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Morning Brew June 5 2023
Erik Schafhauser
Senior Relationship Manager
Summary: Nonfarm inconclusive - Rate decisions next week key
Good Morning,
Fridays Nonfarm Payroll came rather inconclusively with the Nonfarm Payroll much higher and at the same time an equally surprising higher unemployment rate.
Equities celebrated the passing of the debt ceiling breaking resistances. The US 500 is trading at 4278, the GER40 at 16040, the US tech 100 NAS 14500. A break above 4320 unt eh US 500 is the
The USD gained to 104.20 after 103.40 on Friday, EURUSD fell to below 1.07, GBPUSD 1.2424 and USDJPY 140.11. The Turkish Lira continues it`s devaluation and drops to more than 21 Lira per USD.
Gold and Silver are trading at 1945 and 23.50, Oil gained on Opec+ production cuts. UBS announced this morning, it will complete its takeover of Credit Suisse "as early as June 12
The expectation for the June meeting remain at most likely no action but the terminal rate for 2023 is being traded at just below the current level.
This week has no top of the range data and we are entering the Feds blackout phase, therefore we will have to see what the main driver for markets will be. The mood in AI and Large Tech for sure where Nvidia failed to hold above the 400 ion Friday to trade at 393, Apple is at 180 and Tesla 213. Are these metrics sustainable?
Most important data:
Monday 5 June
International PMI
DE Trade Data
CH CPI
TR CPI
US Durable Goods
Tuesday 6 June
AU Rate decision
DE Industrial Orders
EU Retail Sales
US Redbook
CA PMI
Wednesday 7 June
DE Industrial Output
UK House Price Index
CH FX reserves
CA Rate decision
Thursday 8 June
AT CPI
US Jobs Data