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EXECUTIVE SUMMARY
- FED’S COOK: INFLATION IS EASING BUT MORE IS NEEDED (BBG)
- YELLEN SAYS NOT WILLING TO ALLOW CONTAGIOUS BANK RUNS TO DEVELOP (RTRS)
- SNB'S SCHLEGEL SAYS CENTRAL BANK WILL DO EVERYTHING IT CAN TO BRING INFLATION DOWN (RTRS)
- RBA PAUSES TIGHTENING CYCLE, SENDING AUD LOWER (BBG)
- OPEC+ WANTS TO MAKE OIL SPECULATORS THINK TWICE WITH SHOCK CUT (BBG)
- BIDEN DOWNPLAYS OPEC+ OIL OUTPUT CUT (RTRS)
- WHITE HOUSE GOT 'HEADS UP' ON OPEC CUT PLANS, DISAGREED WITH MOVE (RTRS)
Fig. 1: USD/JPY Vs. U.S. 2-Year Tsy Yield
Source: MNI - Market News/Bloomberg
EUROPE
GERMANY: Germany's ruling coalition plans to require the private and public sectors to cut energy consumption by 26.5% by 2030 compared to 2008, a draft law seen by Reuters showed on Monday. (RTRS)
ITALY: Italy’s government is planning to revise up its outlook for 2023 economic growth, envisaging a range of 0.8% to 1% in its latest budget plans, according to people familiar with the matter. (BBG)
ITALY: Italy posted a state sector budget deficit of 31.9 billion euros ($34.71 billion) in March compared to a shortfall of 24.75 billion euros in the same month last year, the Treasury said in a statement on Monday. The difference came from higher pension spending and measures to curb energy bills, the Treasury said. (RTRS)
SWEDEN: The Swedish krona’s unrelenting weakness has alerted traders to the risk that the central bank could intervene directly in currency markets for the first time in more than two decades. (BBG)
SNB: The Swiss National Bank will do everything it can to bring inflation down, Vice Chairman Martin Schlegel said, including hiking interest rates further as well as selling foreign currencies. "Our mandate is crystal clear, and that is price stability," Schlegel told Swiss broadcaster SRF in an interview broadcast on Monday. (RTRS)
U.S.
FED: Federal Reserve Governor Lisa Cook said US inflation has started easing but price pressures could keep emanating from a tight labor market, the war in Ukraine and the reopening of China. (BBG)
BANKS: U.S. Treasury Secretary Janet Yellen on Monday said deposit outflows from small and medium-sized banks were diminishing but she was watching the situation closely and is "not willing to allow contagious runs to develop" in the U.S. banking system. (RTRS)
BANKS: The Federal Deposit Insurance Corp. said it plans to soon sell about $60 billion of Signature Bank loans, which were left in receivership after the troubled New York-based lender collapsed last month when customers pulled deposits en masse. (WSJ)
POLITICS: The White House is watching for security concerns related to former President Donald Trump's indictment on Thursday, a White House official said on Monday, and prepared for any violence. (RTRS)
POLITICS: Former U.S. President Donald Trump has widened his lead over his rivals in the 2024 Republican presidential nominating contest, even as he faces criminal charges in New York, according to a Reuters/Ipsos poll released on Monday. (RTRS)
POLITICS: Wall Street executives have been speaking with strategists and fellow donors to address a question that’s been dogging them since November 2020: Who are they going to support to take on former President Donald Trump in the 2024 GOP primary? (CNBC)
OTHER
U.S./CHINA: The Pentagon on Monday said it could not confirm reports that a Chinese spy balloon was able to transmit intelligence in real time back to China as it flew over sensitive military sites in the United States earlier this year, adding that U.S. analysis was still ongoing. (RTRS)
U.S./CHINA/TAIWAN: China opposes Taiwan president's transit in the U.S. and will follow developments, as well as resolutely and vigorously defend national sovereignty and territorial integrity, a spokesperson for the China consulate general in Los Angeles said on Monday. (RTRS)
GEOPOLITICS: The West is trying to put a wedge into the friendship between Russia and China by talking about their unequal relations and Moscow's dependence on Beijing, Russia Foreign Minister Sergei Lavrov said in comments published on Tuesday. (RTRS)
