- Australian Q1 economic growth data - GDP - is due next week. Preview.
- More from Bank of Japan Governor Kuroda and Japan's PM Kishida
- China April industrial profits +3.5% YTD (prior 8.5%)
- Australian April retail sales +0.9% m/m (expected 1%)
- The People's Bank of China smashed the onshore yuan today at the mid rate setting
- The US planning on holding trade/economic talks with Taiwan
- European Central Bank's Lane to speak on Friday 27 May 2022
- Japan inflation: Tokyo CPI (May) headline 2.4% y/y (vs. expected 2.7%)
- 3 US senators want laws to ban China's digital yuan from Google, Apple app stores
- More on Chinese Premier Li Keqiang's unpublished comments on dire consequences for economy
- New Zealand data: ANZ Consumer Confidence Index for May 82.3 (prior 84.4)
- Goldman Sachs are looking for a sub 5% US inflation reading in the PCE data due Friday
- US media reports the US may announce another, new security aid package for Ukraine
- Barclays still likes CHF higher
- New Zealand Prime Minister Ardern will meet with US President Biden next week
- China - Russia - North Korea axis wins out in the United Nations
- US gasoline prices - Biden administration wants restarting of shuttered refineries
- Trade ideas thread - Friday 27 May 2022
- ICYMI - Russia's Novak expects oil output to shrink up to 8.4% this year
- US major indices higher. S&P and Nasdaq up 3 of the last 4 days. Dow up 4 straight
Check out the wrap from Europe on Thursday and the USD weakness:
Same again during US time:
And its not much different here in Asia today. Major FX continued to gain against the USD. There was no fresh news of impact to drive the move, it was a continuation.
On the data front we had reasonable retail sales (April) from Australia and dreadful industrial profits data from China (April), where they dropped 8.5% m/m (March was +12.2% m/m for comparison). The slump comes amidst widespread coronavirus restrictions, surging raw material input prices, and ongoing supply chain disruption all curbing economic activity. The -8.5% is the largest drop since the dark COVID days in China of March 2020.
Japan published Tokyo inflation data. Bank of Japan Governor Kuroda followed up the data by saying he expects core inflation to stick around 2% for the next 12 months or so unless there is a sharp fall in energy prices. Kuroda added he does not see inflation stably higher unless wages rise.
USD index slides further:
