Commerzbank’s Volkmar Baur highlights that the Japanese Yen (JPY) remains weak despite only mildly softer April inflation, as rising global interest rates and Japan’s high debt burden weigh on the currency.

Turkey Trade Balance above expectations (-8.51B) in April: Actual (-8.5B)

Here is what you need to know on Friday, May 22:

France Business Climate in Manufacturing registered at 102 above expectations (100) in May

Danske Research Team notes that global equities advanced, with several markets near new all-time highs, in a volatile session dominated by macro data and Iran-related headlines.

USD/TRY rises after a slight decline in the previous day, reaching a record high of 45.7778 during the Asian hours on Friday. The pair appreciates as the Turkish Lira (TRY) drops due to political uncertainty that emerges after a top court ruling targeting the main opposition party.

Germany Gross Domestic Product (YoY) above forecasts (0.3%) in 1Q: Actual (0.4%)

Retail Sales, a key measure of consumer spending, in the United Kingdom (UK) fell 1.3% month-over-month (MoM) in April after rising by a revised 0.6% in March, the latest data published by the Office for National Statistics (ONS) showed on Friday.

Germany Gross Domestic Product w.d.a (YoY) unchanged at 0.5% in 1Q

United Kingdom Public Sector Net Borrowing above forecasts (£20B) in April: Actual (£24.343B)

Germany Gross Domestic Product (QoQ) in line with expectations (0.3%) in 1Q

United Kingdom Retail Sales ex-Fuel (YoY) below expectations (1.5%) in April: Actual (1.1%)

United Kingdom Retail Sales ex-Fuel (MoM) came in at -0.4%, below expectations (-0.3%) in April

Germany Gross Domestic Product (YoY) meets forecasts (0.3%) in 1Q

United Kingdom Retail Sales (YoY) below expectations (1.3%) in April: Actual (0%)

United Kingdom Retail Sales (MoM) came in at -1.3% below forecasts (-0.6%) in April

Germany GfK Consumer Confidence Survey above forecasts (-34) in June: Actual (-29.8)

Stock markets in the Asian region reflect sheer strength on Friday due to multiple tailwinds.

Gold prices fell in India on Friday, according to data compiled by FXStreet.

The US President Donald Trump administration said that Trump will swear in Kevin Warsh as ‌the chair of the US Federal Reserve (Fed) on Friday at the White House, Reuters reported on Thursday.

Japan National CPI ex Food, Energy (YoY) declined to 1.9% in April from previous 2.4%

Japan’s National Consumer Price Index (CPI) rose by 1.4% YoY in April, compared to the previous reading of 1.5%, according to the latest data released by the Japan Statistics Bureau on Friday.

Japan National CPI ex Fresh Food (YoY) below forecasts (1.7%) in April: Actual (1.4%)

Japan National Consumer Price Index (YoY) fell from previous 1.5% to 1.4% in April

United Kingdom GfK Consumer Confidence above forecasts (-28) in May: Actual (-23)

New Zealand Retail Sales ex Autos (QoQ) declined to 1% in 1Q from previous 1.5%

New Zealand’s Retail Sales, a measure of the country’s consumer spending, climbed 0.9% QoQ in the first quarter (Q1) of 2026, compared to 0.9% in the previous reading, according to the official data published by Statistics New Zealand on Monday.

New Zealand Retail Sales (QoQ) came in at 0.9%, above expectations (0.5%) in 1Q

South Korea Consumer Sentiment Index increased to 106.1 in May from previous 99.2

BNY’s Geoff Yu highlights that South Korean equities, especially AI and semiconductor names, face tightening financial conditions even as the KOSPI remains a top global performer. iFlow shows heavy institutional selling and extended outflows, which could now weigh on the Korean Won.