JAPAN: There needs to be permanent sources of revenue for expanding budget on children-related policies, Japanese Finance Minister Shunichi Suzuki said on Tuesday. It is also necessary to consider a wide range of revenue sources when it comes to funding those policies, he told reporters. (RTRS)
BOJ: The Bank of Japan should review its yield curve control program under its incoming governor, a former top finance ministry official said ahead of the central bank’s first leadership change in a decade. (BBG)
RBA: Australia’s central bank paused its almost yearlong tightening cycle on Tuesday, while making clear the board stands ready to resume raising borrowing costs should the economy require it. (BBG)
AUSTRALIA/CHINA: China has issued an invitation “in principle” for Australian Prime Minister Anthony Albanese to visit Beijing, and the trip could take place around September and October, according to sources close to the Chinese and Australian governments who are familiar with the matter. (SCMP)
AUSTRALIA/CHINA: Wang Shouwen, China’s Vice Commerce Minister and chief trade negotiator, met with an official from Department of Foreign Affairs and Trade of Australia on Monday in Beijing, as a preparation for the meeting of the two countries’ trade ministers, according to a Mofcom statement. (BBG)
AUSTRALIA/CHINA: China Vice Foreign Minister Xie Feng hopes that Australia's BHP will contribute more to the improvement of China-Australia relations, a foreign ministry statement said on Tuesday. (RTRS)
AUSTRALIA/CHINA: The Australian government said on Tuesday it would remove TikTok from all federal government-owned devices, following many other countries in the West in barring the Chinese-owned video app over security concerns. (RTRS)
RBNZ: The Reserve Bank will raise the Official Cash Rate to 5% from 4.75% Wednesday in Wellington, according to 19 of 21 economists in a Bloomberg survey. One expects a 50 basis-point move and one sees no change. (BBG)
NEW ZEALAND: Signs of stress are emerging in New Zealand’s housing market, with the number of people behind on loan repayments jumping as soaring interest rates bite. Mortgages in arrears rose 23% in February from a year earlier to 18,900, according to data released Tuesday by Auckland-based credit bureau Centrix. That equates to 1.29% of overall mortgages, the highest since March 2020. (BBG)
NEW ZEALAND: The latest NZIER Quarterly Survey of Business Opinion (QSBO) showed some positive developments, with both business confidence and firms’ own trading activity recovering slightly from the weak level seen in the December quarter. (NZIER)
NEW ZEALAND: The government deficit is tracking higher than forecast on the back of a lower tax take. Official figures show a deficit of $3.2 billion for the eight months ended February, about $600 million higher than forecast. (RNZ)
BOK: South Korea’s consumer price inflation is likely to continue a slowing trend for some time, mainly on base effect from last year, Bank of Korea says in a statement. (BBG)
HONG KONG: The Hong Kong Monetary Authority buys HK$7.104b to manage the city’s currency peg for April 6 settlement, according to the de facto central bank’s page. (BBG)
ASIA: Growth in emerging Asian economies is poised to quicken this year, buoyed by China's reopening, the Asian Development Bank said in a report, while the war in Ukraine and banking turmoil in the U.S. and Europe present ongoing risks. Developing Asia's gross domestic product is projected to grow 4.8% both this year and next, up from last year's 4.2%, according to the bank's "Asian Development Outlook," released on Tuesday. Developing Asia refers to the bank's 46 regional members, excluding Japan. (Nikkei)
MEXICO: Mexico's so-called real-ex-ante policy rate, defined as the difference between the nominal interest rate and expected inflation, has hit 6.4%, which represents reaching a "terminal" rate, Bank of Mexico deputy governor Jonathan Heath said Monday on Twitter. (RTRS)
