The preliminary reading of Australia's S&P Global Manufacturing Purchasing Managers Index (PMI) declined to 50.3 in May versus 51.3 prior, the latest data published by S&P Global showed on Thursday.

Australia S&P Global Services PMI: 47.7 (May) vs previous 50.7

Australia S&P Global Composite PMI dipped from previous 50.4 to 47.8 in May

New Zealand Trade Balance NZD (MoM) above expectations ($842M) in April: Actual ($1920M)

New Zealand Trade Balance NZD (YoY) climbed from previous $-3.19B to $-2.76B in April

New Zealand Imports declined to $6.7B in April from previous $7.25B

New Zealand Exports climbed from previous $7.94B to $8.62B in April

South Korea Producer Price Index Growth (MoM) rose from previous 1.6% to 2.5% in April

South Korea Producer Price Index Growth (YoY): 6.9% (April) vs 4.1%

Argentina Trade Balance (MoM) below expectations ($1760M) in April: Actual ($2M)

United States 20-Year Bond Auction rose from previous 4.883% to 5.122%

The European Central Bank (ECB) could raise interest rates in June as the inflation outlook shifts toward a more adverse scenario, according to Reuters citing sources familiar with the discussions.

Tensions between Iran and the United States (US) remain in focus after statements from Iranian and Saudi officials reported by Reuters highlighted both the risk of renewed confrontation and ongoing efforts to maintain diplomatic channels.

Bank of England (BoE) Governor Andrew Bailey said that financial market tightening gives the central bank some time to assess whether to raise rates or leave them where they are. Bailey made the comments while speaking to the Treasury Committee on Wednesday.

UOB’s Global Economics & Markets Research, led by Julia Goh and Loke Siew Ting, highlights that Malaysia’s exports surged in April, driven by robust E&E demand and record re-exports, widening the trade surplus.

ING strategist Frantisek Taborsky highlights that risk-off global sentiment is pressuring Central and Eastern European (CEE) currencies, pushing EUR/PLN and EUR/CZK towards the upper ends of recent ranges.

Geoff Yu at BNY highlights that Latin American (LatAm) equities have attracted strong inflows thanks to improved terms of trade and resilient currencies.

The Minutes of the United States (US) Federal Reserve’s (Fed) April 28-29 monetary policy meeting will be published on Wednesday at 18:00 GMT.

Rabobank's Senior FX Strategist Jane Foley note that reduced expectations for aggressive Bank of England (BoE) tightening are weighing on the British Pound (GBP), even as recent United Kingdom (UK) labour and Consumer Price Index (CPI) data have eased market nerves.

BNY’s Bob Savage highlights that Bank Indonesia (BI) surprised markets with a 50bp rate hike to 5.25% to stabilize the Rupiah (IDR). Governor Perry Warjiyo underscored intensified FX interventions and improved monetary tools to keep inflation within the 1.5–3.5% target for 2026–2027.

TD Securities’ Global Strategy Team expects the April FOMC minutes to clarify how many participants backed removing the easing bias and how divided the committee was after several hawkish dissents.

South Africa Retail Sales (YoY): 2.6% (March) vs 1.6%

United States MBA Mortgage Applications down to -2.3% in May 15 from previous 1.7%

Deutsche Bank highlights that weaker‑than‑expected Canadian CPI reduced the perceived need for near‑term Bank of Canada tightening.

EUR/CAD edges higher after posting modest losses in the previous day, trading around 1.5960 during the European hours on Wednesday. The currency cross holds ground as the commodity-linked Canadian Dollar (CAD) struggles amid lower oil prices.

Rabobank's Head of Macro Strategy Elwin de Groot highlights that United Kingdom (UK) Consumer Price Index (CPI) inflation for April undershot consensus, with services inflation easing, while UK Producer Price Index (PPI) surprised to the upside.

European Central Bank (ECB) policymaker and the head of Belgium's central bank, Pierre Wunsch, said during the European trading session on Wednesday that the central bank needs to act at some point, as “we are at the beginning of an inflation problem”.

United Kingdom DCLG House Price Index (YoY) came in at 0% below forecasts (0.8%) in March

South Africa Consumer Price Index (MoM) climbed from previous 0.6% to 1.1% in April

South Africa Consumer Price Index (YoY) above forecasts (3.9%) in April: Actual (4%)