Germany continues to adjust to the new normal There doesn't seem to be a massive spike even after the weekend but local clusters are still popping up. The in Göttingen from two days ago have seen at least 68 persons infected now, with many close contacts still yet to be tested.
Blogs
G7 finance ministers to hold a conference call on Wednesday – coronavirus discussions
Jiji news agency headline (Japanese media group) via Reuters — I bet one of them is bound to ask how Australia got away with only -0.3% q/q for GDP in Q1 and not much worse.
More from Australian Treasurer Frydenberg – says Australia is in a recession today
Answering a question from the media (if the country is in a recession) so I'll give the chap a pass on the "No Sh*t Sherlock" award. Earlier from Mr. F here:
ForexLive Asia FX news wrap: AUD surges above 0.6900
Forex news for Asia trading Wednesday 3 June 2020 There was USD weakness pretty much across the major FX board here during the Asia session, with the Australian dollar a star performer. Big AUD/JPY buying was seen out of Japan early in the piece, driving the cross over 75.70 briefly and AUD/USD above 0.6980 for […]
Australian Treasurer Frydenberg says measures on coronavirus have hit the economy hard
Frydenberg speaking in response to the GDP data earlier: Says the measures taken against the COVID-19 outbreak have come at a cost. The response in Australia was swift, and was aimed at 'flattening the curve', preparing ICUs for an influx, and providing more ventilators. Now the ICU and ventilator goals have been met the restrictions [&he
Australian building approvals data earlier a massive upside surprise
A snippet from the Westpac response to the data: April dwelling approvals report was a massive upside surprise Bolding mine. For bank trade ideas, check out eFX Plus
China Caixin services PMI for May 55.0 (April was 44.4)
Big improvement for the China Caixin/Markit PMIs Services and Composite for May This survey is the private sector survey, different to the official NBS PMI which was out over the weekend:
Australia Q1 GDP -0.3% q/q (vs. expected at -0.4%)
Economic growth in the January to March quarter of 2020 -0.3% q/q – expected -0.4% q/q, prior +0.5% – expected 1.4% y/y, prior 2.2% Australian Bureau of Statistics comment, not too bad a summary:
Australia Building Approvals for April: -1.8% m/m (expected -10.7%)
Reflecting the nationwide economic shut down but beats what was expected – expected -10.7% m/m, prior -2.6%, revised from -4.0% For bank trade ideas, check out eFX Plus
USD/JPY holds more steady after the breakout yesterday
USD/JPY ran stops above 108.00 in trading yesterday For bank trade ideas, check out eFX Plus The move higher yesterday came right after European midday, where the pair jumped from 107.80 to 108.40 before buyers gathered enough momentum to keep a break above its key daily moving averages seen @ 108.31-39 currently.