TD Securities strategists note that Australian employment data for March broadly matched the Reserve Bank of Australia’s (RBA) expectations, with steady unemployment and solid full-time job gains.

Commerzbank’s Dr. Henry Hao notes that China’s Q1 2026 GDP grew 5.0% year-on-year, at the top of Beijing’s 4.5%–5.0% target, easing immediate pressure for aggressive stimulus.

Standard Chartered’s Steve Englander and Dan Pan argue that United States (US) labour market strength may be overstated once model-based adjustments are stripped out.

According to a statement from a senior Iranian official, Pakistani army chief Field Marshal Asim Munir’s trip to Iran has helped reduce differences in some areas; however, issues regarding Tehran’s nuclear ambitions and uranium enrichment remain unsolved.

TD Securities’ Global Strategy Team notes that US rates moved higher as the S&P 500 reached a record high, with comments from Treasury Secretary Bessent acknowledging eventual Federal Reserve rate cuts but allowing for a pause.

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann highlight a sharp AUD/USD surge to 0.7178, far above their prior 0.7100–0.7155 range expectation, leaving the pair deeply overbought. They see scope for a test of 0.7190 intraday, but doubt a sustained break higher.

Danske Research Team notes that the Norwegian Krone (NOK) strengthened on risk-on sentiment, pushing EUR/NOK back to just above 11.00, while EUR/SEK initially resisted positive risk before slipping below 10.80 later.

European Central Bank (ECB) policymaker and governor of the Bank of France, François Villeroy de Galhau, said during European trading hours on Thursday that it is premature to price in an interest rate hike in the policy meeting later this month.

No immediate response by the Swiss Franc (CHF) after the SNB minutes release. However, USD/CHF is rising in the European trade and has recovered its early losses, turning flat around 0.7820 as the US Dollar (USD) bounces back.

Here is what you need to know on Thursday, April 16:

Italy Consumer Price Index (YoY) meets forecasts (1.7%) in March

Italy Consumer Price Index (MoM) meets expectations (0.5%) in March

Italy Consumer Price Index (EU Norm) (YoY) above forecasts (1.5%) in March: Actual (1.6%)

Italy Consumer Price Index (EU Norm) (MoM) came in at 1.7%, above forecasts (1.6%) in March

Pakistan’s foreign ministry stated during the European trading session on Thursday that dates for another round of talks between the United States (US) and Iran regarding the permanent ceasefire have not been finalized yet.

MUFG’s Michael Wan reviews India’s March trade data, noting a narrower overall deficit helped by seasonal factors and lower Gold prices and imports.

Austria HICP (YoY) meets forecasts (3.1%) in March

Austria HICP (MoM) meets forecasts (1.1%) in March

GBP/JPY remains flat after an eight-day winning streak, trading around 215.60 during the early European hours on Thursday. The currency cross remains close to an all-time high of 215.91, reached on April 15, following the release of the United Kingdom’s (UK) Gross Domestic Product (GDP) data.

Deutsche Bank’s Chief UK Economist Sanjay Raja notes that United Kingdom (UK) Gross Domestic Product (GDP) in February rose 0.5% m/m, beating expectations and prompting an upgrade of Q1-26 GDP to 0.5–0.6% q/q.

Switzerland Producer and Import Prices (YoY) remains at -2.7% in March

United Kingdom Total Trade Balance down to £-0.72B in February from previous £3.922B

United Kingdom Index of Services (3M/3M) came in at 0.5%, above forecasts (0.3%) in February

United Kingdom Goods Trade Balance came in at £-18.791B, above expectations (£-20.2B) in February

United Kingdom Trade Balance; non-EU fell from previous £-3.461B to £-7.097B in February

United Kingdom Manufacturing Production (MoM) below forecasts (0.3%) in February: Actual (-0.1%)

United Kingdom Goods Trade Balance above forecasts (£-20.2B) in February: Actual (£-18.79B)

United Kingdom Trade Balance; non-EU dipped from previous £-3.461B to £-7.1B in February

United Kingdom Manufacturing Production (YoY) came in at -0.5%, below expectations (-0.3%) in February

United Kingdom Gross Domestic Product (MoM) above forecasts (0.1%) in February: Actual (0.5%)