Danske Research Team highlights that global equities have gained about 5% over five sessions, with cyclicals and growth outperforming defensives and value, pointing to a tech-driven move.

The USD/CAD pair USD/CAD holds steady around 1.4015 during the early European trading hours on Thursday. Traders await a possible US-Iran deal, which could give direction to the pair. The US Initial Jobless Claims report is due later on Thursday. 

Germany's Factory Orders rose in June, suggesting that the country’s manufacturing sector activity gained momentum, according to the official data published by the Federal Statistics Office on Thursday.

The Indian Rupee (INR) opens almost flat against the US Dollar (USD) on Thursday. The USD/INR pair trades around 95.12 after rebounding from the fresh monthly low of 94.83 posted the previous day.

USD/IDR inches higher after registering nearly 0.5% losses in the previous day, trading around 17,960 during the Asian hours on Thursday. Traders are keeping a close eye on the nomination process following the sudden resignation of Bank Indonesia (BI) Governor Perry Warjiyo late last month.

US President Donald Trump's administration has paid back $100bn in "Liberation Day" tariff refunds to businesses through customs officials, the Financial Times reported on Wednesday. 

Australia's Trade Balance shifted to surplus of A$1,929M MoM in June, followed a deficit of 2,367M in the previous reading (revised from A$3,018M), according to the latest foreign trade data published by the Australian Bureau of Statistics on Thursday.

Federal Reserve (Fed) Bank of San Francisco President Mary Daly said on Thursday that tariffs have had a clear impact on inflation, though she pointed to early signs that effect is beginning to ease.

West Texas Intermediate (WTI) oil price remains subdued for the fourth successive day, trading around $74.20 per barrel during the Asian hours on Thursday.

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann reports USD/CNH slipped to 6.7459 after failing to extend a modest bounce, with limited downside momentum. Intraday, they see potential to test last week’s 6.7420 low but doubt a sustained break below.

DBS Group Research economist Radhika Rao notes Indonesia’s onshore markets are focused on the appointment of a new Bank Indonesia Governor after Perry Warjiyo’s departure, with Acting Governor Destry Damayanti prioritising non-rate measures and IDR liquidity.

Commerzbank economists highlight ongoing Korean Won (KRW) appreciation against the Dollar. USD/KRW slipped 0.1% to 1,430, extending declines from earlier in the week.

Fed Governor Lisa Cook said she supported leaving rates unchanged at the last Federal Open Market Committee (FOMC) meeting, as she awaits more data. She added that inflation risks outweigh job market risks, while reaffirming her full commitment to restoring price stability.

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note USD/SGD was broadly flat on Tuesday, with SGD NEER trading 1.5–2.0% above its mid-point, implying a 1.2773–1.2837 range. Intraday, they expect consolidation between 1.2805 and 1.2840.

BNY’s Geoff Yu notes that foreign demand for Japanese equities remains subdued compared with interest in JPY and JGBs.

DBS Group Research economist Philip Wee argues that Asian currencies may face repricing risk as global policymakers increasingly resist competitive depreciation.

Scotiabank strategists Shaun Osborne and Eric Theoret note the British Pound (GBP) is slightly firmer versus the US Dollar (USD), with modestly better PMIs but a fading fundamental backdrop as 2-year spreads give back gains since late June.

Brown Brothers Harriman’s (BBH) Elias Haddad notes the New Zealand Dollar and local yields slumped after strong Q2 employment and wage gains were offset by rising labor supply and higher unemployment.

Societe Generale’s Kunal Kundu and Galvin Chia judge the Reserve Bank of India's (RBI) August policy outcome as neutral for the Indian Rupee (INR). They highlight fewer comments on INR and flows, but recall Governor Malhotra’s view that INR is not undervalued.

Rabobank's Senior FX Strategist Jane Foley discusses recent British Pound (GBP) weakness versus the Euro (EUR), linking it to reduced Bank of England (BoE) tightening expectations and political developments under UK Prime Minister Burnham.

In an interview with CNBC on Wednesday, Minneapolis Federal Reserve (Fed) Bank President Neel Kashkari explained that he is not calling for a dramatic increase in interest rates.

BNY’s Geoff Yu notes Eurozone PMIs have surprised to the upside, with the composite at an eight‑month high and services back in expansion, easing immediate stagflation worries.

Standard Chartered Bank economists Saurav Anand and Anubhuti Sahay note that India’s Monetary Policy Committee (MPC) kept the repo rate at 5.25% with a neutral stance, sounding more dovish than in April and June.

Commerzbank’s Tatha Ghose explains that the Hungarian Forint (HUF) has recently given back gains as external shocks and an ongoing Magyar Nemzeti Bank (MNB) easing cycle erode support.

Nordea’s Chief Analyst Jan Størup Nielsen notes that Nationalbanken did not intervene in July to support Denmark’s fixed exchange rate policy, after a small purchase of kroner in June.

EUR/CAD continues its winning streak that started on July 24, trading around 1.6240 during the European hours on Wednesday. The currency cross rises as the Euro (EUR) receives support following the release of HCOB Purchasing Managers’ Index (PMI) data from Germany and the Eurozone.

On Wednesday, we’ll get the latest read on the US services sector when the Institute for Supply Management (ISM) publishes its July gauge. Consensus points to a marginal improvement to 54.5 from June’s 54.

Japan Finance Minister (FM) Satsuki Katayama said during the European trading session on Wednesday that the government's tax policy would be able to cool down high inflation.

The Automatic Data Processing (ADP) Research Institute will release its monthly report on private-sector job creation for July on Wednesday.

Deutsche Bank strategists highlight a broad-based rally in global equities as lower Oil prices, easing inflation expectations and resilient US data support risk appetite. The S&P 500 and major European indices hit or approached record highs, while Asian benchmarks also advanced.