Chicago Fed President Goolsbee: The Fed must rely on data and focus on credit conditions.

Fitch: India has sufficient foreign exchange reserves to deal with external financial fluctuations.

USGS: A 5.1-magnitude earthquake struck 63 kilometers north of Coronga, Tonga.

European Central Bank Chief Economist Lane: Food and core inflation still have momentum.

Occidental Petroleum fell 2.1 percent after Buffett said Berkshire Hathaway had no plans to buy the company.

European Central Bank Chief Economist Lane: Inflation still has a lot of momentum.

Institute of International Finance: Inflows into emerging market equities and bonds were $2.1 billion and $7.7 billion in April, respectively.

Institute of International Finance: Portfolio inflows to emerging markets were $9.8 billion in April.

Iraqi Ministry of Oil: Iraq has resumed exporting crude oil from the Kayala oil field with a production capacity of 33,000 barrels per day.

Spot silver fell by US$0.1 in the short term and is now at US$25.53 per ounce.

Spot gold fell by nearly US$5 in the short term and is now at US$2018.37 per ounce.

Sterling remains the best-performing G10 currency in 2023 and the best-performing currency in Q2 so far. Economists at MUFG do not expect the BoE meeting to weigh on the pound. The UK economy continues to show resilience, with improving terms of trade brought on by energy prices being a key positive development for the pound. Bank of England Chief Economist Peel has spoken of a "positive demand shock". We do not expect the BoE to disrupt the current positive performance of GBP. EUR/GBP could break lower.

The U.S. 10-year Treasury yield rose 2% on the day to 3.515%.

On May 8, local time, UN Secretary-General Guterres will go to Spain after passing through Doha, Qatar and Africa, and meet with Spanish Prime Minister Sanchez.

United Overseas Bank: The Fed’s interest rate hike cycle has been completed. It is expected to suspend interest rate hikes for the rest of 2023, but it is not expected to cut interest rates this year, that is, the federal funds rate (upper limit) will remain at 5.25% this year.