TD Securities’ Alex Loo highlights that China’s July data showed weaker industrial production, modest retail sales and record-weak Fixed Assets Investment, reinforcing concerns about insufficient domestic demand.

US Treasury yields advanced on Friday during the North American session after reversing their course following the release of US Retail Sales data, which disappointed investors. Meanwhile, the lack of news from the Middle East kept Oill prices higher, amid fears of a resumption of hostilities.

Brown Brothers Harriman’s (BBH) Elias Haddad expects Bank Indonesia (BI) to keep its policy rate at 5.75% for a second straight meeting after 100 bps of tightening since May.

United States Total Net TIC Flows: $133.5B (June) vs $132.2B

United States Net Long-Term TIC Flows registered at $172.7B above expectations ($151.4B) in June

United Overseas Bank’s (UOB) Quek Ser Leang notes USD/SGD remains under mild downward pressure after slipping to 1.2775 before rebounding. Intraday, the pair may retest 1.2775, but support at 1.2765 is expected to hold.

Rabobank’s Senior Macro Strategist Bas van Geffen describes Washington’s emerging carrot-and-stick approach to artificial intelligence, extending its Pax Silica framework.

According to ING’s Lynn Song, Chinese industrial production growth slowed more than expected in July but remains relatively resilient compared with other domestic indicators.

Royal Bank of Canada (RBC) economists Abbey Xu and Nathan Janzen note that Canadian inflation rose to 3% year-over-year in July, mainly on higher energy costs, while underlying measures like CPI-trim and CPI-median stayed near the 2% target.

Standard Chartered economists Hunter Chan and Shuang Ding note that China’s July real activity data showed weaker momentum, with estimated monthly Gross Domestic Product (GDP) growth dropping below 4.3% year-on-year.

DBS Group Research economist Ma Tieying revises Taiwan’s 2026 GDP growth forecast up to 11.6% from 9.4% and 2027 to 5.6% from 4.5%, noting that growth will exceed 10% and mark the strongest pace in more than three decades.

TD Securities economists Oscar Munoz and Eli Nir expect US output growth to move sideways in 2025 as the lingering Oil shock and Iran conflict create stagflationary risks, keeping the Fed on hold.

Canada Canadian Portfolio Investment in Foreign Securities increased to $35.43B in June from previous $22.27B

Canada Foreign Portfolio Investment in Canadian Securities registered at $40.83B above expectations ($15B) in June

Canada Consumer Price Index - Core (MoM) remains at 0.2% in July

United States NY Empire State Manufacturing Index above expectations (11) in August: Actual (20.6)

Canada Consumer Price Index (YoY) came in at 3%, above forecasts (2.9%) in July

Canada Consumer Price Index (MoM) in line with forecasts (0.5%) in July

Canada BoC Consumer Price Index Core (YoY): 2.3% (July) vs 2.1%

Canada BoC Consumer Price Index Core (MoM) rose from previous 0.1% to 0.2% in July

Rabobank's Senior FX Strategist Jane Foley highlights that the Norwegian Krone (NOK) is the strongest G10 currency across multiple horizons, supported by Oil prices, above-target inflation and a hawkish Norges Bank.

BNY’s Geoff Yu notes that India’s bonds sold off after the Reserve Bank of India (RBI) unexpectedly advanced closure of its special Dollar deposit window to end-August.

Societe Generale economists Reo Sakida and Jin Kenzaki say Japan’s 2Q GDP data were weaker than expected, with consumption and capex both disappointing.

A large majority of economists expect the Federal Reserve (Fed) to keep interest rates unchanged in September and for the rest of this year, according to a Reuters poll conducted between August 12 and 17.

Philip Wee of DBS Group Research notes that markets still focus on Japan’s struggle to support the Japanese Yen, while underplaying broader USD implications.

Commerzbank’s Dr. Henry Hao highlights that China’s July activity data undershot expectations across industrial output, retail sales and fixed-asset investment, reflecting weather disruptions and a deepening property slump.

Brown Brothers Harriman’s (BBH) Elias Haddad expects the Riksbank to keep its policy rate at 1.75% for a seventh consecutive meeting while leaving the door open to a later hike as inflation runs above projections.

TD Securities’ James Rossiter argues that the Federal Reserve is leading a structural shift away from detailed forward guidance and explicit reaction functions, forcing markets to infer policy from incoming data.

Chris Turner at ING notes that a busier United Kingdom (UK) data calendar, including jobs, wages and July Consumer Price Index (CPI), could challenge the 55bp of Bank of England (BoE) tightening still priced in.

Brown Brothers Harriman’s (BBH) Elias Haddad expects Canada’s July Consumer Price Index (CPI) to keep core inflation below 2%, reinforcing an extended Bank of Canada (BoC) pause.