BRAZIL: Proposal for a new fiscal framework needs between 100b-110b reais in extra revenues to work, Finance Minister Fernando Haddad said in an interview with Globonews TV. (BBG)
BRAZIL: Brazil govt is preparing a review on the first 100 days of administration, to be disclosed next Monday, Chief of Staff Rui Costa told journalists after a ministerial meeting with President Luiz Inacio Lula da Silva. (BBG)
BRAZIL: An agreement between embattled Brazilian retailer Americanas SA and its bank creditors is close now that the firm’s billionaire shareholders presented a new proposal to inject up to 12 billion reais ($2.4 billion) into the company, said people familiar with the matter. (BBG)
RUSSIA: Ukraine is still fighting hard for Bakhmut and the battle is not over, a White House official said on Monday. Ukrainians have not been repulsed from the city, John Kirby, a spokesperson for the National Security Council, told reporters, adding that an additional assistance package for Ukraine could be expected this week. (RTRS)
RUSSIA: The president of the European Commission has called on Beijing to play a “constructive” role in bringing peace to Ukraine, as she prepares for a joint visit to China with France’s Emmanuel Macron. Ursula von der Leyen told the Financial Times in an interview the bloc was “concerned by [China’s] position of friendship with Russia”, but said Beijing should use its ties with Moscow to rein in Kremlin’s war, which began just over a year ago. (FT)
RUSSIA: The U.S. government is pushing hard for the release of a Wall Street Journal reporter held in Russia, and tracking his detention closely, the White House said Monday. (RTRS)
RUSSIA: The European Union has become hostile and has "lost" Russia, and Moscow will deal with Europe in a tough fashion if need be, Foreign Minister Sergei Lavrov said in an interview published on Tuesday. (RTRS)
RUSSIA: Russian gas company Novatek said on Monday it had submitted an application to acquire a stake in Sakhalin Energy, the operator of the Far East Sakahlin-2 gas project, the Interfax news agency reported. (RTRS)
PERU: Peru’s congress is expected to vote whether to admit an impeachment motion against President Dina Boluarte on Tuesday. (BBG)
ARGENTINA: The International Monetary Fund (IMF) executive board lowered Argentina’s net reserves accumulation target for the end of this year to $8 billion from $9.8 billion, the fund said on Monday. (RTRS)
IRAN: The Biden administration discussed with its European and Israeli partners in recent weeks a proposal for an interim agreement with Iran that would include some sanctions relief in exchange for Tehran freezing parts of its nuclear program, according to 10 Israeli officials, Western diplomats and U.S. experts with knowledge of the proposal. (Axios)
MIDDLE EAST: The U.S. military carried out an operation that killed a senior Islamic State leader in Syria on Monday, U.S. Central Command (CENTCOM) said in a statement early on Tuesday. (RTRS)
ENERGY: U.S. producers of liquefied natural gas (LNG) last month regained momentum as the country's second-largest exporter Freeport LNG ramped up output, sending total shipments to an all-time record of 7.73 million tonnes, Refinitiv Eikon data showed on Monday. (RTRS)
ENERGY: European Union energy regulators have launched a liquefied natural gas (LNG) benchmark price in an effort to avoid the market mirroring spikes in volatile costs for pipeline gas. (RTRS)
OIL: The surprise OPEC+ production cut was aimed squarely at one audience: speculators betting that oil prices would fall. (BBG)
OIL: Algeria's energy minister said on Monday uncertainty about global economic growth may lead to a slowdown in oil demand, the state news agency reported. "The oil market is well supplied and commercial inventory has returned to its highest level in two years," the minister, Mohamed Arkab, added. (RTRS)
OIL: This time, US shale isn’t coming to the rescue.Even though drillers are flush with cash after record profits last year, US producers are unlikely to accelerate oil growth enough to make up for OPEC+’s surprise cuts, analysts and executives said. (BBG)
