It was a light session for news and data, and for movement across major FX rates.

There is very little net change overall.

Oil has lost some ground during US evening futures trade and into Asia.

On the data front the item of note for Australia was May retail sales, which put in another strong growth performance despite rising inflation (volumes were strong) and weakening consumer sentiment. The Reserve Bank of Australia meet next week for their next interest rate hike. The strength of this indicator triggered some renewed chatter of a 75bp hike, but consensus still sits around +50bp.

We had comments reported from Bank of Japan Governor Kuroda. These were from an event on June 26 (see bullets above). Kuroda once again insisted that inflation in Japan is mainly being driven by international energy prices and that he sees no need to divert from the Bank’s very accommodative monetary policy. USD/JPY is little changed on the session.


oil wrap chart 29 June 2022