European Central Bank (ECB) Governing Council member Madis Müller said on Friday that it is increasingly likely the ECB will need to raise interest rates.

Australia RBA Commodity Index SDR (YoY) up to 15.7% in April from previous 12.8%

Switzerland Real Retail Sales (YoY) came in at 0.5%, below expectations (1%) in March

EUR/CAD extends its losses for the third consecutive day, trading around 1.5920 during the Asian hours on Friday. The currency cross loses ground as the Euro (EUR) struggles amid increased risk aversion, which could be attributed to the geopolitical concerns in the Middle East.

United Kingdom Nationwide Housing Prices s.a (MoM) came in at 0.4%, above forecasts (-0.3%) in April

United Kingdom Nationwide Housing Prices n.s.a (YoY) came in at 3%, above forecasts (2.2%) in April

Asian stocks advance in holiday-thinned trading on Friday, following record closes on Wall Street the previous day. However, traders remain cautious amid ongoing US–Iran tensions. Trading activity stayed muted, with key markets in China, Hong Kong, and Singapore shut for the Labor Day holiday.

EUR/JPY gains ground after registering 1.88% losses in the previous day, trading around 184.40 during the Asian hours on Friday. The currency cross advances as the Japanese Yen (JPY) weakens following mixed Tokyo inflation data.

The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, currently trades near 98.15 during the Asian trading hours on Friday. The DXY posts modest gains on a hawkish hold from the US Federal Reserve (Fed).

Australia Producer Price Index (QoQ) came in at 0.4%, below expectations (0.9%) in 1Q

Australia Producer Price Index (YoY) declined to 3% in 1Q from previous 3.5%

Atsushi Mimura, Japan’s Vice Finance Minister for International Affairs and top foreign exchange official, said on Friday that he had no comment on foreign exchange intervention and crude oil futures. Mimura added that the official is in close contact with the United States (US) on currency.

Japan Jibun Bank Manufacturing PMI registered at 55.1 above expectations (54.9) in April

Ireland AIB Manufacturing PMI up to 54.9 in April from previous 53.7

Japan Foreign Investment in Japan Stocks dipped from previous ¥2380.9B to ¥807.9B in April 24

The headline Tokyo Consumer Price Index (CPI) for February rose 1.5% YoY as compared to 1.4% in the previous month, the Statistics Bureau of Japan showed on Friday.

Japan Tokyo Consumer Price Index (YoY) rose from previous 1.4% to 1.5% in April

Japan Tokyo CPI ex Fresh Food (YoY) came in at 1.5%, below expectations (1.8%) in April

Japan Tokyo CPI ex Food, Energy (YoY) dipped from previous 1.7% to 1.5% in April

New Zealand ANZ – Roy Morgan Consumer Confidence dipped from previous 91.3 to 80.3 in April

UOB’s Ho Woei Chen highlights Taiwan’s strong 1Q26 Gross Domestic Product (GDP) performance, driven by exports and improving domestic demand, and expects full-year 2026 growth to exceed 9%.

Mexico Fiscal Balance, pesos fell from previous -50.733B to -110.1B in March

The European Central Bank (ECB) and the Bank of England (BoE) may operate in different economies, but this week’s meetings delivered a strikingly similar message: inflation risks are creeping back just as growth is losing momentum, giving some belief to the idea that a stagflationary scenario could

DBS Group Research economist Chua Han Teng expects the Bank of Thailand (BoT) to keep its policy rate at 1.00% through end-2026 as stagflationary pressures from Iran-related supply shocks hit growth and inflation.

UOB economist Ho Woei Chen assesses China’s latest PMIs, noting a positive outlook for manufacturing supported by strong AI-related export demand and robust industrial profits, while domestic demand and services weaken.

Standard Chartered Bank analysts Pietro Righi and Christopher Graham warn that renewed political turmoil in Romania could undermine fiscal consolidation and delay key reforms.

OCBC strategists Sim Moh Siong and Christopher Wong highlight that most Asian FX traded softer as Brent’s rise toward USD120/bbl, inflation risks and hawkish Fed repricing weighed on sentiment.

Commerzbank analysts describe India’s growth backdrop as solid, with GDP expected around 6.5% in fiscal 2026–2027, supported by domestic demand, GST 2.0 reforms, and investment-friendly budgets.

Standard Chartered strategists discuss how United Kingdom (UK) local elections on 7 May could intensify political pressure on Prime Minister Starmer and potentially trigger a Labour leadership challenge.

The Bank of England (BoE) kept rates unchanged at 3.75%, but unlike a passive pause, this was framed as a deliberate and active policy choice.