- Swiss National Bank Chair Jordan speaks Friday. We also get Swiss jobs and inflation data.
- China Caixin / S&P Global Services PMI 56.4 vs. expected 57.3
- Australian data - housing finance in March solidly higher
- RBA Statement says further rate hikes may be required
- PBOC sets USD/ CNY reference rate for today at 6.9114 (vs. estimate at 6.9128)
- ICYMI - India and Russia have suspended efforts to settle bilateral trade in rupees
- ICYMI - Circa 1 bn bbl crude oil discovery onshore Turkey
- White House national security adviser Sullivan will travel to Saudi Arabia this weekend
- ICYMI - Russia Deputy PM Novak says will stick to pledge to cut oil output by 500,000 bpd
- Deutsche Bank on the hawkish hike from the ECB, say a 4%+ terminal rate is possible.
- FOMC rate hike - the key implications
- FX option expiries for Friday, 5 May 2023 at the 10am New York cut
- Barclays forecast Federal Open Market Committee (FOMC) on hold now for the rest of year
- Emergency loans by the Fed to US banks have dropped again (bit of a shell game this)
- Apple beats on earnings, beats on revenue, adds another USD90bn to buybacks
- Apple beats on top and bottom line. Shares are back above the 100 hour MA.
- Forexlive Americas FX news wrap: ECB hikes 25 bps; bank rout continues
- Major indices on three-day losing streak
- Trade ideas thread - Friday, 5 May 2023
It was a subdued session for news, data and ranges.
In summary major FX has strengthened just a touch against the USD within small ranges only.
On the data front we saw China’s services PMI for April came in strong but showing some signs that economic momentum is moderating. From Australia we had March housing finance bouncing back as price rises and recovery signs are seen in the sector.
In central bank news the Reserve Bank of Australia published its latest Statement on Monetary Policy (SoMP). Growth forecasts were downgraded. The bank left unchanged its forecast that inflation would return to the upper band of its target band in 2025. Confusingly, while the RBA cited its alertness to higher wage growth in its rate hike decision back on Tuesday its SoMP forecasts for wages were downgraded and said “expectations for wages growth in the next 12 months have moderated”.
AUD/USD is higher on the session, well above 0.6700.
