In a post published on X on Friday, Iran's top negotiator Mohammad Baqer Qalibaf said they have no trust in guarantees or words, and added "only actions are the measures, no action will be taken before the other side acts."

DBS Group Research’s Philip Wee notes that Brent and WTI have fallen sharply, as markets anticipate abundant supply from the Gulf.

Brown Brothers Harriman’s Elias Haddad notes that resilient US growth and sticky PCE inflation keep the Dollar supported despite improved risk sentiment from progress on a US-Iran deal.

Canada's Gross Domestic Product (GDP) was unchanged on a quarterly basis in the first quarter of 2026 following the 0.2% contraction recorded in the last quarter of 2025, Statistics Canada reported on Friday.

United States Wholesale Inventories below expectations (0.6%) in April: Actual (0.5%)

United States Goods Trade Balance up to $-82.4B in April from previous $-88.7B

Canada Gross Domestic Product (MoM) registered at -0.1%, below expectations (0%) in March

Canada Gross Domestic Product Annualized came in at -0.1%, below expectations (1.5%) in 1Q

Canada Gross Domestic Product (QoQ): 0% (1Q) vs -0.2%

Gold (XAU/USD) extends its rebound on Friday as traders assess the prospects of a potential US-Iran deal. At the time of writing, XAU/USD trades around $4,530 after recovering from a two-month low of $4,366 touched on Thursday.

Brown Brothers Harriman reports that USD/JPY is trading directionless above 159.00 after Japan’s Ministry of Finance conducted record-sized FX intervention to cap the pair around 160.00.

Annual inflation in Germany, as measured by the change in the Consumer Price Index (CPI), softened to 2.6% in May's flash estimate from 2.9% in April. This print came in below the market expectation of 2.8%. On a monthly basis, the CPI declined 0.2% following the 0.6% increase recorded in April.

Germany Consumer Price Index (YoY) came in at 2.6%, below expectations (2.8%) in May

Germany Harmonized Index of Consumer Prices (YoY) came in at 2.7%, below expectations (2.8%) in May

Germany Harmonized Index of Consumer Prices (YoY) came in at 2.6%, below expectations (2.8%) in May

South Africa Trade Balance (in Rands) down to 15.16B in April from previous 31.87B

Germany Consumer Price Index (MoM) below expectations (0.1%) in May: Actual (-0.2%)

Germany Harmonized Index of Consumer Prices (YoY) came in at 2.7% below forecasts (2.8%) in May

Germany Harmonized Index of Consumer Prices (MoM) below expectations (0.2%) in May: Actual (-0.1%)

Brazil Gross Domestic Product (QoQ) above expectations (1%) in 1Q: Actual (1.1%)

Brazil Gross Domestic Product (YoY) meets forecasts (1.8%) in 1Q

Gold price (XAU/USD) is up 0.7% to near $4,530 during the European trading session on Friday. The precious metal extends its Thursday’s recovery move, as Oil prices decline due to renewed hopes of a permanent peace deal between the United States (US) and Iran.

India M3 Money Supply unchanged at 12% in May 11

The NZD/USD pair trades 0.55% higher to near 0.5967 during the European trading session on Friday and is up 2% so far this week.

The Euro (EUR) holds moderate losses against the US Dollar (USD) on Friday, with price action trapped within the last two weeks’ trading range, below 1.1660.

India Bank Loan Growth up to 16.2% in May 4 from previous 16%

India FX Reserves, USD fell from previous $688.89B to $681.38B in May 18

Brown Brothers Harriman highlights that the New Zealand Dollar (NZD) is outperforming, with NZD/USD approaching the 0.6000 resistance as New Zealand business sentiment improves and RBNZ Assistant Governor Silk signals all options, including a 50 bps hike, are on the table for July.

Kansas City Federal Reserve (Fed) Bank President Jeffrey Schmid said during the European trading session on Friday that elevated energy prices are diminishing households’ purchasing power.

Crude prices trend lower for the third day in a row on Friday, with the US benchmark West Texas Intermediate (WTI) barrel trading around $86.50 at the time of writing after hitting one-month lows a few pips below $86.00. WTI Oil is on track for a nearly 15% decline over the last two weeks.