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MNI China Daily Summary: Friday, May 26
A$ Drops On APAC Equity Weakness
Aussie has taken a dive on HK/China equity weakness. It had been trading around 0.6980 and wasn’t impacted by RBA Governor Lowe’s comments to a senate committee, but it is now down 0.4% to 0.6960, close to the intraday low. The USD is flat so far today.
- AUDNZD is flat during APAC trading at around 1.102. Aussie is down 0.6% against the yen to 92.42. While AUDEUR is down 0.3% to 0.6488 and AUDGBP -0.2% to 0.5727.
- Equity markets across the region are down with the Hang Seng 1.5% lower, the CSI 300 -0.3% and the ASX down 1.2%. S&P e-minis are down 0.4%. WTI oil prices are down 0.4% to $78.77. Iron ore prices are stronger at around $124/t, whereas copper prices are down.
- RBA Governor Lowe said that rates needed to rise further but unsure by how much and that the Board was “serious” above bringing down inflation. See summary here.
- Later today January US retail sales print and a strong outcome is expected. There are also US business inventories and IP and UK inflation data. No Fed officials are scheduled to speak. On Thursday, Australian employment data and inflation expectations are released.
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