United States 4-Week Bill Auction up to 4.3% from previous 4.28%

The lack of integrated capital markets in the EU is holding back innovation and productivity growth. Despite a renewed push by the European Commission, significant operational barriers to CMU persist. Factors such as incomplete banking union and political disagreements create further headwinds.

Beth Hammack, the President of the Federal Reserve Bank of Cleveland, struck a hawkish tone in remarks on Thursday, stressing the need to keep inflation in check. She warned that tariff impacts are only beginning to show in the economy and may intensify next year.

United States EIA Natural Gas Storage Change below expectations (22B) in August 15: Actual (13B)

Eurozone Consumer Confidence came in at -15.5, below expectations (-14.9) in August

United States Existing Home Sales (MoM) registered at 4.01M above expectations (3.92M) in July

United States Existing Home Sales Change (MoM) increased to 2% in July from previous -2.7%

United States S&P Global Manufacturing PMI came in at 53.3, above forecasts (49.5) in August

United States S&P Global Composite PMI: 55.4 (August) vs 55.1

United States S&P Global Services PMI above forecasts (54.2) in August: Actual (55.4)

Russia Central Bank Reserves $ rose from previous $686.4B to $686.5B

According to a report from the US Department of Labour (DOL) released on Thursday, the number of US citizens submitting new applications for unemployment insurance rose to 235K for the week ending August 16.

Canada Employment Insurance Beneficiaries Change (MoM) up to 3.4% in June from previous -0.3%

Canada Raw Material Price Index registered at 0.3% above expectations (-0.5%) in July

Canada Industrial Product Price (MoM) registered at 0.7% above expectations (0.3%) in July

United States Continuing Jobless Claims above expectations (1.96M) in August 8: Actual (1.972M)

United States Philadelphia Fed Manufacturing Survey came in at -0.3, below expectations (7) in August

United States Initial Jobless Claims came in at 235K, above forecasts (225K) in August 15

United States Initial Jobless Claims 4-week average up to 226.25K in August 15 from previous 221.75K

Mexico Retail Sales (YoY) came in at 2.5% below forecasts (2.9%) in June

Mexico Retail Sales (MoM) below expectations (0%) in June: Actual (-0.4%)

Atlanta Federal Reserve (Fed) President Raphael Bostic said on Thursday that the Fed policy has been positioned to return inflation to the 2% target, per Reuters.

The UK PMIs also surprised to the upside relative to our and consensus expectations. The composite PMI output index rose by 1.6pts to 53.0. The rise was squarely concentrated in the services sector, however.

Federal Reserve Bank of Kansas City President Jeff Schmid said on Thursday that the last mile of inflation will be "pretty hard," per Reuters.

Going into Fed Chair Jerome Powell’s speech at Jackson Hole today, the USD is caught between the Fed’s caution and the White House’s push for lower interest rates. The July 30 FOMC Minutes showed most Fed officials viewing the tariff passthrough into inflation as the bigger risk than weak jobs.

US Dollar (USD) is likely to trade in a range of 7.1760/7.1890. In the longer run, USD is expected to trade in a range of 7.1730/7.2000, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Q2 GDP data showed a remarkable resilience, with exports holding up despite tariff war … but recent activity data confirm domestic imbalances, and weakening growth momentum.

As expected, the Riksbank left its policy rate unchanged at 2% on Wednesday. At the same time, it signaled the possibility of a further interest rate cut this year, which would be 'in line with the June forecast', Commerzbank's FX analyst Antje Praefcke notes.

Price action remains soft, and the risk is still tilted to the downside; the major support is probably out of reach for now. In the longer run, GBP is now neutral; it is likely to trade in a range between 1.3415 and 1.3585, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

It's been a good month for Chinese assets. The benchmark CSI 300 is +5.9% this month in dollar terms.