5/31/2021 10:18:36 AM GMT Notes/Observations - CPI reading from Spain and Germany saw the YoY above ECB target level. - Various German States saw their May inflation data registered its biggest increase since fall 2018 mainly due to the base effect from higher energy prices. - China PBoC takes action to curb recent CNY currency strength. - US and UK markets closed for holidays. Asia: - China May Manufacturing PMI (Govt Official) registered its 14th month of expansion (51.0 v 51.1e). - China PBOC sets the Yuan reference rate at 6.3682 for its strongest fixing since mid-May 2018). - Former China PBOC official Sheng Songcheng said 'fast' yuan appreciation probably will not last, suggests the Yuan is 'overbought'; says the rise in CNY suggests short-term speculation.