Live stream of Draghi May 29, 2017
Come for the monetary policy, stay for the long-winded political grandstanding.
Watch it here
It's scheduled for two hours, followed by an additional hour where Draghi will put on his hat as Chairman of the European Systemic Risk Board.
- Eurozone upswing is increasingly solid
- Some of the tail risks have receded measurably
- We remain firmly convinced that an extraordinary amount of mon pol support, including further guidance, is still necessary
Draghi has moved the needle a tad further but it's in the same pattern and tone as before. He's said before that the economy was improving; now it's further improving.
Austrian central bank governor now speaking to reporters in Vienna 29 May
- seeing positive news on growth
- expects more wage dynamics once upswing is consolidated
Nowotny trying to play down expectations of those second-guessing the ECB ahead of next month's meeting.
Eurozone April lending data 29 May
- +5.3% prev
- adj household lending growth +2.4% yy vs prelim 2.4% in March
- non-financial corp lending +2.4% vs 2.3% prev,
Cheap money from the ECB still making its way into the economy even if not all as fast as they would have liked perhaps. Annual growth rates slowing.
Swiss National Bank sight deposits w-e 26 May
- domestic CHF 489.295 bln vs 487.48 bln prev
SNB still keeping a hand on the tiller.
Total sight depos inc other depos on sight in CHF. Sight depos are the accounts of commercial banks with the SNB and make up a large part of the banking system's liquidity. The SNB increase sight deposits by FX swaps and repos of its own debt.
National Bank of Austria governor Nowotny making a scheduled speech in Vienna 29 May
- can't expect growth rates of two post-war decades
- dangerous to think growth in one country harms another
A thinly veiled reference to Germany perhaps?
BOJ governor Kuroda speaking at a conference in Tokyo earlier today 27 May
- non-traditional policies are very effective in supporting the economy
- very important to maintain, improve market functions
Crikey, I can't shake the jaw-boning one off even at the week-end.
PBOC bills the move as a countercyclical tweak, market watchers not convinced
Chinese leaders revealed a 'countercyclical' measure to its currency-management model in something that it said will prevent big swings.
Bloomberg with the headline 26 May
- Hitoshi Suzuki and Goshi Katoaka confirmed by Lower House
The two were nominated in April to replace two dissenting members, Kiuchi and Sato, who were opposed to Kuroda's policies but whose terms were up in July anyway so not a coup as such.
The reference rate is barely changed for the USD/CNY today. Open Market Operations:
- To inject 20 bn yuan through 7-day reverse repos
- To inject 20 bn yuan through 14-day reverse repos
There are 20bn yuan of maturing reverse repos today ... so a net 20bn yuan injection today.