The commodity currencies such as Australia, the New Zealand and the Canadian dollars weakened against their major currencies in the Asian session on Thursday, as traders remain cautious amid continued uncertainty surrounding U.S. President Donald Trump's trade policies, despite reaching trade deals between the U.S. and China as well as the U.S. and the U.K.

First quarterly GDP estimates and foreign trade from the UK and flash GDP and employment from the euro area are the major reports due on Thursday. At 2.00 am ET, the Office for National Statistics publishes UK GDP, industrial output and foreign trade figures. The economy is expected to remain flat on month in March after expanding 0.5 percent in February.

The Indian rupee weakened against the U.S. dollar in the Asian session on Wednesday.

The U.S. dollar extended its early weakness against other major currencies in the Asian session on Wednesday, as inflation slowed more than expected in April, raising hopes of further easing by the Federal Reserve.

Final inflation from Germany and Spain are due on Wednesday, headlining a light day for the European economic news. At 2.00 am ET, Destatis is scheduled to issue Germany's final consumer prices for April. Consumer price inflation is seen easing to 2.1 percent from 2.2 percent in March. In the meantime, final consumer prices from Sweden and industrial production from Romania are due.

Confidence among the U.S. small businesses fell for the fourth straight month in April as firms turned more cautious in the face of significant uncertainty caused by the Trump administration's trade tariff policy, survey data from the National Federation of Independent Business showed on Tuesday.

Consumer prices in the U.S. rose by slightly less than expected in the month of April, according to a report released by the Labor Department on Tuesday. The Labor Department said its consumer price index inched up by 0.2 percent in April after edging down by 0.1 percent in March. Economists had expected consumer prices to rise by 0.3 percent.

The UK unemployment rate edged up and wage growth softened in the first quarter ahead of the rise in payroll taxes, official data revealed on Tuesday. The unemployment rate rose to 4.5 percent in the three months to March, in line with expectations, from 4.4 percent in the three months to February, the Office for National Statistics reported.

German investor confidence rebounded in May as the formation of new government as well as the progress in the tariff disputes strengthened expectations, a survey published by the think tank ZEW showed on Tuesday. The ZEW Indicator of Economic Sentiment climbed sharply by 39.2 points to 25.2 in May. However, the assessment about the current economic situation remained deep in the negative terri

The antipodean currencies such as the Australia and the New Zealand dollars strengthened against their major currencies in the Asian session on Tuesday, amid easing fears of a prolonged trade global war after news that the U.S. and China have agreed to drastically reduce the massive tariffs on each other's goods by 115 percent while retaining an additional 10 percent tariff.

Australia business confidence improved in April, while conditions deteriorated due to weaker profitability, survey results from NAB showed on Tuesday. The business confidence index rose to -1 in April from -3 in March but remained negative. Confidence by industry was mixed, with a significant increase in confidence in manufacturing and smaller increases in wholesale, construction, and finance.

Labor market statistics from the UK and economic sentiment from Germany are the top economic news due on Tuesday. At 2.00 am ET, the Office for National Statistics is scheduled to issue UK unemployment and wage data for the first quarter. The jobless rate is forecast to rise to 4.5 percent from 4.4 percent in the preceding period.

European stocks closed on a firm note on Monday, with the German market hitting a new record high, and the French market climbing to a six-week high, as the mood remained quite bullish across the region as the U.S. and China agreed on a trade deal over the weekend.

It was another positive week for the greenback as easing trade tensions and hopes of a deal with China helped the U.S. Dollar build on gains made in the previous week.

Following closely watched meetings over the weekend in Geneva, Switzerland, the U.S. and China have announced an agreement to drastically reduce tariffs on each other's goods. The White House said the agreement calls for the U.S. and China to each lower tariffs by 115 percent while retaining an additional 10 percent tariff.

The U.S. dollar strengthened against other major currencies in the European session on Monday, after the U.S. and China struck a deal to suspend tariffs for 90 days and slash rates going forward, following negotiations in Switzerland over the weekend.

The Indian rupee strengthened against the U.S. dollar in the Asian session on Monday, as investors reacted to easing Indo-Pak tensions and positive indications coming from China-U.S. trade talks.

The antipodean currencies such as the Australian and New Zealand dollars strengthened against their major currencies in the Asian session on Monday, amid optimism about a potential U.S.-China trade deal after U.S. Treasury Secretary Scott Bessent confirmed that a trade deal has been struck with China following the weekend talks in Switzerland, with no more details offered. Meanwhile, the safe-haven Japanese yen weakened against its major counterparts in the Asian trading on optimism over a US-China trade deal.

UK recruitment activity remained weak at the start of the second quarter as demand for staff deteriorated amid the rise in the salary inflation due to the increases in the national minimum and living wage rates, a report compiled by S&P Global showed Monday. Permanent staff appointments declined further amid reports of weak employer confidence and tighter hiring budgets.

China's exports grew more than expected in April despite the sharp contraction in shipments to the United States following the trade tariff hikes, while imports decreased at a meager pace, official data revealed on Friday. Exports advanced 8.1 percent on a yearly basis in April, customs data showed. While the growth rate slowed from 12.4 percent in March.

The New Zealand dollar weakened against other major currencies in the Asian session on Friday, as China's most recent trade figures indicated a slowing down of outside demand.

The Commerce Department released a report on Thursday showing wholesale inventories in U.S. increased by slightly less than expected in the month of March. The report said wholesale inventories rose by 0.4 percent in March after climbing by an upwardly revised 0.5 percent in February.

The Labor Department released a report on Thursday showing a pullback by U.S. labor productivity in the first quarter of 2025 along with a sharp increase by unit labor costs. The report said labor productivity fell by 0.8 percent in the first quarter after jumping by an upwardly revised 1.7 percent in the fourth quarter of 2024.

First-time claims for U.S. unemployment benefits saw a modest decline in the week ended May 3rd, according to a report released by the Labor Department on Thursday. The report said initial jobless claims dipped to 228,000, a decrease of 13,000 from the previous week's unrevised level of 241,000. Economists had expected jobless claims to slip to 230,000.

The Bank of England reduced its interest rate by a quarter-point on Thursday, as policymakers judged that higher trade tariffs warrant such action amid slowing inflation. In a three-way split, the Monetary Policy Committee, governed by Andrew Bailey, lowered the bank rate to 4.25 percent. This was the fourth such reduction since last August.