Market note: Russia again struck the Odesa region, targeting food and industrial warehouses.

President Trump said he did not know whether the UK had the capability to take action in the Falkland Islands.

JP Morgan says Asian currencies are diverging. It expects the Bank of Japan to hike 3-4 times over the next 12 months, lifting the policy rate to around 2% and likely prioritizing exchange-rate stability; USD/JPY is expected to remain near 160. JP Morgan is cautious on the Indian rupee, citing persistent capital outflow pressure as the main drag. The Australian dollar may continue to benefit from favorable terms of trade and a sound fiscal backdrop. JP Morgan adds Asian FX is shifting from a regional-wide trend to a divergence driven by external balances, the AI investment cycle, policy credibility and capital flows.