OCBC strategists Sim Moh Siong and Christopher Wong note New Zealand Dollar (NZD) has rallied on hawkish Reserve Bank of New Zealand (RBNZ) rhetoric and easing Oil risks, but warns markets may be overpricing tightening.

ING economists expect National Bank of Poland (NBP) rates to stay unchanged after April’s decision to hold the reference rate at 3.75%.

GBP/JPY edges higher on Friday, extending gains for a fifth straight day as the Japanese Yen (JPY) remains on the defensive against most of the major peers. Elevated Oil prices continue to weigh on the Yen, given Japan’s status as a major net importer.

Danske Research Team underlines that Sunday’s Hungarian election could be crucial for European Union politics.

Annual inflation in the United States (US), as measured by the change in the Consumer Price Index (CPI), climbed to 3.3% in March, the US Bureau of Labor Statistics (BLS) reported on Friday. This print followed 2.4% in February and came in line with market expectations.

Statistics Canada reported on Friday that the Unemployment Rate helds steady at 6.7% in March, coming short of what markets were expecting.

Commerzbank’s Michael Pfister and Norman Liebke note that Mexico’s latest inflation data and Banxico minutes support a dovish stance.

United States Consumer Price Index Core s.a up to 334.165 in March from previous 333.51

Germany Current Account n.s.a. rose from previous €17.1B to €22B in February

United States Consumer Price Index ex Food & Energy (MoM) came in at 0.2%, below expectations (0.3%) in March

United States Consumer Price Index (MoM) meets expectations (0.9%) in March

United States Consumer Price Index ex Food & Energy (YoY) registered at 2.6%, below expectations (2.7%) in March

United States Consumer Price Index n.s.a (MoM) below forecasts (330.41) in March: Actual (330.21)

United States Consumer Price Index (YoY) meets forecasts (3.3%) in March

Canada Net Change in Employment came in at 14.1K, below expectations (15K) in March

Canada Unemployment Rate below forecasts (6.8%) in March: Actual (6.7%)

Canada Participation Rate remains unchanged at 64.9% in March

Standard Chartered Bank economists Saurav Anand and Anubhuti Sahay highlight a sharp slowdown in India’s new investment announcements in March, heavily affected by the Middle East conflict and sector-specific issues in renewable electricity and chemicals.

The Euro (EUR) appreciates against its main peers on Friday, boosted by news reporting that Russia and Ukraine might be close to a peace deal. The EUR/JPY has extended its rally from mid-March lows at 182.00 to 186.50 so far, bringing the year-to-date high at 186.88 into focus.

Brown Brothers Harriman’s (BBH) Elias Haddad notes that global markets are cautious ahead of US-Iran ceasefire talks, with Brent, equities and bonds reacting while the Dollar stabilizes.

Gold (XAU/USD) oscillates within a narrow range on Friday as markets continue to monitor the evolving situation in the Middle East, while traders also stay on the sidelines ahead of US inflation data.

Brazil IPCA Inflation registered at 0.88% above expectations (0.77%) in March

Mexico Industrial Output (YoY) came in at -1.3%, below expectations (-0.7%) in February

TD Securities’ Global Strategy Team expects a muted rebound in Canadian labour markets, forecasting only 10k new jobs in March and an unemployment rate of 6.8%.

BNY’s Head of Markets Macro Strategy Bob Savage highlights extreme dislocation in Oil markets, with North Sea Forties Blend near $147/bbl and Dated Brent far above futures as Iran’s control of the Strait of Hormuz cuts flows to 8% of normal.

The Pound Sterling (GBP) trades higher against its major currency peers, except other European currencies, edging up to near 1.3444 against the US Dollar (USD) during the European trading session on Friday.

TD Securities’ Global Strategy Team highlights that United States (US) Consumer Price Index (CPI) is the key event, with core inflation expected to rise 0.27% m/m and headline CPI to jump 0.90% m/m as higher Oil prices feed through.

India FX Reserves, USD increased to $697.12B in March 30 from previous $688.06B

The US Dollar (USD) remains steady, relatively close to the key 160.00 level against the Japanese Yen (JPY) on Friday, as the fragility of the ceasefire in Iran has prompted investors to cut down US dollar shorts.

ING’s Francesco Pesole highlights that markets now price only 6bp for a European Central Bank (ECB) hike on 30 April, while around 55bp remains priced by year-end.