OIL: U.S. President Joe Biden said on Monday the OPEC+ oil production cut announced over the weekend was "not going to be as bad as you think." Biden was asked about the OPEC+ move, which caused a jump in oil benchmark prices on Monday, as he boarded Air Force One in Minnesota for the return trip to Washington after touring a factory. (RTRS)
OIL: The Biden administration told Saudi Arabia officials that it disagreed with OPEC’s surprise decision to cut oil production when it was given a ‘heads up’ on the move, John Kirby, coordinator for strategic communications at the National Security Council, told reporters on Monday. (RTRS)
OIL: U.S. Treasury Secretary Janet Yellen on Monday said a surprise OPEC+ oil production cut is an "unconstructive act" that will add uncertainty to the global growth outlook and to burdens on consumers at a time of high inflation. (RTRS)
CHINA
FISCAL: Local governments issued CNY440 billion of refinancing bonds in Q1, a 73% increase over the same period last year, according to information released by the Ministry of Finance. (MNI)
ECONOMY: Sentiment among China's savers decreased in Q1, with 58% noting they had saved more – down 3.8pp over Q4 2022, according to the Peoples’ Bank of China's Household Finance Survey. (MNI)
CREDIT: China's loan demand index increased 19pp to 78.4 in Q1 from Q4 2022 and 6.1pp above the same period last year, according to the The Peoples' Bank of China's Bankers Survey. (MNI)
CREDIT: China’s new yuan loans in March are expected to exceed the year-earlier period’s 3.13t yuan as the nation’s pro- growth policies rolled out recently are taking effect, China Securities Journal reports, citing unidentified researchers. (BBG)
CAPITAL FLOWS: The addition of legacy Chinese green bonds to the China- and E.U.-led Common Ground Taxonomy (CGT) will drive greater cross-border capital flows, according to a prominent policy advisor. (MNI)
CHINA MARKETS
PBOC NET DRAINS CNY276 BILLION VIA OMOS TUESDAY
The People's Bank of China (PBOC) conducted CNY2 billion via 7-day reverse repos on Tuesday, with the rates unchanged at 2.00%. The operation has led to a net drain of CNY276 billion after offsetting the maturity of CNY278 billion reverse repos today, according to Wind Information.
- The operation aims to keep banking system liquidity reasonable and ample, the PBOC said on its website.
- The 7-day weighted average interbank repo rate for depository institutions (DR007) rose to 1.9016% at 09:34 am local time from the close of 1.8604% on Friday.
- The CFETS-NEX money-market sentiment index closed at 47 on Monday, compared with the close of 48 on Friday.
PBOC SETS YUAN CENTRAL PARITY AT 6.8699 TUES VS 6.8805 MON
The People's Bank of China (PBOC) set the dollar-yuan central parity rate lower at 6.8699 on Tuesday, compared with 6.8805 set on Monday.
OVERNIGHT DATA
JAPAN MAR MONETARY BASE -1.0% Y/Y; FEB -1.6%
JAPAN MAR MONETARY BASE Y675.8TN; FEB Y651.8TN
AUSTRALIA ANZ-ROY MORGAN WEEKLY CONSUMER CONFIDENCE INDEX 78.2; PREV. 76.6
Consumer confidence remained below 80pts for a fifth consecutive week, the longest time below 80pts since the start of the weekly series in October 2008. Confidence among those paying off their mortgage fell 2.1pts to 70.5 ahead of the April RBA meeting, bringing mortgaged homeowner confidence to 7.2pts below average confidence for all cohorts. Confidence in financial conditions, particularly current financial conditions, is now trending lower than it was during the initial COVID outbreak, as ongoing inflation and the rapid rise in the cash rate bites household budgets. Confidence that ‘it is a good time to buy a major household item’ declined 1.4pts and was below 70 for an eighth straight week. (ANZ)
SOUTH KOREA MAR CPI +4.2% Y/Y; MEDIAN +4.3%; FEB +4.8%
SOUTH KOREA MAR CORE CPI +4.8% Y/Y; FEB +4.8%
SOUTH KOREA MAR CPI +0.2% M/M; MEDIAN +0.2%; FEB +0.3%
MARKETS
US TSYS: Pare Losses After RBA Holds Cash Rate Steady
TYM3 deals at 115-18, +0-03+, with a 0-07+ range observed on volume of ~91k.
