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Chancellor of the Exchequer Rachel Reeves is up in the House of Commons delivering the Spring Statement. 

• Notably at the end of PMQs, PM Sir Keir Starmer says "I have full confidence in the chancellor". Comes as Reeves is seen as potentially being under pressure amid economic headwinds, a high tax burden and cuts to public services.
• Reeves: "...our task is to secure Britain’s future in a world that is changing before our eyes. The threat facing our continent was transformed when Putin invaded Ukraine. It has since escalated further and continues to evolve rapidly. At the same time, the global economy has become more uncertain bringing insecurity at home as trading patterns become more unstable  and borrowing costs rise for many major economies."
• Reeves: "This moment demands an active government"
• Livestream can be found here. 

• MNI:US FEB DURABLE NEW ORDERS +0.9%; EX-TRANSPORTATION +0.7%
• US JAN DURABLE GDS NEW ORDERS REV TO +3.3%
• US FEB NONDEF CAP GDS ORDERS EX-AIR -0.3% V JAN +0.9%

• Major US equity benchmarks have been consolidating Monday’s solid recovery, and this dynamic has supported a 1.35% advance for AUDJPY from last Friday’s close, and a 3.3% bounce from the double bottom low ~92.00. Notably, the pair shrugged off the softer-than-expected Australia CPI data overnight, where the focus remains on the underlying trimmed mean which moderated 0.1pp to 2.7% y/y and has been under 3% now for three straight months.
• For AUDJPY specifically, today’s high of 95.19 matched closely with the 50-day exponential moving average, which has proved significant in recent months. Importantly, we have not closed above this average since January. Should a more optimistic tone for risk prevail and AUDJPY breach the 50-day on a closing basis, the cross would quickly encounter downtrend resistance (drawn from the July ’24 high) around 95.50, and the March high at 95.75.
• In Japan, BoJ’s Ueda said on Wednesday that the real short-term interest rate is below -2.0%, slightly lower than the latest BOJ estimate, and the bank will raise the policy rate to adjust the degree of accommodative financial conditions. Ueda told lawmakers that the BOJ is always paying attention to the risk that the pace of underlying CPI inflation will accelerate above forecasts.
• The Australia economic calendar remains very light until the Melbourne institute’s inflation gauge and retail sales, both due early next week.