China doubles May fuel exports but volumes stay well below pre-war levels Oil rally gathers pace on blockade extension reports, US dollar firms.
China doubles May fuel exports but volumes stay well below pre-war levels Oil rally gathers pace on blockade extension reports, US dollar firms. Australian dollar flounders after higher than target inflation data Rbnz Gov Breman says Q1 core inflation stable within the 1 – 3% target band Australia headline and core inflation above RBA target.
PBOC sets USD/ CNY central rate at 6.8608 (vs. estimate at 6.8347) Wall Street Journal: Trump Tells Aides to Prepare for Extended Blockade of Iran Yuan – Chinese firms locking in exchange rates ahead of record $70bn dividend season Bessent warns Kharg Island nearing capacity as US tightens Iran oil squeeze UAE exit from OPEC raises fears Kazakhstan and Iraq could be next to leave NIESR cuts UK growth forecast, warns Iran war will keep inflation above target until 2028 Chile holds rates but Iran war oil risk echoes across global central banks “The Bank of Japan can’t save the yen” Private survey inventory shows a huge headline crude oil draw vs. build expected Canada trims growth forecasts, posts smaller-than-expected deficit in spring statement Summary: Japanese markets were closed for Showa Day, thinning regional liquidity and removing cash UST trading from the session Trump has instructed aides to prepare for an extended, indefinite blockade of Iran following Situation Room discussions, with the president viewing renewed bombing or disengagement as higher-risk options A senior US official said the blockade is straining Iran’s ability to store unsold oil and prompting fresh outreach to Washington; Iran said two days ago it will never discuss its nuclear programme under current conditions Oil traded higher on the blockade news before retracing, with moves remaining relatively contained The US dollar gained modest ground on the session Australian Q1 CPI surged on energy costs driven by the Middle East conflict, but the trimmed mean core measure came in below forecasts, tempering rate hike expectations. Swaps now price an ~75%…