I'm using the AUD mvoement as a bit of a summary for pretty much all the risk assets. US equity index futures are falling, oil has come off and lost all its earleir gains.

The China data is awful, just appalling:

Shanghai officials are trying to make soothing noises. They've been doing that ever since the 3 day lockdown was announced a couple of months ago!

Meanwhile China monetary and fiscal authorities keep promising more stimulus. The PBOC does not appear to be on board:

No rate cut again

audusd 16 May 2022 22