China FDI - Foreign Direct Investment (YTD) (YoY) remains unchanged at -5.7% in February

European Central Bank (ECB) policymaker and Governor of the Central Bank of Ireland Gabriel Makhlouf stated during European trading hours on Friday that the central bank doesn’t have a pre-determined rate path and the decision would be made meeting by meeting.

Italy Global Trade Balance registered at €1.089B, below expectations (€5.6B) in January

Italy Trade Balance EU up to €-1.138B in January from previous €-2.447B

Eurozone Current Account n.s.a down to €13B in January from previous €34.6B

Eurozone Current Account s.a came in at €37.9B, above expectations (€17.2B) in January

MUFG’s Derek Halpenny notes that the recent retracement in Brent has eased immediate upward pressure on the Dollar, but he doubts the move will last given ongoing Middle East tensions and constrained supply.

ING’s Francesco Pesole notes that the Bank of England surprised markets with a unanimous hold and strong guidance that it is ready to act against any inflation spike. Markets added substantial tightening by year-end, though ING views this as too aggressive.

DBS Group Research economist Radhika Rao notes that the ECB kept rates unchanged but highlighted spillover risks from geopolitical tensions, with updated projections showing higher Eurozone inflation and weaker growth.

MUFG’s Derek Halpenny highlights that the Bank of England’s unanimous hold and sharp front-end repricing have driven a notable rise in UK yields, supporting the Pound.

Derek Halpenny at MUFG underlines that Brent’s sharp pullback from near USD 120 to below USD 105 has been driven by hopes of conflict de-escalation, but he questions its durability.

During European trading hours, ECB officials: François Villeroy de Galhau and Madis Muller delivers remarks on inflation and geopolitical uncertainty.

There have been remarks from several European Central Bank (ECB) officials during the European trading session on Friday regarding the current state and outlook on inflation and interest rates.

United Kingdom Public Sector Net Borrowing above expectations (£-8.5B) in February: Actual (£14.329B)

The AUD/USD pair trades in negative territory near 0.7080 during the Asian trading hours on Friday. The Australian Dollar (AUD) softens against the US Dollar (USD after Australia’s unemployment rate increased in February. 

The People’s Bank of China (PBOC), China's central bank, announced to leave its Loan Prime Rates (LPRs) unchanged on Friday. The one-year and five-year LPRs were at 3.00% and 3.50%, respectively. 

China PBoC Interest Rate Decision in line with expectations (3%)

Japanese Prime Minister Sanae Takaichi attempted to reiterate her support for US President Donald Trump on Thursday after the president this week seemed to complain that Japan was among the nations that did not quickly join his call to help protect the Strait of Hormuz.

Israel's Prime Minister Benjamin Netanyahu said that Israel "acted alone" in attacking an Iranian gas field, as tensions rise over strikes on energy infrastructure across the region, BBC reported on Thursday. 

European Union (EU) leaders called for a moratorium on military strikes on energy and water facilities in the Middle East amid growing concerns about the impact of the Iran war on the global economy, Reuters reported on Thursday. 

New Zealand Trade Balance NZD (YoY) down to $-3B in February from previous $-2.3B

New Zealand Trade Balance NZD (MoM) above expectations ($-470M) in February: Actual ($-257M)

New Zealand Imports: $6.89B (February) vs $6.7B

New Zealand Exports climbed from previous $6.21B to $6.63B in February

Argentina Trade Balance (MoM) came in at $788M, below expectations ($971M) in February

BNP Paribas highlights that Central European economies are holding up well despite a shrinking population and working-age cohort. The bank notes continued support from EU funds, strong productivity gains relative to wages, and a highly educated workforce.

United States 4-Week Bill Auction declined to 3.615% from previous 3.64%

Nordea’s Chief Analyst Jan von Gerich says the European Central Bank (ECB) kept rates unchanged but signalled greater readiness to tighten if higher energy prices feed into broader inflation.

Rabobank’s Senior Macro Strategist Stefan Koopman notes that the Bank of England (BoE) kept Bank Rate at 3.75% but adopted a distinctly hawkish tone as a renewed energy shock lifts inflation projections.

United States EIA Natural Gas Storage Change below forecasts (39B) in March 13: Actual (35B)