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investingLive Asia-Pacific FX news wrap: Gulf escalation, yen jitters, & biggest IPO ever

The US proposed tariffs of at least 10% on imports from around 60 countries under a Section 301 forced-labour probe, with higher 12.5% levies targeting China, India, Japan and others.

Australia's Q1 GDP rose 0.3% q/q and 2.5% y/y, both below forecasts, as a surge in data centre and fuel imports wiped 0.8 percentage points from growth despite strong domestic demand.

China's services PMI rose to 54.4 in May from 52.6, the fastest expansion in three months, with new orders growing for a 41st straight month and employment returning to growth.

Data for Australian economic growth in the January - March quarter of 2026. GDP 0.3% q/q expected 0.5%, prior 0.8% GDP 2.5% y/y expected 2.7%, prior 2.6% Rising rates and war impacts will bite harder in Q2.

PBOC sets USD/ CNY mid-point today at 6.8184 (vs. estimate at 6.7673)

SpaceX plans to raise $75bn (Reuters cite an unnamed source) in its IPO by selling 555.6 million shares at $135 each, implying a $1.75 trillion valuation; the roadshow begins Thursday, a source told Reuters.