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| Intra-day Market Moving News |
| 12 May 2026 |
12:34 |
GBP/USD - 1.3525... LSEG reported Prime Minister Keir Starmer defied calls to resign on Tuesday, telling ministers he would get on with governing despite a "destabilising" 48 hours of growing calls to set out a timetable for his departure after a drubbing in local elections.
At a meeting of his cabinet, Starmer, in the top job for less than two years, repeated that, while he took responsibility for one of his Labour Party's worst election defeats, there had been no official move to trigger a leadership contest. Several loyal ministers expressed their support for him.
It was the latest pledge from Starmer to press on with a premiership dogged by scandal and policy U-turns since he won a large majority at a national election in 2024, and leaves the leader and Labour rebels in something of a stalemate.
Support in the wider Labour Party has also started to ebb away. Jess Phillips, a well-known Labour lawmaker and women's rights campaigner, became the second junior minister to resign on Tuesday, joining more than 80 lawmakers who have publicly called on Starmer to set a timetable for leaving office.
All eyes were on a clutch of senior party figures, such as health minister Wes Streeting who has made little secret of his ambition to become prime minister one day, to see whether they would move to challenge Starmer directly.
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| 12 May 2026 |
07:21 |
Continues from previous update...
Starmer had sought to shore up his position on Monday when he promised in a speech to act more boldly and with more urgency to tackle Britain's many problems.
But almost immediately his lawmakers started to publicly call for him to quit or signal that he would go, pushing borrowing costs higher.
Starmer had said the country would never forgive the centre-left Labour Party if it embarked on a leadership challenge, just two years after its huge parliamentary majority was supposed to bring an end to the political chaos that had gripped the country since Britain voted to leave the European Union 10 years ago.
Starmer is Britain's fourth prime minister in five years. The move against him comes a day before King Charles is due to set out the government's legislative agenda in a parliamentary ceremony of pomp and splendour on Wednesday.
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| 12 May 2026 |
07:20 |
GBP/USD - 1.3538... LSEG reported Britain's Keir Starmer was consulting colleagues about whether he can stay on as prime minister on Tuesday ahead of a crunch cabinet meeting that comes after ministerial aides quit and almost 80 lawmakers publicly called for him to go.
Starmer, in the top job for less than two years, had vowed on Monday to stay the course after large swathes of his parliamentary party turned on him following one of the worst defeats for Labour in last week's local elections.
British media reports said several cabinet ministers, including interior minister Shabana Mahmood and foreign minister Yvette Cooper, have told Starmer he needs to set out a date at which he will step down.
Almost 80 lawmakers, from different ideological wings of the party, have called for Starmer to set out a timetable for his departure, to trigger a leadership competition.
Senior minister Darren Jones told Times Radio on Tuesday that Starmer was listening to colleagues and it was up to him to make a decision.
"He's listening to colleagues, and he's talking to colleagues. I can't get ahead of any decision he may or may not take," Jones said.
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| 12 May 2026 |
00:16 |
USD/JPY - 157.27... LSEG reported some Bank of Japan policymakers in April saw the need to raise interest rates soon, with one signalling the chance of accelerating the pace of hikes if inflationary risks heightened, a summary of opinions at last month's meeting showed on Tuesday.
"It is quite possible the BOJ will raise interest rates from the next meeting onward, even if the future course of the Middle East conflict remains unclear," one board member was quoted as saying in the summary.
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| 11 May 2026 |
23:59 |
USD/MAJORS... LSEG reported the U.S. government on Monday announced sanctions against three people and nine companies, including four based in Hong Kong and four in the United Arab Emirates, for aiding Iran's shipment of oil to China. The ninth company is based in Oman.
The U.S. Treasury move follows sanctions announced on Friday on individuals and companies aiding Iranian purchases of weapons and components used to make drones and ballistic missiles.
It comes days before U.S. President Donald Trump's planned meeting with Xi Jinping, where he is expected to press the Chinese leader to help resolve the standoff with Iran and reopen the critical Strait of Hormuz.
Treasury said the new designations by the Office of Foreign Assets Control (OFAC) were aimed at individuals and entities that helped Iran's Islamic Revolutionary Guard Corps sell and ship its allotment of Iranian oil to China using a series of front companies.
Treasury Secretary Scott Bessent said the Trump administration would keep using sanctions to deprive the Iranian government and military of funding for weapons, its nuclear program or support for proxies in the region.
