The Bank of Korea raised its benchmark interest rate for the first time since 2023 on Thursday as inflation is projected to stay above 2 percent target for a considerable time. The Monetary Policy Board of the Bank of Korea unanimously decided to hike the base rate by 25 basis points to 2.75 percent.

A report released by the Federal Reserve Bank of New York on Wednesday showed regional manufacturing activity has picked up considerably in the month of July. The New York Fed said its general business conditions index jumped to 15.6 in July from 5.7 in June, with a positive reading indicating growth. Economists had expected the index to climb to 8.6.

The Bank of Canada on Wednesday announced its widely expected decision to once again leave interest rates unchanged. The Canadian central bank said it decided to hold its target for the overnight rate at 2.25 percent, with the Bank Rate at 2.50 percent and the deposit rate at 2.20 percent.

Producer prices in the U.S. decreased by more than expected in the month of June, according to a report released by the Labor Department on Wednesday. The Labor Department said its producer price index for final demand fell by 0.3 percent in June after climbing by a downwardly revised 0.6 percent in May.

The antipodean currencies such as the Australia and the New Zealand dollars strengthened against their major currencies in the European session on Wednesday, as the crude oil prices traded higher as the U.S and Iran escalated a standoff over control of the Strait of Hormuz, raising fears of prolonged disruptions to energy supplies.

Eurozone industrial output declined unexpectedly in May largely due to the fall in durable consumer goods production, official data revealed Wednesday. Industrial production slid 0.2 percent month-on-month, in contrast to the 0.3 percent rise in April. This was the first decline in four months and came in contrast to the 0.3 percent expected increase.

China's economy logged its weakest expansion since the final quarter of 2022 on declining investment and subdued domestic consumption, underscoring the need for stimulus measures to support growth. Gross domestic product posted an annual growth of 4.3 percent in the second quarter after rising 5.0 percent in the preceding period, the National Bureau of Statistics reported Wednesday.

Largely reflecting a sharp pullback in energy prices, the Labor Department released a report on Tuesday showing consumer prices in the U.S. decreased by much more than expected in the month of June. The Labor Department said its consumer price index fell by 0.4 percent in June after climbing by 0.5 percent in May. Economists had expected consumer prices to edge down by 0.1 percent.

China's exports growth accelerated sharply in June, driven by robust demand for hi-tech products, suggesting that foreign demand provided momentum to economic growth in the second quarter. Exports advanced 27.0 percent on a yearly basis after rising 19.4 percent expansion in May, the General Administration of Customs said Tuesday.

The commodity-linked currencies such as Australia, the New Zealand and the Canadian dollars strengthened against their major currencies in the Asian session on Tuesday, as the crude oil prices surged amid intense attacks between the U.S. and Iran over the weekend, renewing Middle East tensions, fueling global inflationary and the possibility of higher interest rates. In addition, contrasting claims by both nations over control of the Strait of Hormuz led to a decline in vessel traffic.

The U.S. Dollar recorded a mixed performance against major currencies during the week ended July 10 as uncertainty about the Federal Reserve's monetary policy trajectory as well as safe haven demand triggered by the reignited Middle East conflict swayed market sentiment.

The Canadian dollar strengthened against other major currencies in the Asian session on Monday, as the crude oil prices climbed after the military attacks between Iran and the United States over the weekend.

The yen strengthened against other major currencies in the Asian session on Friday, following news that Japan intends to encourage pension funds to enhance their holdings in local financial assets.

The antipodean currencies such as the Australia and the New Zealand dollars strengthened against their major currencies in the Asian session on Friday as Asian stock markets traded higher, boosted by the surge in semiconductor and AI stocks amid reports that the $28 billion SK Hynix IPO in the U.S. was heavily oversubscribed. Speculation that the escalation of hostilities between the U.S. and Iran will be limited is also aiding market sentiment.

Existing home sales in the U.S. unexpectedly pulled back sharply in the month of June, according to a report released by the National Association of Realtors on Thursday. NAR said existing home sales tumbled by 2.4 percent to an annual rate of 4.09 million in June after surging by 3.7 percent to an upwardly revised rate of 4.19 million in May.

The Labor Department released a report on Thursday unexpectedly showing a modest decrease in first-time claims for U.S. unemployment benefits in the week ended July 4th. The report said initial jobless claims edged down to 215,000, a decrease of 2,000 from the previous week's revised level of 217,000.

The Asian Development Bank downgraded its growth outlook for developing Asia and the Pacific citing higher energy costs, supply disruptions and tighter financial conditions following the Middle East conflict. In the July Asian Development Outlook, the ADB forecast developing Asia and the Pacific to grow 4.9 percent this year, which was slower than the 5.1 percent expansion estimated in April.

Germany's exports grew unexpectedly in May largely driven by the surge in shipments to the US, while overall imports dropped for the first time in four months, official data revealed Thursday. Exports rose 0.9 percent in May from the previous month, in contrast to the expected fall of 0.3 percent. Shipments had increased 0.8 percent in April.

China's consumer price inflation softened in June, while producer price inflation accelerated to the highest in nearly four years on elevated energy prices, official data showed Thursday. Consumer price inflation eased to 1.0 percent in June from 1.2 percent in May, the National Bureau of Statistics said. Prices were expected to rise 1.1 percent.

The Federal Reserve on Wednesday released the minutes of its June 16-17 monetary policy meeting, which marked Kevin Warsh's first meeting as head of the central bank. Amid considerable uncertainty surrounding the outlook for inflation, the minutes said participants discussed a range of scenarios for the evolution of the economy and for future monetary policy actions.

The Australian dollar strengthened against other major currencies in the Asian session on Wednesday, as the Reserve Bank of Australia (RBA) kept the door open for additional monetary policy tightening, if necessary, to bring inflation back to the central bank's target.

The Reserve Bank of New Zealand raised its benchmark interest rate for the first time in more than three years to bring inflation to target and hinted at further tightening. The Monetary Policy Committee, governed by Anna Breman, decided to lift the Official Cash Rate by 25 basis points to 2.50 percent. This was the first hike since May 2023.

A report released by the Commerce Department on Tuesday showed a substantial increase in the size of the U.S. trade deficit in the month of May. The Commerce Department said the trade deficit widened to $77.6 billion in May from a revised $54.6 billion in April. Economists had expected the trade deficit to surge to $78.7 billion from the $55.9 billion originally reported for the previous month.

Germany's industrial production grew more than expected in May despite geopolitical tensions and elevated energy prices, raising hopes of gradual economic recovery. Industrial output advanced 0.9 percent on a monthly basis, faster than the 0.2 percent rise in April. A similar faster growth was last seen in September. Output was expected to grow marginally by 0.1 percent.

UK house prices grew for the first time in four months in June, a survey by S&P Global conducted for the Lloyds Bank subsidiary Halifax showed Tuesday. House prices increased 0.2 percent a monthly basis in June, offsetting a 0.2 percent fall in May. This marks the first increase in four months and exceeded the forecast of a 0.1 percent rise.