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

Japan’s Finance Minister Satsuki Katayama delivered a verbal intervention on Friday, saying that authorities prepared to take decisive steps on foreign exchange.

The United States (US) will impose new tariffs of between 10% and 12.5% on imports from most major trading partners, its biggest move yet to reconstruct US President Donald Trump’s tariff wall that was pierced by the Supreme Court, Bloomberg reported on Thursday. 

The US Central Command (CENTCOM) said it is attacking Iran for the 13th consecutive night, the Guardian reported on Friday. The US military stated that this action aims to hold Iran accountable and diminish threats from the Islamic Revolutionary Guard Corps (IRGC) to commercial shipping.

Gold price (XAU/USD) faces some selling pressure to around $4,050 during the early Asian session on Friday.

Japan’s National Consumer Price Index (CPI) rose by 1.7% YoY in June, compared to the previous reading of 1.5%, according to the latest data released by the Japan Statistics Bureau on Friday.

The preliminary reading of Australia's S&P Global Manufacturing Purchasing Managers Index (PMI) rose to 51.7 in July versus 51.5 prior, the latest data published by S&P Global showed on Friday.

United Overseas Bank’s Quek Ser Leang and Lee Sue Ann expect USD/CNH to remain in a narrow consolidation between 6.7680 and 6.7780 intraday after a lacklustre session.

MUFG’s Lloyd Chan reports that Bank Indonesia kept its policy rate at 5.75%, surprising expectations for a hike, as recent Rupiah stabilization allowed policymakers to stay on hold.

United Overseas Bank’s Quek Ser Leang and Lee Sue Ann expect USD/SGD to remain directionless in the near term, with intraday trading confined to a tight 1.2900–1.2925 band. Over the coming weeks, the pair is seen oscillating in a broader 1.2875–1.2955 range as earlier downside momentum has faded.

Commerzbank’s Charlie Lay reports Bank Indonesia kept the BI Rate at 5.75%, choosing targeted capital-flow incentives over further tightening to support the Indonesian Rupiah. BI cut hedging costs and improved macroprudential liquidity tools, echoing RBI’s playbook.

TD Securities economists Eli Nir and Oscar Munoz analyze upcoming BEA methodology changes to United States (US) Personal Consumption Expenditures (PCE) Price Index inflation for portfolio management, legal services, and computer software & accessories.

Nordea strategists Jan von Gerich, Tuuli Koivu and Anders Svendsen note that the European Central Bank (ECB) kept its deposit rate at 2.25% but signalled further tightening. They still forecast three additional 25bp hikes, now at a quarterly pace, taking the deposit rate to 3% by March 2027.

TD Securities’ Gennadiy Goldberg and Molly Brooks note that market pricing for Fed hikes has risen alongside higher Oil prices and US-Iran tensions, but they judge a July move as unlikely.

Christine Lagarde, President of the European Central Bank (ECB), explains the ECB's decision to leave key rates unchanged at the July policy meeting and responds to questions from the press.

Christine Lagarde, President of the European Central Bank (ECB), explains the ECB's decision to leave key rates unchanged at the July policy meeting and responds to questions from the press.

ING’s economists describe United Kingdom (UK) public finances as strained by rising spending pressures and high debt interest, despite ongoing fiscal consolidation via frozen tax thresholds and falling gilt issuance.

Christine Lagarde, President of the European Central Bank (ECB), explains the ECB's decision to leave key rates unchanged at the July policy meeting and responds to questions from the press.

There were 187,000 Initial Jobless Claims in the week ending July 18, the US Department of Labor (DOL) reported on Thursday. This print followed the previous week's reading of 209,000 and came in much better than the market expectation of 212,000.

Commerzbank’s Volkmar Baur notes that the Japanese Yen remains historically weak, with USD/JPY above 162 and EUR/JPY near 186, but still forecasts gradual appreciation over the coming quarters.

Mexico 1st half-month Inflation came in at 0.07%, below expectations (0.1%) in July

Mexico 1st half-month Core Inflation meets forecasts (0.16%) in July

India M3 Money Supply: 12.5% (July 6) vs previous 13%

Lee Hardman at MUFG notes that Euro-zone yields have climbed to fresh year-to-date highs ahead of the European Central Bank (ECB) meeting, with markets pricing 2–3 further rate hikes and almost fully discounting another move in September.

Commerzbank’s Volkmar Baur sees it as almost certain that South African Reserve Bank (SARB) will hike 25 bps to 7.25%, reversing a third of its 2024–25 easing after inflation re-accelerated on fuel and core components above target.

TD Securities strategists look for Canadian Retail Sales to rise 1.1% month-on-month in May, slightly above the 1.0% consensus, driven by higher gasoline prices and a rebound in core spending.

Societe Generale strategists note that Oil and Natural Gas prices have surged since the June European Central Bank (ECB) meeting, reversing optimism that followed the US–Iran Memorandum of Understanding (MoU).

Commerzbank’s Antje Praefcke argues the European Central Bank (ECB) can delay action today but will keep a hawkish tone as inflation stays near 3% and core pressures may even rise.

BNY’s Geoff Yu argues that while Norwegian Krone (NOK) should find demand from improved Oil and gas terms of trade and a relatively hawkish Norges Bank, elevated holdings and modest FX purchases limit upside.

ING’s Michiel Tukker expects the European Central Bank (ECB) to keep the deposit rate at 2.25% at the upcoming meeting, with a September hike seen as likely as Oil prices rise and markets already price in around 23bp.