BNY’s Bob Savage notes that India is considering cutting taxes on foreign investors’ bond income to attract inflows and support the Indian Rupee (INR), which has fallen over 6% against the US Dollar (USD) in 2026.

TD Securities’ Senior Commodity Strategist Ryan McKay argues the recent easing in the Oil market is temporary, warning that Brent could still reach $150/bbl or higher if supply risks materialize.

USD/JPY trades around 157.95 on Thursday at the time of writing, up modestly by 0.05% on the day, as the pair remains close to its highest level in two weeks.

Retail Sales in the United States (US) rose by 0.5% on a monthly basis in April to $757.1 billion, the US Census Bureau reported on Thursday. This reading followed the 1.6% increase (revised from 1.7%) recorded in March and 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 211K for the week ending May 9.

DBS Bank’s Philip Wee reviews recent FX volatility through the Pound, noting that GBP has been more resilient than EUR and CHF since Operation Epic Fury, helped by the UK’s lower exposure to the energy shock and higher policy rates.

Rabobank’s FX Strategy team notes that NOK/SEK has gained around 11% year-to-date as the Norwegian central bank turned more hawkish while the Riksbank stayed on hold. They highlight sticky inflation and Norway’s energy-exporter status as supportive for the Norwegian Krone.

EUR/GBP trades choppy on Thursday, with the British Pound (GBP) modestly outperforming the Euro (EUR) on the back of resilient UK economic data, while traders also assess growing political noise in the United Kingdom.

UOB’s Senior Economist Alvin Liew revises its Federal Reserve (Fed) outlook following hotter United States (US) inflation data.

BNY’s Geoff Yu highlights that the Japanese Yen (JPY) remains significantly undervalued on a Real Effective Exchange Rate (REER) basis even as Euro (EUR) and US Dollar (USD) valuations have converged.

NZD/USD falls to around 0.5920 on Thursday at the time of writing, down 0.28% on the day, as the New Zealand Dollar (NZD) remains under pressure against a stronger US Dollar (USd).

Societe Generale strategists note that USD/BRL has extended its broader downtrend after breaking a recent consolidation, with an interim low near 4.88 and a sharp rebound.

TD Securities strategists turn less bearish on the US Dollar (USD) in the near term as the Federal Reserve (Fed) stays on hold and US data, equities and positioning support a range-bound Dollar.

President of the Federal Reserve (Fed) Bank of Kansas City, Jeffrey Schmid, said on Thursday that continued inflation is the most pressing risk to the economy.

MUFG’s Lee Hardman explains that the Pound (GBP) is softer despite stronger-than-expected United Kingdom (UK) Gross Domestic Product (GDP), as markets anticipate slower growth later in the year due to the energy price shock.

Silver (XAG/USD) trades lower on Thursday, falling 3.20% to around $84.70 at the time of writing as investors take profits after the metal’s recent rally.

GBP/USD trades under pressure on Thursday, weighed down by a stronger US Dollar (USD) and rising political uncertainty in the United Kingdom (UK). At the time of writing, the pair is trading around 1.3482, down nearly 0.30% and remaining on the back foot for a third consecutive day.

UOB’s Senior Economist Alvin Liew notes that United States (US) inflation pressures have broadened beyond energy, with April Consumer Price Index (CPI) and Producer Price Index (PPI) both reaccelerating and core measures drifting further above the Federal Reserve’s 2% target.

Gold (XAU/USD) trades under modest pressure on Thursday as the US Dollar (USD) extends its advance amid uncertainty surrounding US-Iran negotiations and a hawkish Federal Reserve (Fed) outlook.

The AUD/USD pair weakens toward the 0.7220 region on Thursday as the United States (US) Dollar (USD) strengthens after April Retail Sales held up in the United States (US).