- China Premier Li Qiang says wants to keep global supply chains stable, smooth
- 2 Swiss National Bank officials are speaking on Thursday, 30 March 2023: Maechler & Moser
- "A $3 Trillion Threat to Global Financial Markets Looms in Japan" (its new BOJ Gov. Ueda!)
- Australia' peak trade union body wants a 7% rise to the minimum wage - RBA preview
- PBOC sets USD/ CNY reference rate for today at 6.8886 (vs. estimate at 6.8901)
- NAB slashed their peak RBA cash rate forecast - here's what others expect
- National Australia Bank has cut its forecast for the RBA peak rate to 3.85% (from 4.15%)
- PBOC is expected to set the USD/CNY reference rate at 6.8901 – Reuters estimate
- New Zealand March business confidence -43.4% vs. -43.3% in February
- ICYMI - China's new premier says policies will boost consumption and investment,
- UBS like China stocks higher - favour consumer related shares
- ICYMI - Fed's Barr points the finger all over the place to blame for the SVB failure
- UK car production +13.1% in February - supply chain pressure eased
- Barclays warn of a 2nd wave of deposit outflows from US banks - the 'sleepy' depositors
- Here's what to expect from the review of the RBA - "biggest shake-up in three decades"
- New Zealand building permits for February -9% m/m (prior -5.2%)
- Goldman Sachs raise its near-term forecasts for EUR/USD, 12 month unchanged at 1.10
- Fed Powell met privately with Republican representatives - expects 1 more 2023 rate hike
- ECB's Schnabel says labour costs possibly indicate 2nd round inflationary effects
- Forexlive Americas FX news wrap: Yen sinks as bank worries fade
- Fitch Ratings says Sovereign defaults are at a record high
- US equities ring up a strong day
- Trade ideas thread - Thursday, 30 March 2023
It was a quiet day for news of any impact and data flow was light also.
From Australia we had job vacancy data. These recorded their third q/q fall but remain historically super-high. Also today relevant to Australian labour markets was the country's peak trade union body submitting a proposal for a 7% minimum wage rise. Australia’s government supports the idea of a minimum wage hike but didn’t comment on the specific 7% number. A decision on the minimum wage level is expected in June. There will be a rise, circa 5% seems to be expected.
The RBA will be eyeing the potential for wages to boost inflation. Speaking of the Reserve Bank of Australia, their meeting is next week, April 4. Three of Australia’s four big banks are now expecting a pause with ANZ the hold out at forecasting a +25bp rate hike.
For the Australian dollar, it has dribbled lower on the session but got a minor pop from its low coinciding with reassuring comments from China’s new Premier Li Qiang at the Boao Forum in Hainan.
Asian equity markets:
Japan’s Nikkei 225 -0.7%
China’s Shanghai Composite -0.4%
Hong Kong’s Hang Seng -0.4%
South Korea’s KOSPI +0.46%
Australia’s S&P/ASX 200 +1.05%
