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Morning Brew January 3 2024
Erik Schafhauser
Senior Relationship Manager
Summary: Volatile Start to 2024
Good Morning
Have a healthy and prosperous 2024!
The Year is so far starting interestingly with equities off to a slow start and the US Dollar gaining of the between the years low.
Barclays downgraded its forecast for apple, spooking traders and the stock lost 3.6%, the Nasdaq gave up 1.6% in the close, the S&P 500 lost 0.6 and the Dow gained 0.1%. The Germany 40 is currently trading at 16730 and the Swiss 20 is starting the year on a friendly note at 11187.
The 10 year Yields traded in large Swings and briefly breached 4% after a trading below 3.8 last week, the USD Index could rise above the 102. EURUSD is back below the 1.10 at 1.0960, GBPUSD 1.2635 and USDJPY 142.40
The Swiss Franc is trading at 0.85 against the USD and 0.9315 against the EUR, not a comfortable level for exporters.
Gold is trading at 2063 and Silver 23.60 Bitcoin could rise to above 45k on hopes of the ETF being issued soon.
There is a wide variety of topics that will keep us busy this year and our Q1 outlook will try to assess them early next week.
Elections, Global Slowflation, the wars in Ukraine and the Middle East will be among the topics being watched.
In the short term, we are looking at a decent amount of releases with the Fed Minutes today and the Non-Farm Payroll on Friday likely key. Liquidity should remain a little thin until tradersa re back from holiday on Monday.
Wednesday
- Data Turkey CPI, DE Unemployment, ISM Manufacturing Index, Fed Minutes,
Thursday
- Data: International PMI, De CPI, USADP Employment Index, Initial Jobless Claims,
Friday
- Data EU Inflation. US Non Farm Payrolls, Canada Unemployment, ISM non-Manufacturing Index