Reports filtering in that Iran launched missiles at US Navy ships.The good vibes are continuing to deteriorate. Reports out of the Middle East are that Iran attacked US missile destroyers after the US attacked Iranian tankers.

A very light economic and event calendar in Asia today, Friday, May 8, 2026.A couple of lower tier items due from Japan is about it. Asia markets will likely be contyent to await the US jobs data.

South Korea: Modest tightening prospects – DBS.South Korea: Modest tightening prospects – DBS

Thailand: Cost-push spike, steady BoT rate – UOB.Thailand: Cost-push spike, steady BoT rate – UOB

Trump: Agreed to give Von Der Leyen until July 4 to fulfill trade agreement.Recall, on May 1, 2026, President Trump announced he was raising tariffs on cars and trucks from the European Union to 25%, claiming the bloc had failed to fully comply with a trade agreement negotiated with the US.

Bank of Mexico cuts interest rate in split vote, ending easing cycle.The Bank of Mexico cut its benchmark interest rate ​in a split decision on Thursday and said it ‌was ending an over two-year-long easing cycle as it balances concerns over above-target inflation with pressure to revive Mexico's slowing economy.

Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Moves Away From Session Lows As Traders Wait For Iran's Response.Oil traders stay focused on the recent U.S. proposal to end the war in the Middle East.

PHP: Hawkish BSP outlook and off-cycle hike – Standard Chartered.PHP: Hawkish BSP outlook and off-cycle hike – Standard Chartered

DXY rebounds as Iran hope trade unwinds: Is the safe-haven bid back?.DXY rebounds as Iran hope trade unwinds: Is the safe-haven bid back?

US official: Preparation to resume Operation Freedom to reopen the Strait are incorrect.Al Jazeera is saying a US official told them that reports about preparation to resume Operation Freedom to reopen the Strait of Hormuz are incorrect

IDR: FX curbs and bond support to steady currency – DBS.IDR: FX curbs and bond support to steady currency – DBS

Crude Oil claws back as Hormuz blockade outlasts deal hopes.Crude Oil claws back as Hormuz blockade outlasts deal hopes

Fed's Daly says committed to 2% inflation goal, Bloomberg News reports.San Francisco Federal Reserve President Mary ​Daly on Thursday ‌said she was committed to returning inflation to the ​Fed's 2% target, ​adding that there's no indication ⁠yet that the ​surge in energy prices ​is driving medium- or longer-term inflation expectations higher, Bloomberg News ​reported.

Fed's Daly: We have to work on price stability without overreacting.Fed's Daly: We have to work on price stability without overreacting

Japanese Yen Forecast: USD/JPY Rebounds From Support - Intervention Risk Looms.USD/JPY is rebounding after a sharp decline, with price holding just above a key support zone that could define the near-term outlook. The move comes as traders weigh the growing risk of Japanese intervention, with officials increasingly sensitive to currency weakness at these levels.

NY Fed Survey of Consumers: Households see higher inflation next year.NY Fed Survey of Consumers: Households see higher inflation next year

ECB's Schnabel sees rising inflation risk from Iran war.The risk of higher inflation in the euro zone has risen as companies and households react ​to surging oil prices and supply snags, European Central Bank ‌board member Isabel Schnabel said on Thursday, hinting at possible increases in interest rates.

NFP Preview: No Sign of Turmoil in the Jobs Market?.Traders and economists expect the NFP report to show that the US created 65K net new jobs, with average hourly earnings rising 0.3% m/m (3.8% y/y) and the U3 unemployment rate at 4.3%.

Iran can outlast Trump's Hormuz blockade for months.As the markets await response from Iran regarding the US 14 point proposal, the Washington host is reporting that US intelligence in a report says that Iran can outlast Trump's Hormuz blockade for months (90 – 120 days and possibly longer) Iran still retains much of its missile and drone arsenal despite sustained US and Israel strikes. Finally the report says that despite the blockade causing severe economic damage, that Tehran has enough resilience and workarounds such as oil stockpiles and alternative smuggling routes, to avoid immediate collapse.

United States 4-Week Bill Auction increased to 3.61% from previous 3.6%.United States 4-Week Bill Auction increased to 3.61% from previous 3.6%

Fed's Hammack: Fed should be neutral in policy stance.Fed's Hammack: Fed should be neutral in policy stance

USD/JPY muted as easing Middle East tensions weigh on US Dollar.USD/JPY muted as easing Middle East tensions weigh on US Dollar

Natural Gas News: Bullish Inventory Miss Puts Focus on Key $2.749 Market Level.Natural gas futures struggle after a bullish EIA inventory miss as traders watch the key $2.749 pivot for the market's next move.

Germany: Recovery risks rise after Middle East conflict – Commerzbank.Germany: Recovery risks rise after Middle East conflict – Commerzbank

Canada: Sector risks under USMCA review – NBC.Canada: Sector risks under USMCA review – NBC

Crude Oil on path to $90 as the peace trade continues – WTI Technical analysis.WTI Oil Update: Oil prices collapse as WTI plunges 19% toward $90, fueled by reports of an imminent US-Iran peace deal. With "Project Freedom" paused and traders pricing in a potential reopening of the Strait of Hormuz, explore our in-depth technical analysis for Crudew Oil

United States EIA Natural Gas Storage Change below forecasts (72B) in May 1: Actual (63B).United States EIA Natural Gas Storage Change below forecasts (72B) in May 1: Actual (63B)

Crude Oil Price Analysis – Oil Drifts Lower on Peace Hopes.Crude oil drops again on hopes of Middle Eastern peace, as traders continue to try to price in the idea of an end to the war.

Crude Oil –07.05.2026.  Crude Oil managed to hit a drop as traders await updates on a potential US-Iran peace deal that would reopen oil flows through the Strait of Hormuz. As we see over the chart, the market is facing a chance for a trading zone between support 84.20-85.20 and resistance 96.90.

USD/JPY –07.05.2026.  USDJPY managed to hit a fast drop after the Bank of Japan threatened to intervene in the market to back up the currency. As we see from the chart, prices managed to test the trend support around 155.60 which could lead to a trading zone towards the resistance at 157.50-70.