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China Commodity Prices May Fall in H2: Yicai


Market Digest Hawkish BoK Minutes

FOREX: G10 FX space has switched into a risk-on mode, even as it is hard to
point out any evident catalysts. Perhaps the lack of a material escalation in
Sino-U.S. tensions improved sentiment, with news flow surrounding the matter
limited to mutual sabre-rattling/potential actions. AUD led commodity-tied FX
higher, but AUD/USD failed to challenge Friday's best levels. JPY traded on the
back foot, with flash Japanese Q1 GDP less bad than expected.
- GBP faced selling pressure after BoE Chief Economist Andy Haldane told the
Telegraph that the central bank is reviewing unconventional monetary policy
options, including negative interest rates and boosting the QE programme. In
combination with continued Brexit worry, Haldane's comments generated selling
pressure on sterling. Cable has trimmed losses owing to the greenback's retreat.
- USD/Asia traded on a softer footing, with beats in domestic economic data
propping up THB & SGD. Thailand's Q1 GDP shrank less than forecast, while
Singapore's non-oil exports unexp. swelled in Apr, driven by pharmaceuticals.
- Today's data docket is very thin, while central bank speaker slate features
Fed's Bostic, ECB's de Cos & BoE's Tenreyro. Canada observes a public holiday.
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