- "Memorial Day Jet Fuel Demand Outshines Gasoline"
- China's Foreign Ministry says the US should stop supporting Taiwan's independence forces
- Australian Retail Sales for April 2024 +0.1% m/m (expected +0.2%)
- China's Shanghai has announced property sector support measures
- PBOC sets USD/ CNY reference rate for today at 7.1101 (vs. estimate at 7.2403)
- Suzuki repeats its important currencies move in a stable manner reflecting fundamentals
- Japan's Finance Minister Suzuki says has ruled out a multi-year income tax cut
- Bank of Japan says services PPI has hit its fastest rate on increase since March 2015
- Japan PPI Services for April 2024: 2.8% y/y (expected 2.3%)
- BoE deputy gov Broadbent says critics of the Bank's inflation record are talking rubbish
- UK shop price inflation ‘back to normal’ BRC says
- Wells Fargo expect 25bp rate cut from the European Central Bank in June, then in September
- RBNZ implement new limits on lending - restricts high debt to income loans
- Bank of Japan conference continues today - more central bank speakers incoming
- JP Morgan is skeptical that US authorities will approve ETFs other than for BTC and ETH
- ICYMI - ECB Chief Economist Lane locks in a June rate cut (but what's to come later?)
- Trade ideas thread - Tuesday, 28 May, insightful charts, technical analysis, ideas
- Forexlive Americas FX news wrap: No USA, no problem as the mood stays bright
The US dollar fell, in limited ranges, pretty much across the majors board here in Asia trade today. EUR, NZD, GBP, CHF, CAD, AUD and yes, even the hapless JPY added on a few points. There was no clear fresh catalyst for the broad move.
The yen did benefit from data showing Japan’s wholesale service prices (Services PPI, also known as the Corporate Services Price Index (CSPI)) rose at the fastest rate since March 2015. If this flows through to consumer prices it supports the case for the Bank of Japan to raise interest rates. Also, Japan finance minister Suzuki offered up some regular verbal intervention to support the yen. I am sceptical that the sort of comments Suzuki makes again and again do, in fact, provide much support for the yen. But, it popped a little today so let’s give him the benefit of the doubt, and a participation trophy.
In rates, 10 yer Japanese Government Bond futures dropped to their lowest since 2014.
In other data today Australian retail sales, for April, were once again a disappointment. While they rose m/m from March they missed the consensus estimate. If there was a birght spot it was that non-food sales rose. Also from Australia today was the little-watched ANZ-Roy Morgan Australian weekly Consumer Confidence index. This fell 1.8pts back to its lowest level seen so far this year. Sentiment is very weak indeed, and the sub-measure for confidence in the 12-month outlook for the economy fell by 5.4pts, also to its lowest for the year.
NZD/USD hit a two month high as part of the US dollar weakness.
In China, Shanghai announced property sector support measures. Shanghai is China's largest city.
Still to come:
