PBoC is expected to set USD/CNY mid-point at 6.7909 (prev. 6.8435)
The PBoC's decision to set the USD/CNY mid-point significantly lower than the previous fix suggests a more accommodative stance, likely aimed at supporting China's economic activity.
Australian Westpac Consumer Confidence Change (May) 3.5% vs. Exp. -1.1% (Prev. -12.5%)
Australian Westpac Consumer Confidence Index (May) 83 (Prev. 80.1)
PBoC is expected to set USD/CNY mid-point at 6.7909 (prev. 6.8435)
[MARKET UPDATE] Mostly positive start to Asia-Pac trade following US President Trump's announcement to hold off on striking Iran, which was initially planned for Tuesday, after a request from Saudi Arabia, UAE and Qatar
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This could lead to a weaker CNY, impacting cross-asset flows, including commodities and broader FX markets, as traders reassess their expectations for monetary policy and potential interventions.
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