Standard Chartered economists Jonathan Koh and Edward Lee argue that the Bangko Sentral ng Pilipinas (BSP) will stay hawkish despite softer growth in the Philippines.

DBS Group Research’s Radhika Rao highlights Bank Indonesia’s latest steps to manage FX volatility and support the Indonesian Rupiah. The central bank has tightened documentation thresholds for Dollar purchases, continued bond buying and enabled selected dealers to access offshore NDFs.

Mary Daly, President of the Federal Reserve (Fed) Bank of San Francisco, said on Bloomberg TV on Thursday that she doesn’t see evidence that longer-run inflation expectations are up. She also claimed that wage rises are consistent with the overall 2% inflation.

OCBC strategists Sim Moh Siong and Christopher Wong see USD/SGD consolidating as markets await clarity on a potential US–Iran deal. The pair has slipped slightly on tentative optimism, but Iran has yet to respond and a 48‑hour deadline looms, keeping some caution in place.

The New York Fed released its Survey of Consumer Expectations for April, which showed that American households expect prices to rise in the short term. For the medium- to long-term horizon, inflation expectations were unchanged.

United States 4-Week Bill Auction increased to 3.61% from previous 3.6%

Beth Hammack, President of the Federal Reserve (Fed) Bank of Cleveland, in an interview on a public radio station on Thursday. She claimed that she sees a lot of uncertainty in the economic outlook and that the Fed should be more neutral in its policy stance given this uncertainty.

Commerzbank’s Dr. Ralph Solveen notes that German industry orders rose 5% in March, with core orders up 5.1% and gains broadly spread across sectors, indicating an economic recovery was underway before the Middle East conflict.

National Bank of Canada (NBC) analysts highlight that Canada’s aggregate tariff burden still looks relatively low versus peers, but warns this advantage is eroding.

United States EIA Natural Gas Storage Change below forecasts (72B) in May 1: Actual (63B)

United States Construction Spending (MoM): -0.2% (February) vs -0.3%

United States Construction Spending (MoM) registered at 0.6% above expectations (0.2%) in March

United States Construction Spending (MoM) up to 0.6% in February from previous -0.3%

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 200K for the week ending May 2.

United States Unit Labor Costs down to 2.3% in 1Q from previous 4.4%

United States Continuing Jobless Claims below forecasts (1.8M) in April 24: Actual (1.766M)

United States Initial Jobless Claims 4-week average fell from previous 207.5K to 203.25K in May 1

United States Initial Jobless Claims registered at 200K, below expectations (205K) in May 1

Societe Generale analysts note that the National Bank of Poland (NBP) kept its policy rate at 3.75% and markets expect no further changes through 2026. Governor Glapinski’s press conference is expected to be uneventful unless he sounds very hawkish.

Mexico Core Inflation meets forecasts (0.31%) in April

Mexico 12-Month Inflation registered at 4.45%, below expectations (4.5%) in April

Mexico Headline Inflation below forecasts (0.25%) in April: Actual (0.2%)

Nomura's research analysts report that the central bank of Norway, Norges Bank unexpectedly raised its policy rate by 25bp to 4.25% in May, citing frustration with sticky underlying inflation and a need to preserve credibility after earlier guidance.

Boston Federal Reserve (Fed) Bank President Susan Collins said during the late European trading session on Thursday that she sees the central bank holding interest rates at their current levels for longer. Collins added that she expects interest rate cuts to be the baseline scenario going ahead.

Societe Generale analysts highlight that the Czech National Bank (CNB) is expected to keep its policy rate at 3.50% despite a rise in headline inflation to 2.5% year-on-year in April. Governor Michl has emphasized maintaining positive real rates to support savings.

DBS Group Research economist Radhika Rao notes that the Reserve Bank of India (RBI) is exploring measures to attract more US Dollar (USD) flows to support the Rupee and address the balance of payments gap.

Societe Generale analysts note that the central bank of Sweden, Riksbank left rates on hold this morning at 1.75% and EUR/SEK has been rebounding from an interim low and is now challenging its 200-day moving average, which has capped the pair since last year.

United States Challenger Job Cuts up to 83.687K in April from previous 60.62K

OCBC strategists Sim Moh Siong and Christopher Wong characterize recent moves in Asian FX as a relief rally driven by lower Oil and hopes of a US–Iran deal. They stress that any agreement and normalization of flows through the Strait of Hormuz remain uncertain.

Spain 10-y Obligaciones Auction down to 3.392% from previous 3.435%