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Morning BrewDecember 20 2023
Erik Schafhauser
Senior Relationship Manager
Summary: Equities strong on little news
Good Morning
Tomorrow I will be off, but back Friday before being off next week
On little key news, equities continue to grind higher and Indexes seem to want to close the year at annual highs.
The Three US Indexes added approximately 0.6 with Fedex the outlier as it cut the revenue forecast, stocks fell 8%.
US Yields remain lower at 3.90% for the 10 year and dovish sentiment remains firmly in place. There is now a 20 bps cut priced in for the Feds March meeting, the year end is seen at 3.87%.
The USD Index falls to 102.26 with EURUSD at 1.0660, GBPUSD back above 1.27, USDJPY 143.75 and Gold and Silver higher at 2041 and 24.09.
The Swiss Frank is trading at levels that seem uncomfortably low for the SNB at 0.8615 against the USD and 0.9440 against the EUR. These levels hurt exporters bur are very helpful to contain inflation.
The economic Agenda remains thin with the UK CPI as well we the European and the US Consumer Confidences the key events. Key for the week will be the Friday with the PCE.
Highlights in the News are:
Donald Trump is barred from Colorado primary for role in US Capitol attack, he is expected o challenge the decision
China left its lending rates unchanged.
Trading Calendar for Christmas and the Year End: https://www.home.saxo/en-ch/rates-and-conditions/forex/trading-conditions
Key Events:
Wednesday
- Data Japan Trade, China Rate decision, UK CPI, EU & US consumer confidences
Thursday
- Data: Turkey Rate decision, US GDP, Canada Retail Sales
Friday
- Data Japan CPI, US Core PCE, US Durable Goods orders, University of Michigan