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| 11 May 2026 |
23:56 |
USD/JPY - 157.23... LSEG news, Bank of Japan April meeting summary of opinions states :
- one member said policy rate is still some way from neutral, so BoJ must continue to raise rates at intervals of a few months
- one member said in case where upside risks to prices increase, BoJ must accelerate pace of rate hikes without hesitation
- one member said if tension over situation in Middle East becomes prolonged, there will be a need to raise policy interest rate to neutral at an earlier timing
- one member said while Middle East situation remains uncertain, all scenarios point to further upside risks to prices
- one member said supply-side constraints, if they materialize, will exert extremely strong upward pressure on prices
- cabinet office rep said expects BoJ to closely cooperate with government in accordance with joint statement, in conducting monetary policy
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| 11 May 2026 |
23:51 |
USD/JPY - 157.23... LSEG news, Bank of Japan April meeting summary of opinions states :
- one member said given real interest rates are at significantly low levels, appropriate for BoJ to continue raising policy rate
- one member said BoJ may need to address risk of prices deviating upward
- one member said it is difficult to foresee the impact of the situation in the Middle East, and the bank needs to adopt a wait-and-see approach at this meeting
- one member said at this juncture, a policy interest rate hike that prioritizes the containment of inflation is highly likely to have adverse effects on economic developments
- one member said it is quite possible BoJ will raise rates from next meeting onward even if future course of Middle East situation remains unclear
- one member said while there is no need to take hasty action at this point, BoJ should raise rates soon barring evident signs of economic slowdown
- one member said Japan's real policy interest rate is by far at the lowest level globally, BoJ must continue to adjust the negative real interest rate in preparation for the second-round effects of price rise
- one member said in conducting monetary policy, BoJ must keep risk of inflation significantly deviating upward from materilizing
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| 11 May 2026 |
10:00 |
GBP/USD - 1.3596... LSEG reported British Prime Minister Keir Starmer on Monday said he would fight in any leadership contest if a Labour lawmaker challenged him, saying he wouldn't walk away from the problems that the country faces.
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| 10 May 2026 |
21:19 |
USD/MAJORS... LSEG news, Iranian state media says :
- U.S. proposal amounted to Iran surrendering to Trump's excessive demands
- Iran's proposal stressed the need for the United States to pay compensation for war damages and emphasized Iran's sovereignty over the Strait of Hormuz
- Iran has rejected the U.S. plan, which should have meant Tehran's submission to Trump's excessive demands
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| 10 May 2026 |
20:31 |
Continues from previous update...
Pakistan, which has been mediating talks over the war, forwarded the Iranian response to the U.S., a Pakistani official said. There was no immediate U.S. comment.
Despite a month-old ceasefire in the conflict and after some 48 hours of relative calm, hostile drones were detected over several Gulf countries on Sunday, underlining the threat still facing the region.
Still, the QatarEnergy-operated carrier Al Kharaitiyat passed safely through the strait and was heading for Pakistan's Port Qasim, according to data from shipping analytics firm Kpler. It was the first Qatari vessel carrying liquefied natural gas to cross the strait since the U.S. and Israel started the war on February 28.
Sources said earlier the transfer, which offered a modicum of relief to Pakistan after a wave of power blackouts caused by a halt to gas imports, had been approved by Iran to build confidence with Pakistan and with Qatar, another mediator.
In addition, a Panama-flagged bulk carrier bound for Brazil that had previously attempted to transit the strait on May 4 passed through, using a route designated by Iran's armed forces, Tasnim reported on Sunday.
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| 10 May 2026 |
20:30 |
USD/MAJORS... LSEG then reported President Donald Trump on Sunday rejected Iran's response to a U.S. proposal for peace talks to end the war, as two ships were allowed to pass through the blockaded Strait of Hormuz.
"I have just read the response from Iran's so-called "Representatives." I don't like it - TOTALLY UNACCEPTABLE," Trump posted on Truth Social, without giving further detail.
Iranian state media said the response focused on ending the war on all fronts, especially Lebanon, and on the safety of shipping through the strait, Iranian state TV said, without indicating how or when the vital waterway might reopen.
It followed a U.S. proposal to end fighting before starting talks on more contentious issues, including Iran's nuclear program.
Iran's semi-official Tasnim news agency said Tehran's proposal included an immediate end to the war on all fronts, a halt to the U.S. naval blockade, guarantees of no further attacks on Iran and the lifting of sanctions on Iran, including a U.S. ban on Iranian oil sales.
The Wall Street Journal quoted unnamed sources saying Iran proposed diluting some of its highly enriched uranium and transferring the remainder to a third country.
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| 10 May 2026 |
20:14 |
USD/MAJORS... LSEG news, U.S. President Trump says :
- I have just read the response from Iran's so-called "representatives." I don't like it - totally unacceptable
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| 8 May 2026 |
12:32 |
USD/CAD - 1.3678... LSEG reported Canada's economy lost a net 17,700 jobs in April, entirely in full-time work, and the unemployment rate rose to 6.9%, Statistics Canada said on Friday.
Employment in the goods producing sector fell by a net 26,800 jobs, largely in construction. The services sector was up by a net 9,100 positions, led by business, building and other support services, as well as health care and social assistance.
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| 8 May 2026 |
12:30 |
USD/MAJORS... LSEG news, U.S. April nonfarm payrolls +115,000 (consensus +62,000) versus March +185,000 (previous +178,000), February +156,000 (previous -133,000).
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| 6 May 2026 |
08:33 |
EUR/USD - 1.1744... LSEG reported euro zone inflation trends are moving away from the European Central Bank's baseline projection towards the adverse, raising the chance the bank may have to increase borrowing costs, ECB board member Piero Cipollone said on Wednesday.
"Overall, the current situation seems to be drifting away from our March baseline projections, which increases the likelihood that we may need to adjust our policy rates," Cipollone said in a speech in Milan.
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