (BoC) delivered an expected hold at 2.25%, but the details suggested a more nuanced backdrop.

Donald Trump's nominee to become the Chair of the Federal Reserve, Kevin Warsh has been confirmed by the US Senate Banking Committee.

ING analysts Warren Patterson and Ewa Manthey say the United Arab Emirates' (UAE) departure from OPEC (Organization of Petroleum Exporting Countries) from 1 May is a significant blow to the group but has limited short-term impact on the Oil market due to existing Persian Gulf disruptions.

Canada BoC Interest Rate Decision meets expectations (2.25%)

Citing a White House official, Reuters reported on Wednesday that United States (US) President Donald Trump met with top officials from Chevron and other major energy companies to discuss global oil markets amid the Middle East conflict.

Philip Wee of DBS Bank discusses the Federal Reserve’s expected decision to keep the Fed Funds Rate unchanged while Jerome Powell holds his final press conference as Chair.

TD Securities’ Global Strategy Team expects the Federal Reserve to keep the policy rate at 3.50–3.75% at the April FOMC meeting, describing the Committee as patient given balanced labor markets and oil-driven headline inflation.

Durable Goods Orders in the US increased $2.6 billion, or 0.8%, on a monthly basis in March to $318.9 billion, the US Census Bureau reported on Wednesday. This print followed the 1.2% contraction recorded in February and surpassed the market expectation for an increase of 0.5%.

United States Housing Starts Change dipped from previous 7.2% to -3% in February

United States Building Permits Change: 11% (February) vs -5.4%

United States Housing Starts (MoM) declined to 1.356M in February from previous 1.487M

United States Building Permits (MoM) registered at 1.372M, below expectations (1.39M) in March

United States Building Permits (MoM) rose from previous 1.376M to 1.538M in February

United States Wholesale Inventories rose from previous 0.8% to 1.4% in March

United States Goods Trade Balance dipped from previous $-84.6B to $-87.9B in March

United States Building Permits (MoM) declined to 1.372M in February from previous 1.376M

United States Durable Goods Orders above expectations (0.5%) in March: Actual (0.8%)

United States Housing Starts Change: 10.8% (February) vs 7.2%

United States Building Permits (MoM) above forecasts (1.39M) in March: Actual (1.538M)

United States Housing Starts (MoM) above forecasts (1.4M) in March: Actual (1.502M)

United States Durable Goods Orders registered at -1.4%, below expectations (0.5%) in March

United States Durable Goods Orders ex Defense increased to -0.3% in March from previous -1.2%

United States Durable Goods Orders ex Transportation came in at 0.9%, above forecasts (0.4%) in March

Inflation in Germany, as measured by the change in the Consumer Price Index (CPI), rose to 2.9% (preliminary estimate) in April from 2.7% in March. This print came in below the market expectation of 3%. On a monthly basis, the CPI was up 0.6%, as anticipated.

Deutsche Bank economists expect the Federal Reserve (Fed) to keep rates on hold, with markets focused on forward guidance and any shift toward more two‑sided language.

TD Securities strategists expect the Bank of Canada (BoC) to keep its policy rate at 2.25%, with a cautious statement in the April decision. The April Monetary Policy Report (MPR) is seen upgrading headline inflation forecasts on higher energy prices, while core revisions remain modest.

India M3 Money Supply declined to 11.9% in April 13 from previous 13%

DBS Bank’s Philip Wee notes that the US Dollar (USD) stayed rangebound even as Brent crude jumped on news that the UAE will exit OPEC and OPEC+ on May 1 and aims to boost production sharply.

United States MBA Mortgage Applications fell from previous 7.9% to -1.6% in April 24

Italy Trade Balance non-EU climbed from previous €5.529B to €5.643B in March