‘Activity’ data from China is due, for March, along with GDP for Q1. The March data is expected to show slowing from February for retail and IP but a slight pick up in investment. Yesterday we had the People’s Bank of China hold the MLF rate unchanged and not completely roll over maturing loans. Stimmie in China remains limited.
Daly is also on the docket, head of the San Fran Fed. Not showing on the calendar is Federal Reserve Chair Powell, who speaks Tuesday US time:
The data agenda is not going to be as interesting as the headlines. In the spotlight for the session will be anything on:
- Japan intervention comments (I don’t expect actual intervention, just more jawboing efforts)
- Developments in the Middle East, it looks like Israeli response will be next, although we await its nature and extent