- Cash tsys sit little changed across the major benchmarks.
- Tsys pared losses after the RBA held the cash rate steady at 3.6%. The RBA board watered down previously hawkish forward guidance as the bank noted in the final paragraph that some further tightening "may" be needed, at the previous meeting the board had noted further tightening will be needed. A subsequent rally in ACGB spilled over.
- Earlier in the session after an initial muted start tsys were marginally pressured as the USD came off session lows and US equity futures and regional equities softened.
- Spillover from a poorly received 10 Year JGB auction saw losses extended a touch, a block seller of TY (3,240 lots) also weighed.
- Early today Fedspeak from Governor Cook noted that the disinflationary process is underway, but there is more work to do. She also noted that continuing tightness in the labour market is still producing an inflationary impulse.
- Eurozone PPI data headlines an otherwise thin European session. Further out we have Factory Orders and JOLTS Job Opening. Fedspeak from Fed Governor Cook will cross.
JGBS: Soft 10-Year Auction Adds To Early Pressure, Futures More Than Unwind Overnight Gains
A soft round of 10-Year JGB supply added to some early Tokyo pressure (the latter was a product of Tokyo’s seemingly greater focus on the potential ramifications of higher oil prices, as opposed to Monday’s soft U.S. manufacturing data, as well as some cheapening in U.S. Tsys and the presence of the 10-Year JGB auction), leaving JGB futures comfortably below settlement levels as we work towards the Tokyo close, last -19, more than reversing overnight session gains.
- JGB futures hit session lows in the wake of the auction, before stabilising and working away from worst levels,
- Wider cash JGB trade sees the major benchmarks running little changed to ~4bp cheaper on the day, with the super-long end coming under the most pressure.
- The swap curve twist steepened.
- Local headline flow saw Finance Minister Suzuki point to a need for a permanent source of revenue for the government’s child-related spending policies, with an unveiling of the framework surrounding the matter scheduled for June. Suzuki was explicitly cautious re: additional bond issuance to finance the policy steps, but that did little to support the space.
- Looking ahead, BoJ Rinban operations covering 1- to 5- & 10- to 25+-Year paper (the first Rinban since the well-documented tweak to the purchase bands in the Q2 outline) headline tomorrow, with final services & composite PMIs also slated.
JGBS AUCTION: 10-Year JGB Auction Results
The Japanese Ministry of Finance (MOF) sells Y2.1962tn 10-Year JGBs:
- Average Yield: 0.456% (prev. 0.500%)
- Average Price: 100.41 (prev. 100.00)
- High Yield: 0.468% (prev. 0.500%)
- Low Price: 100.30 (prev. 100.00)
- % Allotted At High Yield: 80.3317% (prev. 30.8365%)
- Bid/Cover: 3.774x (prev. 7.550x)
AUSSIE BONDS: Stronger Post-RBA, But Off Bests
After some initial volatility ACGBs sit 4-5bp richer post-RBA to be in the top of the session trading range at the time of writing (YM +9.0 & XM +6.5). While the RBA decision to leave the cash rate unchanged (for the first time since April 2022) was largely priced, the positive surprise for the market came via less hawkish guidance with the board stating that “some further tightening of policy may be needed”. The market will be tuned into the release of Q1 CPI on April 26 after the RBA board also signalled their belief that a range of data suggested inflation has peaked.
- Cash ACGBs are 3-5bp richer after the RBA decision to be 7-10bp stronger on the day.
- Swaps rates are 3-6bp lower post-RBA with the 3s10s curve steeper.
- Bills strip strengthens 5-8bp after the RBA decision with pricing +3 to +13 on the day with the whites leading.
- RBA-dated OIS pricing is 5-7bp softer across meetings after the RBA decision. The market had priced an 81% chance of a pause today ahead of the decision. May meeting pricing softened 5bp post-RBA, while year-end easing expectations remained unchanged at 23bp.
NZGBS: Stronger But off Bests, Eyeing US Tsys
NZGBs closed 2-4bp richer but off session bests as US Tsys come under modest pressure in Asia-Pac trade as local participants faded Monday’s ISM-induced rally. Without any meaningful macro news flow, a shift in focus to the inflationary impact of higher oil prices is one possible explanation. NZGBs underperformed US Tsys with the NZ/US 10-year yield differentials +5bp.
- Swap rates closed flat to 1bp lower, implying a wider long-end swap spread.
- Ahead of the RBNZ policy decision tomorrow, RBNZ dated OIS pricing closed 1-2bp softer across meetings. 27bp of tightening is priced for tomorrow’s meeting with terminal OCR expectations at 5.29%.
- On the local data front, the NZIER Quarterly Survey of Business Opinion showed a slight improvement in confidence (66% of firms expect the economy to deteriorate versus 70% previously). A net 69% of firms raised prices in Q1 with a net 61% expecting to raise prices in Q2. Market pricing was little changed after the data.
- Given that the local market has closed ahead of the RBA rates decision, tomorrow's opening is expected to reflect not only the Australian market's response to the announcement but also any fluctuations in the US Tsys overnight.
EQUITIES: Regional Equity Sentiment Mixed
Regional equities are mixed today. In line with an indifferent lead from US/EU markets through Monday's session and local drivers haven't been strong today. US futures are modestly in the red at this stage, while EU futures are positive, although only by ~0.35%. The APAC large/mid-cap index is close to flat for the session, which arguably best sums up sentiment.
- The HSI is off by 0.64% at this stage, with tech off by 1.61%. We are away from session lows for both indices, although headwinds were evident from Monday's NY session with the Golden Dragon index weaker. Major tech related indices also underperformed.
- The CSI 300 is close to flat in mainland China, while the Shanghai Composite is faring a bit better (+0.25%).
- Japan stocks are modestly positive, Topix +0.1%, while the Kospi is higher at +0.50%, although offshore investors continue to sell local shares (-$231.2mn).
- The ASX 200 is marginally firmer after the RBA left rates on hold and watered down the prospect of further hikes.
- Most SEA bourses are lower today, but losses are under 0.50%.
GOLD: Bullion Eases Slightly After Monday’s Rally
Gold prices rose 0.8% on Monday as the OPEC-related rally in oil prices increased recession risks and the US ISM data disappointed. Today it has eased 0.2% to around $1980.40/oz. The USD index is up slightly.
- Gold reached a high of $1990.55 on Monday and is heading towards the bull trigger of $2009.70, the March 20 high. Today the intraday high was $1985.59 followed by a low of $1977.95.
- The manufacturing ISM showed that prices paid had fallen in March with the index down to 49.2 from 51.3, thus easing inflation and rate hike concerns. The services ISM prints on Wednesday and price pressures in this sector are a lot higher with analysts only expecting a slight moderation from February’s elevated 65.6.
- Later the Fed’s Cook, Collins and Mester speak. Bank of England’s Pill is also due to talk. There is little on the data calendar with February US JOLTS job openings the main release. The focus of the week is Friday’s US non-farm payrolls for March.
