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Major
FX rates stayed in fairly small ranges throughout the session here
to
open the new week.
In
addition to the small ranges there is very little net change across
the majors. With the UK returning from a four-day holiday the session
ahead should be much busier.
Oil
was more active. The major news item over the weekend was Saudi Arabia hiking oil
prices to Asia to near a record high. There were
price rises for other regions also, but not to the US. Oil opened
strongly in US Sunday evening futures trade
but
did pullback somewhat.
Bitcoin
added on some $$$ over the weekend, back above US$30K. As I post its
moved quickly higher to pierce US$31K.
News
and data flow was non-impactful otherwise. China’s private survey
services and composite PMIs came in deep in contraction (for the May
month). From Australia we had privately survey inflation data, the
monthly Melbourne I
nstitute
data. Headline and core (trimmed mean) both surged. The Reserve Bank
of Australia meet tomorrow, Tuesday, 7 June 2022, if they are paying
attention to inflation they could be swayed to a hike larger than the
25bp that is the consensus expectation.
Oil (CL):
