- Bank of Korea expects lower inflation in Q2. Pours cold water on rate cut expectations.
- Australia is to suspend its WTO dispute against China on barley
- Japan media says Warren Buffett is considering boosting stakes in Japan stocks
- Australia March business confidence -1.0 (prior -4.0) & business conditions 16 (prior 17)
- China March CPI 0.7% y/y (vs. expected 1.0%)
- PBOC sets USD/ CNY reference rate for today at 6.8882 (vs. estimate at 6.8884)
- The Bank of Korea has held its key interest rate steady at 3.5% for 2nd straight meeting
- Australian Consumer Sentiment for April jumps 9.4% m/m (vs. expected +1.5%)
- North Korea not answering daily 'hotline' call from South Korea, fifth consecutive day
- Japan fin min Suzuki says Ueda explained he has no intention of changing joint statement
- Australian Treasurer warns that global conditions have become more complex and confronting
- New York Fed says oil price rise due to factors outside its model
- Deutsche Bank forecast higher Fed rate through to year end 2023
- UK data - BRC says like-for-like retail sales +4.9% y/y in March (expected +4.2%)
- FX option expiries for Tuesday 11 April 2023 at the 10am New York cut
- Blackrock says Fed may not need to hike rates in May, economy slowing
- ICYMI - Citigroup says oil likely to fall back under US$70 / barrel
- US President Biden has signed legislation that ends the Covid-19 pandemic emergency.
- Italy to cut 2024 economic growth view (2023 raised)
- UK politics update - late 2024 looks to be the date for the next general election
- Forexlive Americas FX news wrap 10 Apr. US dollar moves higher as markets adjust rate path
- More from Fed's Williams - says the US dollar remains the world's main reserve currency
- TSLA: Tesla will build a 2nd factory in Shanghai, making batteries for electricity grids
- Fed's Williams - important to understand that the dynamics of inflation are complicated
- Trade ideas thread - Tuesday, 11 April 2023
- US stock indices close little changed but well off session lows
The USD strength seen on Monday (US time, Europe was out for Easter) was retraced to varying degrees here during the Asia time zone. AUD, GBP, CAD, EUR, NZD all up on the session.
Fresh news was fairly light. The Australian dollar took a bit of extra support from the news that Australia and China had reached agreement over a trade issue. China is reviewing its effective trade bans on barley. This is a notable step towards easing of restrictions on A$20 bn worth of Australian products.
Japan’s Nikkei media reported Warren Buffett is considering adding to his investment in Japanese stocks.
On data, AUD also got a little support from steady business conditions and an improvement (albeit still net pessimistic) in business confidence reported from the National Australia Bank Business Survey for March.
Data from China for inflation in March showed CPI coming in well under expectations and below the February reading. Chinese authorities will not be held back by inflation pressures should they wish to boost stimulus into the economy.
Bitcoin climbed, heading above US$30,000 for the first time since June 2022.
The Bank of Korea held its benchmark interest rate at 3.5%, in line with expectations, and for the second meeting in a row.
While on central banks, the Hong Kong Monetary Authority (HK's central bank) bought 3.8 bln HKD at 7.8500 during New York time to defend the drooping HKD. This is the 2nd such intervention by the HKMA in April already.
Asian equity markets:
Japan’s Nikkei 225 +1.4%
China’s Shanghai Composite -0.11%
Hong Kong’s Hang Seng +0.86%
South Korea’s KOSPI +1.13%
Australia’s S&P/ASX 200 +1.4%
