Australian trade balance data beats estimates, coming in at a surplus of 825m AUD – expected +725m AUD – prior +952m AUD, revised from +1055m AUD Both export and imports of goods & services for the month are showing 0% change (m/m).
China and Hong Kong are both on holiday today and tomorrow Back on Monday! Just FYI …. and stay tuned for the bottom of the hour for …
ANZ index of commodity prices for NZ … terms of trade improve further – 3rd consecutive month higher for this – For the y/y, up 5.8% (was +5% in February) – In NZD terms +2% m/m and +5% y/y Dairy, meat, wool all higher
Barclays on the People’s Bank of China and their setting of the CNY: PBoC tolerance for CNY strength this year and our above-consensus growth outlook support marking down of our USDCNY forecasts.
Associated Press reports that US President Trump signs proclamation directing National Guard to be deployed to the US-Mexico border – Trade war on China Whatever wins the votes, innit?
The People’s Daily is the official newspaper of the Chinese Communist Party – an editorial, opinion piece today says – China confident it can win a trade war with the US Fighting words!
Nikkei reporting, but not citing a source – Says the Finance Ministry in Japan is to clarify rules for cross-border cryptocurrency transfers – In order to address issues like money laundering comes via Bloomberg
More from Barclays latest look at Asia pacific forex exchange rate forecasts The bank’s 3 month directional view for the yen is bullish, citing: Stability in broad USD dynamics and fading prospects of early BoJ normalisation are likely to leave USDJPY range-bound around 105 in the near term.
CBA / Markit services PMI. 55.6 (highest for it since July of 2017) Also on this release – composite, comes in at 55.4 – prior 54.3 Solid readings here, despite the manufacturing PMI from CBA 9released two days ago) showing a drop on the month (and still in expansion)
I posted the headline here a little earlier: US plans to more sanction on Russians this week (re election meddling) If you are interested in this (I gotta say my level is pretty low) the WaPo have more now, citing U.S. officials (“Officials spoke about the sanctions on the condition of anonymity because they were…