- More on Saudi Arabia to raise oil production if Russian output falls under sanctions
- Japan authorities suggest a boost to the minimum wage
- BOJ's Adachi says its too soon to be tightening monetary policy
- Australian Trade Balance for April: +10,495mn (expected +9000mn, prior +9,314mn)
- Australia says will take action to ensure reliability, affordability for domestic energy
- PBOC sets USD/ CNY mid-rate at 6.7095 (vs. estimate at 6.7079)
- JP Morgan analyst bullish equities (contradicts the boss)
- FT report Saudis will pump more if Russian output falls - US/Saudi relations improving?
- Saudis say they'll pump more oil if Russian output falls - oil price falls
- Front page of China's People's Daily - reiterates that zero-covid is the correct policy
- "OPEC+ to stick to oil rise plan despite EU sanctions -sources"
- US authorities ready to implement a ban on imports from China's Xinjiang region this month
- China’s ambassador to Australia says trade sanctions on Australia will not be removed
- New Zealand export prices rose 7.8% q/q in Q1. Terms of trade +0.5% q/q,
- China orders state-owned banks to set up $120bn line of credit for infrastructure projects
- Forecast for a dip in AUD/USD then likely to 0.74 in Q3
- Société Générale says tail risk from Russia's war on Ukraine make EUR virtually unbuyable
- Oil - survey shows lower than expected headline crude inventory draw
- JPMorgan CEO Dimon says to 'brace yourself' for the coming hurricane
- ICYMI - Deutsche Bank is forecasting 50 bps interest rate rise from the ECB by September
- Trade ideas thread - Thursday, 2 June 2022
- Forexlive Americas FX news wrap: Bank of Canada hikes by 50 basis points
- US major indices close lower for the 2nd consecutive day
Oil was mover yet again during the session here (US evening trade for Wednesday). The price had dropped during the US session and continued to decline in early Asia. It was given another pouch lower when the Financial Times reported that Saudi Arabia is ready to pump more should Russian output decline substantially. See the bullets above for more on this.
New flow apart from this was barely noticeable, nothing of impact. Data flow was much the same.
We had a speaker from the Bank of Japan. Policy-maker Adachi offered nothing much different than we have been hearing lately from the Bank of Japan. Separately, Japan's chief cabinet secretary Matsuno said the government wants to raise the average minimum hourly wage to 1,000 yen (its currently just above 900 yen).
The People’s Bank of China set the USD/CNY reference rate more than 400 points away from yesterday’s (6.7095 today vs. 6.6651 on Wednesday, a devaluation of the CNY mid-rate on the day).
Major FX rates are little changed on the session. CAD has lost a few points with the lower oil price, but not much at all.