OIL: Crude Continues To Rally On Back Of OPEC+ Output Cut
Crude has continued to rise during APAC trading today. After rising over 6% on Monday it is up a further 0.5%, as the impact of OPEC+’s output cut announcement continued to be felt in markets. The USD index is up 0.1%.
- Brent is now about $85.34/bbl, close to the intraday high of $85.41. WTI is trading around $80.82 after reaching a high of $80.91. Prices are their highest since late January 2023.
- While there are concerns that the cut in crude production and the subsequent increase in prices will be inflationary. US President Biden said today that the impact is unlikely to be “as bad as you think”.
- According to Bloomberg, OPEC+ began to discuss the need to change the output quota on March 20 when Brent fell to a 15-month low.
- While Goldman Sachs has increased its oil price forecasts, Morgan Stanley reduced its projections on the back of disappointing demand from China and Citigroup doesn’t believe that prices will return to $100 quickly.
- Later the Fed’s Cook, Collins and Mester speak. Bank of England’s Pill is also due to talk. There is little on the data calendar with February US JOLTS job openings the main release.
FOREX: AUD Pressured After RBA Holds Rates At 3.6%
AUD is pressured in Asia today, falling after the RBA held rates at 3.6%. The RBA board watered down previously hawkish forward guidance as the bank noted in the final paragraph that some further tightening "may" be needed, at the previous meeting the board had noted further tightening will be needed.
- AUD/USD prints at $0.6760/65 ~0.3% softer today. The pair fell from $0.6785/90 pre decision. AUD/NZD is also ~0.4% softer, the cross has fallen below its 20-Day EMA ($1.0754) as bears target 2023 lows ($1.0667).
- Yen is also pressured. USD/JPY briefly dealt below Monday's lows before firming as US Treasury Yields ticked marginally higher. The pair prints at ¥132.70/80 ~0.2% firmer.
- Kiwi is little changed today, NZD/USD firmed through $0.63 meeting resistance at $0.6310 and paring gains to sit at current levels. A narrow 20 pip range has been respected for the session thus far.
- Elsewhere in G-10 EUR and GBP are both little change, there has been little follow through on moves thus far.
- Cross asset wise; 10 Year US Treasury Yields are little changed having been ~2bps higher earlier in the session. BBDXY is ~0.1% firmer and e-minis are little changed.
- Eurozone PPI data headlines an otherwise thin European session. Further out we have Factory Orders and JOLTS Job Opening.
UP TODAY (TIMES GMT/LOCAL)
| Date | GMT/Local | Impact | Flag | Country | Event |
| 04/04/2023 | 0600/0800 | ** |  | DE | Trade Balance |
| 04/04/2023 | 0900/1100 | ** |  | EU | PPI |
| 04/04/2023 | 0900/1000 | ** |  | UK | Gilt Outright Auction Result |
| 04/04/2023 | 0915/1015 | | UK | BOE Tenreyro Keynote Speech at RES Conference | |
| 04/04/2023 | 1230/0830 | * |  | CA | Building Permits |
| 04/04/2023 | 1255/0855 | ** |  | US | Redbook Retail Sales Index |
| 04/04/2023 | 1400/1000 | ** | | US | IBD/TIPP Optimism Index |
| 04/04/2023 | 1400/1000 | ** | | US | Factory New Orders |
| 04/04/2023 | 1400/1000 | ** | | US | JOLTS jobs opening level |
| 04/04/2023 | 1400/1000 | ** | | US | JOLTS quits Rate |
| 04/04/2023 | 1630/1730 | | UK | BOE Pill Speech at ICMB | |
| 04/04/2023 | 1730/1330 | | US | Fed Governor Lisa Cook | |
| 04/04/2023 | 2245/1845 | | US | Cleveland Fed's Loretta Mester | |
| 05/04/2023 | 2300/0900 | * |  | AU | IHS Markit Final Australia Services PMI |
| 05/04/2023 | 2300/0900 | ** | | AU | IHS Markit Manufacturing PMI (f) |
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.