Despite the United States (US) and Iran agreeing to a ceasefire for two weeks, Iranian attacks continue in the Middle East and on Israel as missile alerts keep sounding.

Japan Trade Balance - BOP Basis dipped from previous ¥3145B to ¥2709B in February

Japan Trade Balance - BOP Basis declined to ¥2.709B in February from previous ¥3145B

Japan Current Account n.s.a. below forecasts (¥3549B) in February: Actual (¥3.933B)

An Iranian official stated that it has accepted a two-week ceasefire after US President Donald Trump said he would suspend attacks, subject to Tehran agreeing to fully reopen the Strait of Hormuz.

Japan Labor Cash Earnings (YoY) came in at 3.3%, above forecasts (2.7%) in February

South Korea Current Account Balance climbed from previous 13.26B to 23.19B in February

US President Donald Trump revealed via a post in Truth Social that he's suspending the attacks by two weeks.

MUFG’s Senior Currency Analyst Michael Wan highlights that escalating tensions between the US and Iran, including threats over the Strait of Hormuz (SoH), keep the path to peace narrow and uncertain.

Recently, Pakistan requested a two-week extension from US President Donald Trump to a deadline that he imposed eleven days ago.

The Reserve Bank of New Zealand (RBNZ) is set to extend the pause on its current interest rate-cutting cycle for the second consecutive meeting on Wednesday, leaving the Official Cash Rate (OCR) unadjusted at 2.25%, as the Iran war adds uncertainty to the economic and inflation outlook.

UOB economists Julia Goh and Loke Siew Ting report that Philippine headline inflation jumped above the BSP target in March, driven by higher transport, electricity and food costs and a weaker Philippine Peso (PHP).

OCBC strategists Christopher Wong and Sim Moh Siong highlight that USD/SGD has softened as markets weigh de-escalation hopes, with technical signals pointing to fading bullish momentum and a potential bearish phase. They flags key support and resistance levels around 1.2810–1.2780 and 1.29–1.2940.

Commerzbank strategists Dr. Henry Hao and Moses Lim note that Vietnam’s Q1 GDP grew 7.8% year-on-year, slightly above expectations but below the government’s 10% 2026 target. Exports and imports surged, reflecting robust external demand and precautionary inventory building.

United States Consumer Credit Change below expectations ($10B) in February: Actual ($9.48B)

Austan Goolsbee, President of the Federal Reserve (Fed) Bank of Chicago, said that inflation will come roaring back, citing that with Oil prices rising, this is a stagflationary shock to the market in a prepared speech in Detroit on Tuesday.

OCBC strategists Christopher Wong and Sim Moh Siong note that Asian FX, including South Korean Won (KRW), has traded slightly firmer on hopes of de-escalation in the Middle East, but stresses that geopolitics remains the key driver.

United States 3-Year Note Auction: 3.897% vs 3.579%

Brown Brothers Harriman’s (BBH) Elias Haddad anticipates the RBI, NBP, BCRP and BOK will all leave policy rates unchanged at upcoming meetings.

The Federal Reserve (Fed) Bank of New York's Survey of Consumer Expectations (SCE) for March showed one-year-ahead inflation expectations jumping to 3.4%, up 0.4 percentage points from February's 3.0% reading.

Kit Juckes at Societe Generale highlights Sweden as the only G10 economy forecast to grow faster than the United States (US) this year, yet notes the Swedish Krona (SEK) is currently the weakest G10 currency.

New Zealand GDT Price Index fell from previous 0.1% to -3.4%

Turkey Treasury Cash Balance: -279.58B (March) vs previous -94.42B

United States RealClearMarkets/TIPP Economic Optimism (MoM) registered at 42.8, below expectations (48.1) in April

Societe Generale economists report that February Euro area activity and labour market data were slightly disappointing but within normal ranges, with unemployment at 6.2%.

Canada Ivey Purchasing Managers Index s.a below forecasts (55.9) in March: Actual (49.7)

Nordea analysts Jan von Gerich, Tuuli Koivu and Anders Svendsen now expect the European Central Bank (ECB) to prioritise inflation over growth as the Middle East conflict prolongs and broader price pressures build.

United States Redbook Index (YoY) climbed from previous 6.9% to 7.6% in April 3

Federal Reserve Bank of New York President John Williams told Bloomberg on Tuesday that the impact of the Iran war will drive up headline inflation.

Durable Goods Orders in the United States (US) declined 1.4%, or $4.4 billion, to $315.5 billion in February, the US Census Bureau reported on Tuesday. This print followed the 0.5% decline recorded in January and came in worse than the market expectation for a decrease of 0.5%.