- Russia says it fired anti-ship missiles at mock target in the Sea of Japan
- Bank of Japan Governor Kuroda says it too early to debate exit from easy monetary policy
- Moody's say China's shadow banking sector continues to shrink
- Australian retail sales data added to the case for RBA pause in April ... but CPI tomorrow
- PBOC sets USD/ CNY mid-point today at 6.8749 (vs. estimate at 6.8737)
- Australian February retail sales +0.2% m/m (expected +0.1%)
- Australia's prudential regulator says Aust banks amongst best in world to handle a crisis
- Japan Economy Minister Goto says will to spend JPY 2.2tln in stimulus package
- UK data: Annual inflation hits an 18 year high
- Berkshire Hathaway bought an additional 3.7mn Occidental Petroleum shares
- JP Morgan's Kolanovic repeats that US equities have seen their 2023 high in Q1
- BoA expect no further Bank of England rate hikes, then rate cuts from 2024
- Fed's Jefferson says inflation has been longer lasting and too high
- Australian Assistant Treasurer says domestic funding markets continue to function well
- MicroStrategy has bought 6,455 bitcoins in the last five weeks
- Fed's Jefferson speech - no remarks on his view on further FOMC interest rate hikes
- Forexlive Americas FX news wrap 27 Mar: Yields move higher as banking worries calm down
- Trade ideas thread - Tuesday, 28 March 2023
- Goldman Sachs bump their US economy recession prediction up a little, 35% in next 12 mths
The US dollar lost ground today pretty much across the board. USD/JPY was a notable move, down more than a big figure from its US Monday highs. During the session here there was little news nor data to account for the its slide, 2 year UST yields extended lower though, providing the smoking gun.
AUD, NZD, EUR, GBP, CAD, CHF, all gained against the USD.
News flow was limited. Russia’s defence ministry said it fired anti-ship missiles at mock targets in the Sea of Japan.
The data release of note was Australian retail sales, preliminary for February. These beat the central estimate but were still on the weak side and add to the case of those looking for a Reserve Bank of Australia pause in its rate hike cycle a the April 4 meeting. As noted in the bullets above we get more data as an input for this meeting on Wednesday, Sydney time, the latest monthly CPI reading. See bullets above for more on this.
Central bankers. We had a speech and following Q&A from Federal Reserve Board of Governors member Jefferson. He didn’t provide guidance on what he thought the next Federal Open Market Committee (FOMC) meeting would do.
We also had Bank of Japan Governor Kuroda repeating his view that it was too early for the Bank to exit its easy monetary policy. More on Jefferson and Kuroda in the bullets above.
Asian equity markets:
Japan’s Nikkei 225 +0.07%
China’s Shanghai Composite +0.05%
Hong Kong’s Hang Seng +0.45%
South Korea’s KOSPI +0.44%
Australia’s S&P/ASX 200 +1.06%
UST 2 year yield indication
