Commerzbank’s Dr. Henry Hao argues China’s housing market remains in structural stagnation five years after the Evergrande crisis. National prices follow an L-shaped path, with a K-shaped divergence between Tier-1 and lower-tier cities.

Australia CFTC AUD NC Net Positions down to $-30.7K from previous $-24.7K

Japan CFTC JPY NC Net Positions increased to ¥-122.7K from previous ¥-123.8K

United States CFTC Oil NC Net Positions fell from previous 75.7K to 62.7K

United Kingdom CFTC GBP NC Net Positions up to £-71.3K from previous £-87.9K

United States CFTC Gold NC Net Positions fell from previous $194.2K to $186.7K

Eurozone CFTC EUR NC Net Positions climbed from previous €-16.2K to €-12.6K

United States CFTC S&P 500 NC Net Positions: $-38.9K vs $-42.9K

United Overseas Bank (UOB) strategists Quek Ser Leang and Lee Sue Ann note USD/SGD has stabilised after an earlier sell-off, with spot around 1.2905 and intraday price action expected to stay confined between nearby support and resistance.

Royal Bank of Canada (RBC) economists Nathan Janzen and Abbey Xu expect Canada’s June Consumer Price Index to show headline inflation easing to 2.8% year-over-year from 3.2% in May, mainly on lower energy prices.

Wells Fargo Economics has raised its global Gross Domestic Product (GDP) forecast to 2.7% for 2026 and trimmed global Consumer Price Index (CPI) to 4.3%, reflecting a slightly lower Oil price path.

Federal Reserve (Fed) Bank of Cleveland President Beth Hammack said in a LinkedIn post on Friday that inflation pressure remains broad-based, with businesses calling for policy action and consumers expressing a growing sense of despair as they struggle to cover their expenses.

TD Securities’ Robert Both expects Canadian headline CPI to ease to 2.9% year-on-year in June, with a 0.2% monthly decline driven by sharply lower Energy prices.

United States Michigan Consumer Expectations Index: 54 (July) vs 50.7

United States UoM 1-year Consumer Inflation Expectations: 4.2% (July) vs previous 4.6%

United States UoM 5-year Consumer Inflation Expectation: 3.3% (July)

United States Michigan Consumer Sentiment Index came in at 54.4, above expectations (51) in July

Rabobank’s Global Daily, titled “To govern is to choose”, discusses the UK’s political and macroeconomic backdrop as Labour’s Andy Burnham is set to become prime minister.

TD Securities strategists expect the European Central Bank (ECB) to keep the deposit rate at 2.25% in July after June’s hike, with September remaining a live meeting.

United States Capacity Utilization came in at 76.1%, below expectations (76.2%) in June

United States Industrial Production (MoM) registered at 0.1%, below expectations (0.2%) in June

UK Labour leader Andy Burnham said on Friday that he intends to lead a pro-business Labour Party, arguing that his experience working with businesses as Mayor of Greater Manchester will serve as the model for his future government, according to Reuters.

ING strategist Francesco Pesole notes that the recent GBP rally has stalled and EUR/GBP has rebounded from an important break lower. At 0.850, the cross remains around 1.5% undervalued versus ING’s short-term fair value model.

United States Import Price Index (YoY) climbed from previous 6.7% to 7.1% in June

United States Export Price Index (YoY) down to 10.2% in June from previous 11.2%

Canada Foreign Portfolio Investment in Canadian Securities came in at $7.9B below forecasts ($15.21B) in May

Canada Canadian Portfolio Investment in Foreign Securities rose from previous $-11.36B to $22.27B in May

United States Building Permits Change fell from previous -0.7% to -3% in June

United States Building Permits (MoM) came in at 1.367M, below expectations (1.4M) in June

United States Housing Starts (MoM) above forecasts (1.31M) in June: Actual (1.427M)