DBS Group Research economist Chua Han Teng highlights that Thailand’s financial markets, particularly the Thai Baht (THB) and equities, are under pressure due to vulnerability to Middle East conflict-related commodity shocks.

UOB’s Global Economics & Markets Research, via Julia Goh and Loke Siew Ting, notes that the central bank of the Philippines, Bangko Sentral ng Pilipinas (BSP) kept the RRP (Reverse Repurchase Rate) rate at 4.25% in an off-cycle meeting as supply-driven inflation and Middle East risks intensify.

Silver (XAG/USD) price turns positive on Friday after posting back-to-back bearish sessions, as heightened tensions in the Middle East decreased the white metal’s safe-haven appeal, prompting traders to turn to the US Dollar (USD).

Commerzbank economists Dr. Henry Hao and Volkmar Baur say China’s industrial profits surged early in 2026, led by AI-related electronics, but this strength predates the recent energy shock.

United Kingdom CFTC GBP NC Net Positions climbed from previous £-65.5K to £-58.4K

Japan CFTC JPY NC Net Positions: ¥-62.8K vs ¥-67.8K

United States CFTC Gold NC Net Positions climbed from previous $159.9K to $168.3K

United States CFTC S&P 500 NC Net Positions climbed from previous $-113.1K to $-80.9K

United States CFTC Oil NC Net Positions rose from previous 218.7K to 233.6K

Eurozone CFTC EUR NC Net Positions declined to €9.3K from previous €21.1K

Australia CFTC AUD NC Net Positions rose from previous $69.1K to $70.9K

DBS Group Research expects Indonesia’s March CPI inflation to stay firm at 4% year-on-year, slightly below February’s 4.8%, but with a faster monthly pace. Analysts highlight the impact of higher energy prices and festive demand, as well as base effects.

Gold (XAU/USD) price rallies over 3% on Friday as dip buyers emerge, amid the conflict entering its fifth week of hostilities, with no signs of de-escalation, and as inflation pressures rise. At the time of writing, XAU/USD trades at $4,510 after bouncing off daily lows of $4,375.

Societe Generale’s Kunal Kundu analyses how the Iran conflict exposes India’s macro vulnerabilities through imported energy dependence and trade route risks. Kundu highlights broad spillovers from higher Oil and gas prices into the consumption basket and external balances.

The Australian Dollar (AUD) edges lower against the US Dollar (USD) on Friday, with AUD/USD extending losses for a fourth straight day as the Greenback remains broadly supported amid ongoing geopolitical tensions in the Middle East.

DBS Group Research sees South Korea’s March exports remaining in double-digit growth, supported by strong AI and data centre demand, higher memory prices and supply shortages, leading to a wider trade surplus despite rising import costs.

The Dow Jones Industrial Average (DJIA) tumbled on Friday, shedding roughly 510 points or 1.1% to fall below 45,500 and officially enter correction territory.

NZD/USD falls for the fourth consecutive day and trades around 0.5750 on Friday, down 0.17% at the time of writing, pressured by renewed risk aversion and the resilience of the US Dollar (USD).

ING’s Deepali Bhargava warns that higher Oil prices and supply disruptions are worsening growth, inflation and external balances in the Philippines.

United States Baker Hughes US Oil Rig Count down to 409 from previous 414

Standard Chartered’s Dan Pan and Erwin He note that Banxico’s surprise 25 bps cut and guidance for another easing step have increased downside risks for the Mexican Peso (MXN). They highlight crowded MXN long positioning and a narrower carry advantage versus other EM high-yielders.

The British Pound (GBP) holds firm during the North American session on Friday, clings above the 1.3300 figure, yet seems poised to finish the week with 0.20% losses against the US Dollar (USD).

West Texas Intermediate (WTI) US Oil rises sharply and trades around $96.00 at the time of writing on Friday, up 3.55% on the day.

Gold (XAU/USD) edges higher on Friday, rebounding after falling nearly 2.75% the previous day, as evolving geopolitical headlines around the US-Israel war with Iran continue to drive volatility across global markets. At the time of writing, XAU/USD is trading around $4,527, up over 3.00% on the day.

Federal Reserve (Fed) Richmond President Thomas Barkin said on Friday that it is prudent to keep interest rates steady for now, as policymakers await greater clarity on the economic outlook.

EUR/USD edges higher on Friday after early weakness, as the US Dollar (USD) pulls back from intraday highs, offering some support to the Euro (EUR). At the time of writing, the pair trades around 1.1545, recovering from a daily low at 1.1501.

ING notes that ECB officials have offered little resistance to hawkish market pricing as Oil rises, reinforcing front-end EUR rate expectations.

Thu Lan Nguyen at Commerzbank has revised Gold forecasts higher, now seeing USD 5,000 per ounce by end-2026 and USD 5,200 next year, despite a recent 15% drop.

Royal Bank of Canada (RBC) economists Claire Fan and Abbey Xu expect Canadian GDP to be essentially flat in January after December’s 0.2% gain, with weakness concentrated in autos and housing but offset by energy and retail.

Silver (XAG/USD) trades around $68.50 on Friday at the time of writing, up 0.59% on the day, supported by renewed investor interest. Despite this uptick, the white metal remains within a broadly sideways trend, as market participants stay cautious amid an uncertain macroeconomic environment.