- UK Chancellor of the Exchequer Sunak to be grilled in parliament over inflation Monday
- President Biden to order domestic production of solar panels, other clean energy projects
- Weekend oil news - Libya's largest oil field restarted production
- There was a 40% drop in travel over China's Dragon Boat Festival long weekend
- China Caixin / Markit Services PMI (May) 41.4 (expected 47.3)
- Australian Job Ads +0.4% m/m in May
- PBOC sets USD/ CNY reference rate for today at 6.6691 (vs. estimate at 6.6723)
- Australian monthly inflation gauge comes in at +1.1% m/m (prior -0.1%)
- Hong Kong's PMI for May hits its highest since March 2011
- ICYMI - White House postpones Biden trip to Saudi Arabia
- China is back from holiday today, Monday 6 June 2022. Media sounding an upbeat note.
- RBA monetary policy meeting Tuesday, 7 June 2022 - preview
- UK politics - UK PM Johnson looks likely to face a challenge
- 8 missiles fired in South Korea
- Reminder - New Zealand markets are closed Monday, 6 June 2022 for a holiday
- Japan's PM Kishida is likely to want continued BOJ easing even after Kuroda's term ends
- China coronavirus - Beijing to further ease back on restrictions
- EU to fund new LNG capacity from recovery funds
- Weekend comments from the US Commerce Department: Biden says to remove some China tariffs
- Trade ideas thread - Monday, 6 June 2022
- World's largest independent crude oil trader says US could allow more Iranian oil
- Saudi Arabia raises oil prices more than expected
- The US will allow two companies to ship Venezuelan oil to Europe
- Monday morning open levels - indicative forex prices - 06 June 2022
- Newsquawk Week Ahead Preview: Highlights include US CPI, China CPI, ECB, RBA
- Austria released parts of its strategic oil reserve on Saturday - citing refinery incident
- Forexlive Americas FX news wrap: US adds another 390,000 jobs
Major FX rates stayed in fairly small ranges throughout the session here to open the new week. In addition to the small ranges there is very little net change across the majors. With the UK returning from a four-day holiday the session ahead should be much busier.
Oil was more active. The major news item over the weekend was Saudi Arabia hiking oil prices to Asia to near a record high. There were price rises for other regions also, but not to the US. Oil opened strongly in US Sunday evening futures trade but did pullback somewhat.
Bitcoin added on some $$$ over the weekend, back above US$30K. As I post its moved quickly higher to pierce US$31K.
News and data flow was non-impactful otherwise. China’s private survey services and composite PMIs came in deep in contraction (for the May month). From Australia we had privately survey inflation data, the monthly Melbourne I nstitute data. Headline and core (trimmed mean) both surged. The Reserve Bank of Australia meet tomorrow, Tuesday, 7 June 2022, if they are paying attention to inflation they could be swayed to a hike larger than the 25bp that is the consensus expectation.
Oil (CL):
