Tuesday 1st June 2021
Markets have been understandably quiet with the US and UK on holiday. China delivered its PMIs, with the manufacturing read a little below expectations, and non-manufacturing a little higher than expected. NABs Tapas Strickland says the new orders component of manufacturing suggests demand might be starting to level off. The rising Yuan is clearly a concern for the PBoC who announced measures to tackle it, whilst Chinese authorities are now permitted families to have three children. Whilst Monday was quiet, there’s a plethora of data today, including pre-HGDP partials for Australia, the Eurozone’s CPI, Canada’s GDP, US ISM, and China’s Caixin PMIs. Plus, of course, the RBA. No big announcements are expected but what will be the tone they adopt?