Macro: Sandcastle economics
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Morning Brew February 28 2023
Erik Schafhauser
Senior Relationship Manager
Summary: See-Sawing at Month End
Good Morning,
Markets were and are fairly quiet yesterday going into month end. Equities gained a little yesterday but are giving up some ground today, FX is pretty much where we were yesterday. The three US Indexes closed green but up less than 1%. EURUSD is at 1.0585, GBPUSD 1.2040, USDJPY 136.40. Gold and Silver are trading at 1812 and 20.60.
The probability of a 50 BPS hike by the Fed has receded slightly over night but interestingly the chance of a 75 BPS hike by the ECB is now almost 40%.
We may see some month end position adjustments today causing some jitters, otherwise the US Consumer confidence is most likely the key event. If you trade CHF, watch for the KOF and the SNB reserves.
US Fed Governor Philip Jefferson said he did not expect inflation would fall quickly and was committed to keeping restrictive monetary policy in place for as long as needed.
Starting tomorrow, we will enable Algo Orders for Futures in addition to the ones on CFD and Stocks
The algorithmic order offering will allow to efficiently execute orders based on different criteria like time, volume, price and participation rate. This is particularly useful for orders where market impact may be a concern. The following algorithmic order types are supported:
- Iceberg
- Price Peg
- TWAP
- Target Close
- VWAP
- With Volume
Trade safely`
Data Today:
Data: JP Industrial Orders, Retail Sales, France GDP, CPI, Switzerland Kof Indicator and Official Reserves, US Consumer Confidence, Canada GDP, Australia PMI
Earnings: Target Bayer Bank of Montreal Bank of Nova Scotia Sempra Energy Ross Stores Monster Beverage Agilent Technologies Agilent Technologies AutoZone
Wednesday:
Data: International PMI, Germany CPI
Earnings: Royal Bank of Canada Budweiser Salesforce Snowflake Lowe's Reckitt Benckiser Anheuser-Busch
Thursday
Data: EU HICP, Employment
Earnings Merck Hapag-Lloyd Haleon Toronto-Dominion Costco Broadcom VMware Universal Music Marvell London Stock Exchange
Friday
Data: International PMI, ISM Services
Earnings: Canadian Natural Resources
Expiries
Physically Settled Futures
HOH3 will expire 28 Feb 2023
LBH3 will expire 28 Feb 2023
LBH3 will expire 28 Feb 2023
RBH3 will expire 28 Feb 2023
SBH3 will expire 28 Feb 2023
Expiring CFDs
CHINA50FEB23 will expire 27 Feb 2023
HK50FEB23 will expire 27 Feb 2023
SINGAPOREFEB23 will expire 27 Feb 2023
OILUKAPR23 will expire 28 Feb 2023
Futures can be rolled online via the Futures Spread Trade Ticket. Any open positions will be closed after the mentioned times.
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