A report released by the Federal Reserve Bank of Philadelphia on Thursday showed regional manufacturing activity unexpectedly weakened in the month of May. The Philly Fed said its diffusion index for current general activity plummeted to a negative 0.4 in May from a positive 26.7 in April, with a negative reading indicating contraction.

New residential construction in the U.S. pulled back sharply in April but still came in well above economist estimates, according to a report released by the Commerce Department on Thursday. The Commerce Department said housing starts slumped by 2.8 percent to an annual rate of 1.465 million in April after soaring by 12 percent to an upwardly revised rate of 1.507 million in March.

The Labor Department released a report on Thursday showing first time-claims for U.S. unemployment benefits unexpectedly edged lower in the week ended May 16th. The report said initial jobless claims dipped to 209,000, a decrease of 3,000 from the previous week's revised level of 212,000. Economists had expected jobless claims to inch up to 213,000.

The European Commission downgraded its growth outlook for the euro area economy citing the unprecedented disruption to global energy markets due to the conflict in the Middle East. In the Spring Economic Forecast, the commission said the currency bloc is set to grow 0.9 percent this year, slower than the 1.2 percent projected earlier. The forecast for next year was trimmed to 1.2 percent from 1.

The euro area private sector registered a renewed contraction in April as the war in the Middle East took its toll on business activity, flash survey data from S&P Global showed Thursday. The flash composite output index logged 47.5 in May, down from 48.8 in the previous month. The score was expected to remain stable at 48.8.

The New Zealand dollar strengthened against other major currencies in the Asian session on Thursday, as Asian stock markets traded higher amid renewed optimism about a potential peace deal between the U.S. and Iran after U.S. President Trump said the U.S. was in the final stages of negotiations with Iran. Tumbling crude oil prices on hopes of the reopening of the Strait of Hormuz also eased global inflationary pressures.

While the Federal Reserve's decision to once again leave interest rates unchanged last month was widely anticipated, the vote on the decision and the accompanying statement was unusually divided. The minutes of the Fed's April 28-29, released Wednesday afternoon, provided some additional details about officials' mixed views about the outlook for rates.

U.K. consumer price inflation eased more than expected in April reflecting the fall in energy bills due to the price cap but the slowdown is expected to be temporary given the spike in oil prices amid the ongoing war in the Middle East. Consumer price inflation slowed to 2.8 percent in April from 3.3 percent in March, the Office for National Statistics said Wednesday.

Bank Indonesia raised its benchmark interest rates by a larger-than-expected half percentage points on Wednesday, as it struggles to stabilize the rupiah exchange rate amid geopolitical tensions. The board of governors, governed by Perry Warjiyo, decided to hike the BI rate by 50 basis points to 5.25 percent.

The New Zealand dollar weakened against other major currencies in the Asian session on Wednesday amid increased risk aversion by the inversion, as surging crude oil prices led to a sustained acceleration in the pace of inflation and continued to drive global bond yields higher, increasing the possibility of an interest rate hike in the coming months to combat inflation.

Consumer and producer prices reports from the UK are due on Wednesday, headlining a light day for the European economic news. At 2.00 am ET, the Office for National Statistics releases UK consumer and producer prices for April. Consumer price inflation is forecast to ease to 3.0 percent in April from 3.3 percent in March.

The National Association of Realtors released a report on Tuesday showing pending home sales in the U.S. jumped by more than expected in the month of April. NAR said its pending home sales index shot up by 1.4 percent to 74.8 in April after surging by 1.7 percent to an upwardly revised 73.8 in March. Economists had expected pending home sales to increase by 0.9 percent.

After reporting a notable deterioration in U.S. homebuilder confidence in the previous month, the National Association of Home Builders released a report on Monday showing an unexpected improvement in homebuilder confidence in the month of May. The report said the NAHB/Wells Fargo Housing Market Index climbed to 37 in May after slumping to a seven-month low of 34 in April.

The U.S. Dollar rebounded and rallied emphatically against major currencies during the week ended May 15 as the Middle East conflict drifted farther from a diplomatic resolution bolstering safe haven demand for the U.S. dollar. The greenback was also lifted by the war-led and fuel-driven inflation spike that threatened to goad the Federal Reserve towards a hawkish monetary policy stance.

China's industrial production and retail sales logged weaker-than-expected growth in April, and investment shrunk signaling an economic slowdown in the second quarter as the ongoing Middle East conflict strain supply chains and push energy prices higher, official data revealed Monday. Industrial production rose 4.1 percent year-on-year in April, the National Bureau of Statistics reported.

The antipodean currencies such as Australia, the New Zealand and the Canadian dollars weakened against their major currencies in the Asian session on Monday, as Asian stock markets traded lower, as traders remain concerned about surging crude oil prices and rising global bond yields. They also remain concerned if the fragile U.S.-Iran truce would hold while the U.S and Iran continue talks to end the war in the Middle East even as both factions rejected each other's latest peace proposals.

Thailand's economy grew more than expected in the first quarter, underpinned by resilient domestic demand and strong exports, while regional peers reported weaker growth due to the impact of the war in the Middle East. Gross domestic product logged an annual growth of 2.8 percent in the first quarter, the National Economic and Social Development Council said Monday.

The Federal Reserve released a report on Friday showing industrial production in the U.S. rebounded by much more than anticipated in the month of April. The report said industrial production climbed by 0.7 percent in April after falling by a revised 0.3 percent in March. Economists had expected industrial production to rise by 0.3 percent.

New York manufacturing activity grew strongly in the month of May, the Federal Reserve Bank of New York said in a report released on Friday. The New York Fed said its general business conditions index shot up to 19.6 in May from 11.0 in April, with a positive reading indicating growth. The increase surprised economists, who had expected the index to pull back to 7.8.

The British pound weakened against other major currencies in the European session on Friday, as investors weighed a potential leadership challenge to Prime Minister Keir Starmer from Greater Manchester Mayor Andy Burnham, as well as concerns over inflation risks.

The Indian rupee weakened against the U.S. dollar in the European session on Friday, due to growing worries about India's foreign exchange reserves and the center's intention to raise import duties on gold and silver.

Malaysia's economy expanded at a faster than estimated pace in the first quarter, underpinned by household spending and investment, data from the Department of Statistics showed Friday. Gross domestic product logged an annual growth of 5.4 percent, which was revised up from the initial estimate of 5.3 percent. This followed a revised 6.2 percent expansion in the fourth quarter of 2025.

The antipodean currencies such as the Australia and the New Zealand dollars weakened against their major currencies in the Asian session on Friday as Asian stock markets traded lower, amid concerns over the re-escalation of the Middle East conflict after ship attacks and seizures near the Strait of Hormuz.

Partly reflecting a jump in wholesale inventories, the Commerce Department released a report on Thursday showing U.S. business inventories increased by slightly more than expected in the month of March. The report said business inventories climbed by 0.9 percent in March after rising by 0.4 percent in February. Economists had expected business inventories to grow by 0.8 percent.

The Labor Department released a report on Thursday showing a substantial increase in import prices in the U.S. in the month of April. The report said import prices shot up by 1.9 percent in April after climbing by an upwardly revised 0.9 percent in March. Economists had expected import prices to jump by 1.0 percent.