ForexLive Asia-Pacific FX news wrap: Awaiting the Reserve Bank of Australia decision

• AUD traders note: RBA Gov Lowe, Dep Gov Bullock both speaking the day following meeting
• The 4 phrases from Japanese officials to listen for signalling imminent yen intervention
• Australian data: Net exports impact on Q1 GDP will be -0.2%
• PBOC sets USD/ CNY mid-point today at 7.1075 (vs. estimate at 7.1080)
• New Zealand data: ANZ Commodity Price Index for May +0.3% m/m (prior -1.7%)
• Another forecast for USD/JPY intervention at 'line in the sand' of 145
• Pressure on the People's Bank of China "to keep policy loose and supportive"
• PBOC is expected to set the USD/CNY reference rate at 7.1080 – Reuters estimate
• Chinese state media says China and US had constructive and fruitful communication
• Australian weekly Consumer Confidence survey 76.4 (prior 76.8)
• Japan data, April cash earnings +1% y/y, real wages -3% y/y. Household spending -4.4% y/y
• UK data: Like-for-like sales +3.7% y/y in May vs. +5.2% in APril
• China Securities Journal says RRR & interest rate cut likely in H2 this year
• A Morgan Stanley 3900 forecast for S&P500 at year-end
• Forexlive Americas FX news wrap 5 Jun: USD mixed. Apple trades to a new all time high.
• How to Make Money on Sweet Drinks: Coca-Cola Stock Forecast
• ICYMI: China's CITIC investment bank to cut pay by up to 15%
• Trade ideas thread - Tuesday, 6 June 2023
• Major US stock indices closing lower on the day

The focus for the Asia session is yet to come, with the RBA decision and Governor Lowe’s accompanying statement due at 2.30pm local time (0430 GMT and 0030 US Eastern time). While the consensus is for an unchanged cash rate this is very much a ‘live’ meeting with another rate hike possible.

ICYMI, previews:

• Forecast for a +25bp RBA cash rate increase due to "ongoing inflation and wages concerns"

• ANZ, CBA, NAB & Westpac all expect Reserve Bank of Australia pause at next week's meeting

• ANZ raise its forecast for the RBA terminal rate to 4.35% (from 4.10%)

• National Australia Bank expect a +25bp rate hike from the RBA, but not until August

• Reserve Bank of Australia policy meeting tomorrow - preview

• Bank of America Reserve Bank of Australia preview - expect cash rate to be left unchanged

And Greg has the AUD techs here:

• AUDUSD sets the 50% midpoint as topside resistance...again.

AUD/USD has spent the day tightly rangebound, as has much of major FX.

News flow has been very light indeed. Data has been from New Zealand, Japan and Australia, none of which has shifted around major rates too much.

Asian equity markets:

• Japan’s Nikkei 225 +0.3%

• China’s Shanghai Composite +0.2%

• Hong Kong’s Hang Seng +0.9%

• South Korea’s KOSPI +0.5%

• Australia’s S&P/ASX 200 -0.5%

AUD/USD is going towards the Reserve Bank of Australia announcement fairly flat on the session: