- PBOC vice-governor says will increase financial support for the real economy
- Premier Li Keqiang "helping press China’s authoritarian leader" Xi to improve the economy
- Japan, China, South Korea joint statement - cautious about fallouts from Russia/Ukraine
- US cancels Alaska oil and gas lease sale - cites "lack of industry interest"
- China - a plane has veered off the runway at Chongqing Jiangbei International Airport
- China's 3rd-largest property developer by sales failed to make $29mn coupon payment
- PBOC sets USD/ CNY reference rate for today at 6.7292 (vs. estimate at 6.7362)
- China lending is expected to have dropped 50% in April - data due today
- More from Fed's Bullard, says 75-basis-point hike “not my base case.”
- More from the BOJ April meeting summary of opinions
- North Korea says it's found a COVID-19 case. Kim Jong Un orders all cities to lock down.
- BOJ Summary of April meeting - "yen's depreciation works positively"
- The Pentagon has asked Congress to fund mining projects in Australia and the U.K
- UK data - RICS House Price Balance (April) 80 (vs. prior 74)
- More on the Hong Kong Monetary Authority intervention to sell USD
- New Zealand April food price inflation subdued at +0.1% m/m (prior +0.7%)
- RBNZ’s inflation expectations for Q2 data due today - how it'll impact rate rises ahead
- More from NZ finmin Robertson: - inflation to come down in the second half of 2022
- HKMA has intervened in the FX market
- JP Morgan still appears to be unwavering on liking equities
- Trade ideas thread - Thursday 12 May 2022
- Forexlive Americas FX news wrap: High CPI sends markets on a wild ride
- NZ finmin Robertson says New Zealand's short-term inflation challenge is significant
We saw some gyrations in major forex rates during the session here, confined to fairly minor ranges though. Net change on the day is small only. The US timezone saw big swings in response to the release of CPI data but those swings were not carried on here.
On the news front there was little of impact. We had late US afternoon remarks from the Fed’s Bullard, he said 50bp hikes at the meeting ahead are a good benchmark at present.
China’s central bank, the People’s Bank of China, set the reference rate at its weakest (for the onshore yuan) since October 16 2020. During the session the offshore yuan, CNH, fell to its lowest since October 2020. In other central bank news the Hong Kong Monetary Authority intervened to support the HK dollar.
Offshore yuan fell further:
