Axios journalist Barak Ravid reported on Thursday that the US and Iran have reached an agreement on a 60-day memorandum of understanding to extend the ceasefire and launch negotiations on Iran's nuclear program, but President Trump has yet to give it his final approval, according to two US official

Alberto Musalem (St. Louis, 2028 voter) struck a cautious and hawkish tone on Thursday, warning that inflation pressures remain elevated despite growing optimism around artificial intelligence and productivity gains.

United States New Home Sales (MoM) came in at 0.622M below forecasts (0.67M) in April

United States New Home Sales (MoM) above expectations (0.67M) in April: Actual (622M)

UOB’s economist Lee Sue Ann highlights softer Australian inflation and a cooling labour market as reasons for the Reserve Bank of Australia (RBA) to keep the cash rate at 4.35%.

Michael Pfister at Commerzbank highlights that three months into the Iran conflict, the Strait of Hormuz remains closed, implying a persistent energy price shock even if a US–Iran deal is reached soon.

Federal Reserve Bank of New York President John Williams said on Thursday that the the path for the monetary depends on data, outlook and risks, per Reuters.

The United States' (US) real Gross Domestic Product (GDP) expanded at an annual rate of 1.6% in the first quarter, the US Bureau of Economic Analysis (BEA) reported on Thursday. This print followed the 2% growth reported in the initial estimate and came in below the market expectation of 2%.

South Africa SARB Interest Rate Decision meets expectations (7%)

Russia Central Bank Reserves $ fell from previous $768.9B to $753.8B

ING’s Frantisek Taborsky highlights that a less hawkish Central and Eastern European rates outlook is undermining Koruna strength. Markets have scaled back expected hikes in Poland and the Czech Republic, while Hungary is priced for sizeable cuts.

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 215K for the week ending May 23.

Rabobank’s Senior FX Strategist Jane Foley highlights that the Pound has underperformed in G10 in May, linking weakness to UK political uncertainty following local elections and ongoing questions over Labour leadership.

United States Continuing Jobless Claims came in at 1.786M, above forecasts (1.78M) in May 15

United States Gross Domestic Product Price Index declined to 3.5% in 1Q from previous 3.6%

United States Personal Income (MoM) came in at 0% below forecasts (0.4%) in April

United States Core Personal Consumption Expenditures (QoQ) came in at 4.4%, above forecasts (4.3%) in 1Q

Canada Current Account dipped from previous -0.7B to -7.2B in 1Q

United States Personal Consumption Expenditures - Price Index (MoM) came in at 0.4%, below expectations (0.5%) in April

United States Core Personal Consumption Expenditures - Price Index (MoM) registered at 0.2%, below expectations (0.3%) in April

United States Core Personal Consumption Expenditures - Price Index (YoY) in line with forecasts (3.3%) in April

United States Personal Consumption Expenditures - Price Index (YoY) meets forecasts (3.8%) in April

United States Personal Spending in line with expectations (0.5%) in April

United States Gross Domestic Product Annualized came in at 1.6%, below expectations (2%) in 1Q

Mexico Jobless Rate s.a down to 2.6% in April from previous 2.8%

Mexico Jobless Rate came in at 2.5%, below expectations (2.7%) in April

BNP Paribas argues that United States growth outperformance is being driven by strong productivity gains rather than immediate benefits from Artificial Intelligence.

The accounts of the European Central Bank's April policy meeting showed on Thursday that policymakers acknowledged that upside risks to inflation and downside risks to growth have intensified.

ABN AMRO notes that the new energy shock will push Eurozone inflation higher, though less severely than in 2022–23, as gas price rises are smaller and electricity has decoupled from gas.

Iran’s Islamic Revolutionary Guard Corps (IRGC) has threatened a decisive response against disruption near the Strait of Hormuz, a vital passage to almost 20% of global energy supply, during the European trading session on Thursday.