- US Special Envoy to North Korea Sung Kim says North Korea is preparing for a nuclear test
- ECB speaker coming up on Friday 03 June 2022, Austria's Holzmann
- Goldman Sachs preview the US nonfarm payroll report
- US President Biden will speak on Friday after the jobs report
- Poll shows the consensus estimate for the RBA next week is a 25bp interest rate rise
- Australian housing data (April) shows lending for owner occupied & investors both fell m/m
- Reminder that China is on holiday today. There is no USD/CNY reference rate setting.
- Japan chief cabinet secretary Matsuno welcomes OPEC's decision to boost oil output
- Bank of Korea forecasts inflation above 5% in June and July
- Japan May services PMI 52.6 (prior 50.7)
- Goldman Sachs warns of a confluence of unprecedented shocks slamming the economy
- Federal Reserve Vice Chair Lael Brainard is to speak Friday
- China & Hong Kong are out for a holiday today, Friday, 3 June 2022
- Asian equities: fifth consecutive month of foreign outflows in May
- South Korean core CPI surges to its highest y/y reading since February 2009
- Australian May Services PMI: 53.2 (prior 53) & Composite 52.9 (prior 52.5)
- NZ building work data for Q1 +3.2% q/q (vs. expected +0.5%)
- Australia construction PMI for May 50.4, dropping from 55.9 in April
- US is seeking a strategic realignment with China on trade
- ICYMI - Federal Reserve vice chair Brainard pushed back on a September rate hike pause
- Citi not ruling out a 75bp Bank of Canada rate hike ahead - watching inflation
- Forexlive Americas FX news wrap: With US jobs data ahead, risk on dominates
- Reports that Putin had treatment for advanced cancer, survived an assassination attempt
- Trade ideas thread - 03 June 2022
- Biden to visit Saudi Arabia this month and meet the crown prince
- White House says its not looking for a blockbuster jobs number every month.
- Major indices erase the week's declines. Now up on the week.
Major FX rates stayed in fairly small ranges throughout the session here. China and Hong Kong were both out today for the Dragon Boat Festival holiday. Looking ahead, the UK remains on holiday today also, for a four-day Jubilee weekend.
News flow was light only. US President Biden is to visit Saudi Arabia (this has been in the pipeline for weeks but more news dribbled out late in the US afternoon) and will meet the country’s Crown Prince. US/Saudi relations seem to be warming somewhat, OPEC agreed to boost its output of oil beyond pre-agreed limits at its meeting yesterday (Thursday).
For data we had services PMIs. Japan’s showed service sector activity growing at its fastest pace in 6 months in May. South Korea inflation continues to rise, headline and core rates hit highs not seen in over a decade in the data release today.
Europe is likely to carry on with subdued ranges ahead of the US data due at 8.30 am New York time (1230 GMT), the nonfarm payroll report.
AUD/USD tracked mainly sideways:
