Fed Rate Cut Hopes Fade as Oil Prices Stoke Inflation Fears 
RBA Set for Back-to-Back Rate Hikes, Westpac Forecasts 
RBA Raises Cash Rate to 4.10% in Closest Vote Since Transparent Voting Began 
China Holds Benchmark Loan Prime Rate Steady for Tenth Consecutive Month 
ANZ and Westpac Forecast Two RBA Rate Hikes in March and May 2026 
Fed Holds Rates Steady as Middle East Conflict Clouds Inflation Outlook 
Lots of economic data and events scheduled for today, and some with high volatility risks associated.
Data released so far:
- Japan: Markit services PMI rose to 52.5 in April.
- China: Caixin manufacturing PMI rose to 51.1 in April.
Upcoming:
- Switzerland: SECO consumer climate report will be released at 5:45 GMT, followed by retail sales report at 7:15 GMT, and SVME PMI report at 7:30 GMT.
- Spain: Markit manufacturing report will be released at 7:15 GMT.
- Italy: Markit manufacturing report will be released at 7:45 GMT, followed by unemployment report at 8:00 GMT, and first quarter GDP report at 9:00 GMT.
- France: Markit manufacturing report will be released at 7:50 GMT.
- Germany: Markit manufacturing report will be released at 7:55 GMT. Bundesbank President Weidmann is set for a speech at 15:30 GMT.
- Eurozone: Markit manufacturing report will be released at 8:00 GMT, and first quarter GDP report at 9:00 GMT. Unemployment report will also be published at 9:00 GMT.
- United States: MBA mortgage applications report will be released at 11:00 GMT, followed by ADP employment report at 12:15 GMT, and ISM New York report at 13:45 GMT. EIA will release weekly crude oil inventory report at 14:30 GMT. FOMC will announce monetary policy decision at 18:00 GMT.
- Australia: AiG performance of services report will be published at 23:30 GMT.
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