United States EIA Natural Gas Storage Change declined to 92B in May 22 from previous 101B

ABN AMRO highlights a more dovish tone from the MPC after its earlier hawkish stance in March. The bank still expects an insurance rate hike over summer, albeit with less conviction, before a return to a wait-and-see approach as energy supplies normalise in Q3.

Axios journalist Barak Ravid reported on Thursday that the US and Iran have reached an agreement on a 60-day memorandum of understanding to extend the ceasefire and launch negotiations on Iran's nuclear program, but President Donald Trump has yet to give it his final approval, according to two US of

St. Louis Federal Reserve (Fed) President Alberto Musalem struck a cautious and hawkish tone on Thursday, warning that inflation pressures remain elevated despite growing optimism around artificial intelligence and productivity gains.

EUR/USD trims earlier losses on Thursday as traders digest a slew of US economic data that eases demand for the US Dollar (USD) despite heightened geopolitical tensions in the Middle East. At the time of writing, the pair is trading around 1.1655, rebounding from an intraday low of 1.1586.

MUFG’s Derek Halpenny and Abdul-Ahad Lockhart highlight that renewed Middle East conflict risks and rising Oil prices are reinforcing upside risks for the Dollar. They note that higher energy costs are fuelling inflation concerns at the Federal Reserve, with officials turning more hawkish.

ING’s Francesco Pesole argues that the Pound has largely priced out recent UK political risk, with the EUR/GBP political risk premium, estimated at about 1% in mid-May, now back to zero.

United States New Home Sales (MoM) came in at 0.622M below forecasts (0.67M) in April

United States New Home Sales (MoM) above expectations (0.67M) in April: Actual (622M)

UOB’s economist Lee Sue Ann highlights softer Australian inflation and a cooling labour market as reasons for the Reserve Bank of Australia (RBA) to keep the cash rate at 4.35%.

Michael Pfister at Commerzbank highlights that three months into the Iran conflict, the Strait of Hormuz remains closed, implying a persistent energy price shock even if a US–Iran deal is reached soon.

Gold (XAU/USD) stages a rebound on Thursday as the US Dollar (USD) loses momentum following the latest US Personal Consumption Expenditures (PCE) data. At the time of writing, XAU/USD is trading around $4,429 after hitting an intraday low of $4,366 earlier in the day, its lowest level in two months.

Federal Reserve (Fed) Bank of New York President John Williams said on Thursday that the path for monetary policy depends on data, outlook and risks, per Reuters.

Scotiabank strategists Shaun Osborne and Eric Theoret notes that the Canadian Dollar (CAD) is soft against the US Dollar (USD), with USD/CAD trading near fresh local highs in an environment of mild risk aversion linked to renewed US/Iran tensions.

Brown Brothers Harriman’s (BBH) Elias Haddad reports that USD/KRW has eased back toward 1500 after briefly trading above 1510, as the Bank of Korea (BoK) delivered a hawkish hold and signaled its next move is likely a hike.

The United States' (US) real Gross Domestic Product (GDP) expanded at an annual rate of 1.6% in the first quarter, the US Bureau of Economic Analysis (BEA) reported on Thursday. This print followed the 2% growth reported in the initial estimate and came in below the market expectation of 2%.

South Africa SARB Interest Rate Decision meets expectations (7%)

Silver (XAG/USD) recovers on Thursday as the US Dollar (USD) eases following the latest US Personal Consumption Expenditures (PCE) data. At the time of writing, XAG/USD is trading around $734.11, rebounding after hitting a one-month low near $71.79 earlier in the day.

Russia Central Bank Reserves $ fell from previous $768.9B to $753.8B

ING’s Frantisek Taborsky highlights that a less hawkish Central and Eastern European rates outlook is undermining Koruna strength. Markets have scaled back expected hikes in Poland and the Czech Republic, while Hungary is priced for sizeable cuts.

Annual inflation in the United States (US), as measured by the change in the Personal Consumption Expenditures (PCE) Price Index, climbed to 3.8% in April from 3.5% in March, the US Bureau of Economic Analysis (BEA) reported on Thursday. This reading came in line with the market expectation.

According to a report from the US Department of Labor (DOL) released on Thursday, the number of US citizens submitting new applications for unemployment insurance increased to 215K for the week ending May 23.

Rabobank’s Senior FX Strategist Jane Foley highlights that the Pound has underperformed in G10 in May, linking weakness to UK political uncertainty following local elections and ongoing questions over Labour leadership.

United States Continuing Jobless Claims came in at 1.786M, above forecasts (1.78M) in May 15

United States Gross Domestic Product Price Index declined to 3.5% in 1Q from previous 3.6%

United States Personal Income (MoM) came in at 0% below forecasts (0.4%) in April

United States Core Personal Consumption Expenditures (QoQ) came in at 4.4%, above forecasts (4.3%) in 1Q

Canada Current Account dipped from previous -0.7B to -7.2B in 1Q

United States Personal Consumption Expenditures - Price Index (MoM) came in at 0.4%, below expectations (0.5%) in April

United States Core Personal Consumption Expenditures - Price Index (MoM) registered at 0.2%, below expectations (0.3%) in April