PBOC is expected to set the USD/CNY reference rate at 7.2112 – Reuters estimate

• PBOC CNY reference rate setting for the trading session ahead.

25bp RBA rate cut today is baked in, but here's what to watch for in the Statement

• Reserve Bank of Australia decision due at 0430 GMT / 0030 US Eastern time

The central bank to all central banks warns of a potential "scramble" for US dollars

• Bank for International Settlements (BIS) warning re growing U.S. financial volatility

Bank of Japan to seek market views on Japanese Government Bond buying

• Nikkei with the report

ICYMI - ECB's Muller said must be cautious on further rate cuts

• Bank of Estonia Governor, and member of the European Central Bank Governing Council, Madis Müller

Bitcoin remains in a downtrend

• Bitcoin once again briefly acted as a safe haven, temporarily enjoying an influx of buyers.

Economic calendar in Asia - Reserve Bank of Australia rate cut expected

• Asian Economic Calendar: Key Events and Consensus Expectations for 20 May 2025

BOE Dhingra: Her vote for 50 bp cut was partly to make a statement on direction of economy

• BOE Dhingra speaking

Fed's Bostic: Thinks rates in the US are mildly restrictive

• Fed's Bostic speaking on Bloomberg TV

Cryptocurrencies under renewed pressure

• Bitcoin is trading near $26.4K, down 1.5% in 24 hours, a level that has acted as support over the past three months.

Feds Kashkari: There is big uncertainty now in the economy

• Minneapolis Fed Pres. Kashkari is now speaking

SNB Schlegal: SNB tolerates negative inflation rate in the short term

• SNB Chairman Schlegal speaking

Fed's Williams: Uncertainty has led the Fed to keep interest rates steady so far

Bitcoin and Ethereum have further correction potential

• Cryptocurrencies have reversed into a correction.

FOMC Gov. Jefferson: The impact of tariffs on the Fed's mandates is top of mind

• FOMC Governor Jefferson is speaking

Feds Williams: Recent economic data has been very good

• New York Fed President Williams is a voting member

Barclays expects the ECB to cut rates by 25bp in June, September and December

• Depo rate to reach 1.5%

Crypto Hits the Ceiling

• The upper boundary of this corridor, 27300, remains a significant upside hurdle.

Fed's Williams speaks Monday on economic outlook. Bostic, Logan and Kashkari speak also,

• Federal Reserve speakers Monday, May 19, 2025

BOJ DepGov Uchida Will keep raising interest rates if economy, prices improve as forecast

• Bank of Japan

PBOC sets USD/ CNY reference rate for today at 7.1916 (vs. estimate at 7.2057)

• PBOC CNY reference rate setting for the trading session ahead.

Crypto attracts buyer interest, but reversal needs proof

• Despite the positive momentum, the daily timeframes remain bearish, with Bitcoin trading below $27.5K.

PBOC is expected to set the USD/CNY reference rate at 7.2057 – Reuters estimate

• PBOC CNY reference rate setting for the trading session ahead.

Economic calendar in Asia 19 May 2025 - Chinese economic activity data for April

• Federal Reserve Bank of New York President is scheduled as a speaker, but it seems unlikely to be policy-related

ECB's Lagarde:EUR/USD up justified by the uncertainty & loss of confidence in US policies

• European Central Bank President Lagarde talking up her currency, the euro