Fitch Ratings says Australia's banks' results show resilienceBank of England Wednesday - two Pills and a BaileysChinese internet giant Baidu preparing to test driverless ride-hailing service in EuropeChinese company linked to TikTok bought $300,000,000 of $TRUMP CoinBrazil’s Lula: Want to create a currency that does not make us dependent on one currencyAustralian Q1 wage price index +0.9% q/q (expected +0.8%)Lula: Brazil strengthening relations with China: Brazil not afraid of US retaliationTrump says the relationship with China is excellentPBOC sets USD/ CNY mid-point today at 7.1956 (vs. estimate at 7.1813)South Korea unveils $3.25 billion lifeline for small firms facing U.S. tariff threatTether purchased more than 4,800 Bitcoin at average US$95,319Recapping Japan April wholesale inflation - cost of inputs not a lot changedTrump accepts Qatar plane "will be used by our Government as a temporary Air Force One"Japan data - April PPI +0.2% m/m (expected +0.2%) & +4.0% y/y (expected +4.0%)UBS downgrades US equities to Neutral, but 12 month view is for higherSouth Korea April unemployment rate 2.7% (expected 3%, prior 2.9%)New Zealand retail sales indicator, April: -0.3% y/y (prior -1.6) & 0.0% m/m (prior -0.8%)Trump views "equity market performance as a real time barometer of his performance"ICYMI - Goldman Sachs forecasts S&P 500 as high as 6500Iran wants 'concrete guarantees' before reaching an agreement with the USIran and Europe will meet on FridayHassett says when Trump returns he'll announce the next trade dealOil: private survey of inventory shows headline crude oil build vs draw expectedS&P is positive on the yearForexlive Americas FX news wrap: US dollar sellers return after lower CPIFinancial Times reports that China has criticized the trade deal between the US and UKWhat's driving Tesla's rise?NZDUSD climbs after sellers miss their shot at breakdownTrade ideas thread - Wednesday, 14 May, insightful charts, technical analysis, ideas
News and data flow was fairly light during the session.
It began with a surprise build in crude inventory showing in the private (API) survey. Oil has dribbled a little lower during the session with the large draw cited as a contributor. Official US government inventory data will follow mid-morning on Wednesday in the US.
From Japan we had wholesale inflation data. The April PPI came in as expected and down a touch from March. The slightly stronger yen helped ease imported inflationary pressure but fuel and rice prices remained high. Japan's government has released rice from its strategic reserve but price decline is slow to filter through.
USD/JPY ticked up just a little after the data but soon reversed. Highs were around 147.65 and the trek lower took the rate to circa 147.01. The Bank of Japan bought back 20bn yen in JGBs.
The People’s Bank of China continued to mark the onshore yuan stronger, setting it at its highest against the USD (ie the lowest for USD/CNY) since April 3 at 7.1956, well under the psychological 7.2 level.
Trump crossed the wires with a few comments in a Fox interview but with nothing to move markets around. He defended accepting the free plane from Qatar to be used as Air Force 1 in a social media post. News crossed also that a Chinese company linked to TikTok bought US$300,000,000 of TRUMP Coin.
From Australia we had Q1 wages data, the 0.9% q/q rise was above the 0.8% consensus expectation but matched the Reserve Bank of Australia's forecast. The RBA is expected to cut its cash rate at its meeting on May 19-20. The data today, having hit their target, is unlikely to stop that cut.
This article was written by Eamonn Sheridan at www.forexlive.com.
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