- Japan services PPI up again in February - higher labour costs will encourage the BOJ
- Bank of England Governor Bailey is speaking Monday 27 March 2023
- IMF MD Georgieva warned of risks to financial stability, but actions so far calmed markets
- Morgan Stanley "turn neutral" on USD/JPY awaiting clarity
- China January - February Industrial profits -22.9% y/y (vs. prior -4.0%)
- PBOC sets USD/ CNY reference rate for today at 6.8714 (vs. estimate at 6.8703)
- FX option expiries for Monday, 27 March 2023 at the 10am New York cut
- Japan PPI services for February +1.8% (expected +1.7%, prior +1.6%)
- ANZ CEO says banking crisis has the potential to become a financial crisis
- MUFG looking for USD/JPY to 127 - 128 soon
- North Korea has fired another ballistic missile
- ECB Vice President de Guindos: banking sector ... “a period of very high uncertainty”
- Swedish central bank head flags another rate hike in April, inflation "worse than thought"
- Russia could extend restrictions on fertiliser exports for six months, until November
- ICYMI: JP Morgan says market getting it wrong on Deutsche Bank
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- ECB's Schnabel says that while headline inflation has begun falling, core is sticky
- Fed's Kashkari says bank stress could bring the US closer to recession via a credit crunch
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- Week Ahead March 27-31st: Highlights include US PCE, China PMIs, EZ CPI, Aus CPI
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- Putin announces Russia will station nuclear weapons in Belarus
- Reminder - Europe and the UK switch to daylight saving time this weekend
- Yellen financial stability meeting says system remains sound and resilient
- US stocks closed higher for the day and for the week
It was a fairly subdued day for major FX. Small gaps shown in very early trade were soon covered and subsequent ranges were not large
USD/JPY was the most notable, trading to above 131.00 from early in the session lows circa 130.50. We had February Services PPI data from Japan, for February, which rose above the January pace. The Bank of Japan noted in the release that wage gains seem to be broadening, albeit only gradually.
The other data of note were the profits at industrial firms for January – February (note that combined January and February data are published for most Chinese economic indicators to flatten out distortions from the shifting timing of the Lunar New Year) in China plunged. Revenues dropped, and elevated costs weighed on margins.
Thee were a few central banker comments over the weekend; Kashkari from the Federal Reserve, and the ECB’s Schnabel and de Guindos. See bullets above.
Asian equity markets:
Japan’s Nikkei 225 +0.31%
China’s Shanghai Composite -0.96%
Hong Kong’s Hang Seng -1.62%
South Korea’s KOSPI -0.35%
Australia’s S&P/ASX 200 +0.18%
Bank of England Governor Bailey is speaking Monday UK time: