The latest Market Talks covering FX and Fixed Income. Published exclusively on Dow Jones Newswires throughout the day.

0319 GMT - Singapore's strong 1H economic performance prompts OCBC to upgrade its 2026 GDP growth forecast to 4.3% from around 3.5%. Leading indicators such as PMIs suggest that the artificial intelligence-related manufacturing boom still has legs to run in the near term, says chief economist Selena Ling in a report. Although 2026 growth may be weaker than the 5.0% growth seen in 2025, Ling notes that the 1H print shows Singapore's economic resilience and agility amid the Middle East tensions and volatile energy prices. "This does not imply that there will not be further geopolitical, tariff or economic surprises in [2H], but from a policy perspective, Singapore is relatively well-positioned," Ling says. (amanda.lee@wsj.com)

0317 GMT - S&P Global Ratings' affirmation of its investment-grade rating and stable outlook on Indonesia seems to be a relief for investors, says Macquarie Capital's Ari Jahja in a note. S&P believes that the recent deterioration in fiscal and external metrics is temporary, driven by factors including higher oil prices and rupiah weakness. The credit ratings firm's decision contrasts with a more cautious tone from its peers Moody's Ratings and Fitch Ratings, which have cut their outlook on Indonesia to negative from stable. S&P's decision implies confidence that Indonesia's current fiscal and external pressures are cyclical and manageable rather than signs of structural weakening.(amanda.lee@wsj.com)

0303 GMT - Inflation risks in India are likely to skew higher on rising energy prices and weaker monsoon conditions, Eastspring Investments says in a note. The Reserve Bank of India is likely to raise its policy rate by 25 bps later this quarter or in 4Q, it adds. Eastspring reckons the Indian equities market would only be able to perform strongly if companies stop lowering their earnings projections and the rupee stabilizes. Still, Eastspring continues to see some select opportunities in high-growth sectors in India, particularly given the country's low correlation with global equities. (megan.cheah@wsj.com)

0254 GMT - The resumption of hostilities between the U.S. and Iran increases the need for selective investment in Asian assets, says Eastspring Investments in a note. Renewed tensions are likely to lead to higher oil prices and risks of rising U.S. inflation and policy rates, which could flow into Asian currencies and interest rates, Eastspring says. While underlying growth in parts of Asia remains relatively robust, the monetary policy environment is shifting to tighter financial conditions in markets with soft currencies, Eastspring says. It recommends a selective, research-driven approach to Asian assets with a focus on resilience to higher rates and oil prices.(megan.cheah@wsj.com)

0250 GMT - The rupiah strengthens slightly against the dollar, aided by S&P Global Ratings' affirmation of Indonesia's 'BBB' long-term and 'A-2' short-term sovereign credit ratings on Monday. The credit ratings company cited factors including the Indonesian government's efforts to centralize management and reduce leakages in the resources and mineral sectors. "The outlook on the long-term rating is stable," S&P Global Ratings said. This is "mildly supportive for the IDR, as it removes an immediate sovereign downgrade risk and signals that recent fiscal and external strains are temporary and manageable," two strategists at OCBC Group Research say in a report. The dollar is 0.1% lower at 18,075 rupiah, LSEG data show. (ronnie.harui@wsj.com)

0227 GMT - The Singapore dollar consolidates against its U.S. counterpart but may be weighed by rising Middle East tensions. "President Trump has announced that the U.S. will reinstate a blockade of Iranian vessels transiting the Strait of Hormuz, while also demanding a 20% reimbursement fee on all other cargo passing through," DBS Group Research's Chang Wei Liang says in a commentary. "We maintain our view that oil prices will be volatile and structurally elevated," the foreign-exchange and credit strategist says. Oil-sensitive Asian currencies could come under pressure today due to the sharp rise in energy prices, the strategist adds. The U.S. dollar is little changed at 1.2941 Singapore dollars, according to LSEG data. (ronnie.harui@wsj.com)

0205 GMT - Bitcoin rises in early Asian trading ahead of U.S. CPI data. Investors are keeping an eye on any new information on monetary policy and geopolitical developments, says Ameera Khalid, founder of financial markets education and trading platform Skoub. Rising regional tensions, persistent inflationary pressures, or a more hawkish stance from Fed members may add further selling pressure on cryptocurrencies. Bitcoin is up 0.5% to $62,464.82.(amanda.lee@wsj.com)

0119 GMT - The dollar seems to be in a "decent" uptrend against the yen from Monday's low, based on the one-hour chart, StoneX's Matt Simpson says in commentary. The dollar-yen pair has been testing weekly "R1" pivot point while staying above its daily, weekly and monthly volume-weighted average prices, the senior market analyst notes. However, traders should note that July's volume point of control for the dollar is at 162.69 yen, which aligns with last week's high and could offer resistance, Simpson says. "It could then come down to the U.S. inflation report [due out later today] to determine whether we see a meaningful breakout or a deeper pullback," the analyst adds. The dollar is 0.1% lower at 162.32 yen, LSEG data show. (ronnie.harui@wsj.com)

0108 GMT - The latest communication from the Reserve Bank of New Zealand is clearly hawkish, particularly given it was delivered by one of the most dovish members of its Monetary Policy Committee, says Andrew Boak, chief economist at Goldman Sachs. RBNZ chief economist Paul Conway said in a speech, "Monetary policy may need to respond more firmly to re-anchor inflation expectations." Boak continues to expect the RBNZ to raise the official cash rate by a further 25 basis points to 2.75% in September, and says the speech highlights the risk of additional near-term rate hikes. (james.glynn@wsj.com; X @JamesGlynnWSJ)

0038 GMT - Asian currencies consolidate against the dollar in early trade, but may be weighed by risk-off sentiment. "Renewed concerns about energy supply disruption in the Strait of Hormuz" has weighed on risk sentiment, CBA's Carol Kong says in a research report. "The flare-up of military confrontation between the U.S. and Iran risks pulling AUD/USD down to support at 0.6847," the economist and currency strategist says. The Australian dollar is little changed at US$0.6918, while the U.S. dollar is flat at 162.41 yen and is steady at 33.50 baht, LSEG data show. (ronnie.harui@wsj.com)

0024 GMT - JGBs are mixed in early Tokyo trade, but may be weighed by overnight price declines in U.S. Treasurys. Both JGBs and Treasurys tend to move in tandem. Meanwhile, investors may focus on today's auction by Japan's Finance Ministry of about 700 billion yen of 20-year JGBs. "The recent drop in yields makes broad-based investor demand seem unlikely," SMBC Nikko Securities' Miki Den says in a research report. However, "short-cover demand should provide a certain degree of support," the senior Japan rates strategist adds. The 10-year JGB yield is up 1 bp at 2.795%; the 20-year yield is unchanged at 3.745%; the 30-year yield is down 1.5 bps at 3.890%. (ronnie.harui@wsj.com)

0014 GMT - Japanese stocks are lower in early trade, tracking Wall Street's losses overnight. There have been developments such as the "intensification of {two-way) kinetic action by Iran and the U.S. on Sunday and Monday," which have made for a "very poor start of the week for risk assets," NAB's head of FX Strategy Ray Attrill says in commentary. Among the worst performers on Japan's benchmark index, Yaskawa Electric slips 8.8%, Fujikura drops 6.4%, and Kokusai Electric drops 6.4%. The dollar is at 162.39 yen versus 162.30 yen around Monday's Tokyo market close. The Nikkei Stock Average is down 1.4% at 66287.24. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

July 13, 2026 23:19 ET (03:19 GMT)

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