The Australian inflation data and Chinese profit data are the highlights, and all there is of relevance to major FX.
0130 GMT Australia inflation data – Q1 2022 CPI. We only get official Australian inflation data once a quarter, so this data is a focus. Its even more of a focus today due to the RBA looking to time its 'lift off' interest rate hike. June (meeting is the 7th) is the consensus. Expectations for a May (meeting is the 3rd) hike might very well rise if today's CPI results show greater than expected (we'll soon find out). There is an Australian federal election due on May 21 and while the RBA does not let politics interfere with its independence (yeah, right) it is perceived that a hike during the campaigning is a complication for a May rate hike.
Headline
• expected 1.7% q/q, prior 1.3%
For the y/y,
• expected 4.6%, prior 3.5%
Core inflation:
Trimmed mean (this is the main measure the RBA will be looking at)
• expected 1.2% q/q, prior 1.0%
• expected 3.4% y/y, prior 2.6% (the RBA target band is 2 to 3%, "on average, over time" (quote from the RBA).
Weighted median
• expected 1.1% q/q, prior 0.9%
• expected 3.3% y/y, prior was 2.7%
0130 GMT China Industrial Profits for March
prior 4.2% y/y and 5.0% YTD y/y