- Japan's economy minister says the Q1 GDP data suggests continued economic recovery
- China state planner promises to boost consumption potential, manufacturing investments
- Fund manager survey: more than half have "a structural de-rating view for China equities"
- "BoJ will probably revise its YCC policy at the upcoming June meeting."
- AUD/USD has dribbled a few tics lower after the wages data
- China new house prices for April +0.4% m/m
- Australian Q1 wages data +0.8% q/q (expected 0.9%)
- PBOC sets USD/ CNY central rate at 6.9748 (vs. estimate at 6.9750)
- Singapore April NODX +2.7% m/m (vs. -3.1% expected)
- Trade ideas thread - Wednesday, 17 May 2023
- ANZ forecasts the RBNZ to raise the cash rate to 5.75% in July
- USD/JPY barely changed on much better than expected Q1 GDP data from Japan
- Japan Q1 GDP +0.4% q/q (vs. expected +0.1%)
- US' Blinken says won't rule out designating Russia a state sponsor of terrorism
- Cryptocurrency trading should be regulated as gambling say UK MPs
- Fed's Goolsbee says there's still some potential for a soft landing
- Japan PM Kishida is seeking Chip firms active investment in Japan, Japan companies
- ICYMI - International Energy Agency raised its global demand outlook - China strong
- Deutsche Bank are still expecting a US recession to begin in Q4 this year
- Goldman Sachs on debt ceiling deal - nope
- MUFG on the weaker data from China weighing on AUD
- Private oil survey data shows headline crude oil build vs. draw expected
- BlackRock expects that the U.S. debt limit showdown will spark renewed volatility in mkts
- Forexlive Americas FX news wrap : US dollar makes gains on strong data
- McCarthy says still very apart on debt ceiling talks, but deal possible by end of the week
Preliminary GDP data for Japan in the January – March quarter was released today, coming in well above expectations at +0.4% q/q (versus the +0.1% that was the median consensus).
While this is a solid expectation beat its still not overly quick growth, but it’s the first positive for 3 quarters. USD/JPY hasn’t done much in response. Up a few points from earlier lows but still under its Tuesday (US time) high.
From Australia today we had wages data, which came in subdued. The Australian dollar dipped a little after the numbers but has since recovered and is net a little higher on the session.
NZD/USD rallied with another bank in New Zealand forecasting further rate hikes to come from the Reserve Bank of New Zealand, both this month and at the following meeting in July.
There was little news nor data of impact otherwise. China house price growth, April data, came in positive on a m/m basis but the number of cities showing rises fell in comparison to March.
We had comments out of the participants in US debt ceiling negotiations. There is still no resolution in sight based on the remarks, which were mixed. US President Biden is heading off to the G7 summit in Japan that begins on Friday. He had intended visits to Papua New Guinea and Australia following this but cancelled these plans to head back to Washington for more debt talks.
The offshore yuan traded at around 7.01 vs the US dollar, heading above the psychological big round number level of 7 for the first time since December 28.
Asian equity markets:
Japan’s Nikkei 225 +0.66%
China’s Shanghai Composite -0.17%
Hong Kong’s Hang Seng -0.24%
South Korea’s KOSPI +0.6%
Australia’s S&P/ASX 200 -0.5%
USD/CNH:
