China January - April yuan denominated exports +7.5% y/y
Goldman Sachs expects Bank of England hold at the June meetingChina Vice Foreign Minister Hua: On US trade talks ... ‘come on. We have no fear.’US Treasury to establish a fast track program for foreign investorsFed speakers Friday: Williams, Barr, Kugler, Barkin, Goolsbee, Cook, Hammack, MusalemChina's SMIC warns of weak Q2 amid trade uncertainty, projects revenue declineECB's Schnabel is speaking after market close on FridayPBOC sets USD/ CNY reference rate for today at 7.2095 (vs. estimate at 7.2581)Bank of England Governor Andrew Bailey is speaking on FridayChina weighs nationwide ban on home pre-sales to stabilise property marketJapan finance minister Kato: Not appropriate to lower consumption taxWestpac forecast RBNZ rate cut of 25bp in May and 25bp cut in JulyJapan data - March household spending +2.1% y/y (expected +0.2%, prior -0.5%)Japan data - March Labor Cash Earnings +2.1% y/y (expected +2.3%, prior +3.1%)Tesla has scrapped the range extender accessory it was making for CybertrucksStandard Chartered say they were wrong on US$120K BTC Q2 forecast - too low!Preview: China export growth likely slowed sharply to +1.9% y/y in April (+12.4% in March)Bitcoin hits a high circa US$104KChina intends to buy around US$900 million of soybeans, corn, vegetable oil from ArgentinaForexlive Americas FX news wrap 8 May:UK in the news. BOE cuts. UK makes trade deal w/ USLutnick says the UK deal helps, wants a trade deal with a big country from AsiaLutnick says the best any country can do is a 10% US tariffMajor US indices close higher for the second consecutive dayTrade ideas thread - Friday, 9 May, insightful charts, technical analysis, ideasTrade policy developments, weak Japanese wage data, and surprisingly strong Chinese exports were key themes in Asia today, ahead of a high-stakes weekend meeting between U.S. and Chinese officials in Switzerland.
U.S. Commerce Secretary Howard Lutnick said new trade deals with Japan and South Korea may take significantly longer to conclude than the recently announced UK framework agreement. The comments signal a slower path ahead for deepening trade ties in Asia. Lutnick also said that 10% tariffs were the lowest countries could hope for.
Japan’s real wages fell 2.1% year-on-year in March, marking the third straight monthly decline and the steepest drop in two years. The data underscores continued pressure on household purchasing power and complicates the Bank of Japan’s case for normalising policy.
Chinese Vice Foreign Minister Hua Chunying struck a defiant tone ahead of trade talks, saying Beijing has “no fear” in the face of U.S. tariffs and calling Washington’s current policy unsustainable. Her remarks come as China and the U.S. prepare for their first high-level talks aimed at easing tensions.
China’s latest trade data showed exports jumped 8.1% y/y in April, well above expectations (Reuters poll consensus was 1.9%) and continuing from a strong March when exporters moved swiftly ahead of tariff hikes. Imports fell a modest 0.2%, a smaller decline than forecast and an improvement from March, though underlying domestic demand remains weak.
China's goods trade totalled 14.14 trillion yuan ($1.96 trillion) in the first four months, up 2.4% year-on-year, with the pace of growth picking up slightly from Q1.
Bitcoin climbed toward USD 104,000 amid reports that El Salvador had resumed government purchases. The move spilled into other cryptocurrencies as well.
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Major FX rates traded in a subdued fashion after a hectic week. Gold bounced from under $3280.
Bitcoin up
This article was written by Eamonn Sheridan at www.forexlive.com. Read More Details
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