China will hold press conference on Wednesday on financial policy packageEU's Sefcovic: EU doesn't feel weak or under pressure to accept unfair deal with the USTaiwan central bank says will visit FX custodian banks to carry out inspectionsGermany's AfD backs new vote for chancellor on WednesdayEurozone March PPI -1.6% vs -1.6% m/m expectedGerman parliament reportedly won't be going ahead with another chancellor vote todayUK April final services PMI 49.0 vs 48.9 prelimChina's Xi: China and EU should oppose unilateral bullyingMerz falls short of majority needed to become German chancellor in first voting roundEurozone April final services PMI 50.1 vs 49.7 prelimSNB's Schlegel: We haven't ruled out negative interest ratesGermany April final services PMI 49.0 vs 48.8 prelimFrance April final services PMI 47.3 vs 46.8 prelimItaly April services PMI 52.9 vs 51.5 expectedEU Trade Commissioner Sefcovic: Proposed 0 for 0 tariffs on industrial goodsSNB's Schlegel: We remain committed to our mandate of price stabilitySpain April services PMI 53.4 vs 54.0 expectedChina says would welcome EU leaders to visit in a timely manner to hold new round of talksWhat are the main events for today?Switzerland April seasonally adjusted unemployment rate 2.8% vs 2.8% expectedGold keeps the push higher after another round of bids in AsiaFX option expiries for 6 May 10am New York cutGoldman Sachs expects USD/CNY to decline further
It would have been a pretty boring session in terms of data and news releases if it wasn't for German politics. Merz fell short of majority needed to become German chancellor in the first voting round.
He needed 316 votes to win a majority but didn't manage to reach that (only got 310 votes) even though the CDU/CSU/SPD coalition has 328 MPs.
The DAX reacted by selling off but eventually bottomed and started to recover the losses as AfD backed a new vote as early as Wednesday.
Another notable news was the Chinese State Council Information Office reporting that Chinese officials including the PBoC would hold a press conference tomorrow on financial policy package to stabilise market and expectations. Chinese stocks rallied on the news as expectations for a proper stimulus started to build.
The focus now switches to Trump-Carney meeting due at 11:45 ET/15:45 GMT and potential trade related headlines. There's no data release in the American session other than the 10y auction for those following them.
This article was written by Giuseppe Dellamotta at www.forexlive.com.
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