- China is increasingly banning people from leaving the country - to weigh on the economy
- Russia is likely to resume buying foreign currency for its reserves as soon as this month
- China: Evidence of a truly robust 2023 recovery, economy fired on most cylinders in April
- Reminder - There is no CNY reference rate setting from the PBOC today, China holiday
- Australian consumer inflation expectations fall to their lowest since start of the year
- While China's April PMI was weak, there are positive signs for oil from holiday travel
- UK shop price inflation indicator down a touch in April, but food prices continue to surge
- South Korea inflation data for April, slowest y/y rise since February 2022
- Preview: RBA monetary policy meeting today. Here's an outlier call for a 25bp rate hike.
- RBNZ says not currently seeing widespread financial distress amongst households, business
- US job cuts - chatter that Morgan Stanley planning to lay off 3,000
- US CBO also nominates June for US debt ceiling drop dead - Biden calls McCarthy
- IBM says it could replace up to 7,800 jobs with AI - is pausing hiring
- Forexlive Americas FX news wrap 1 May:ISM manufacturing price data sends yields/USD higher
- ANZ say any AUD pop on the RBA decision today is likely to be short-lived
- US President Biden set to nominate Jefferson as Fed vice chair, Kugler as a governor
- Yellen says debt-limit measures may run out by June 1
Mainland China remained on holiday today while Hong Kong and Singapore markets reopened after their holiday Monday break. China will be out for much of the week. Japan will be out from Wednesday for the rest of this week.
Major FX markets traded in subdued ranges for the session here. Yen crosses remained firm, the BOJ decision to stay very accommodative continued to impact.
Locally we await the Reserve Bank of Australia policy decision. The consensus is for no change to the current, 3.6%, level of the cash rate, though this is certainly not unanimous. Bloomberg’s survey of analysts showed around two thirds were expecting on hold. Globally we await the Federal Open Market Committee (FOMC) policy decision where a +25bp Fed Funds rate hike is the consensus expected.
News and data flow here in the region was very light indeed. Late in the US day brought US Treasury Secretary Yellen saying she expects the drop dead date for the US debt limit to be June 1.
ps. UK and European markets reopen today after much of the region was closed for the May Day holiday on Monday.
EUR/JPY hourly:
