Morning Call Script - 05 Apr 2024

Overnight asset drivers & the impending data calendar

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What’s Moved Overnight

• Fed keep on speaking... Mester needs just a couple more month's of data before first cut, Kashkari/Goolsbee think Fed may not cut this year and Barkin is the patient one.. 

  • Reuters - Fed's Kashkari says 2024 rate cuts under threat if inflation continues to stall

  • Bloomberg - Fed Speeches: Latest on Remarks From Harker, Barkin, Kashkari, Others

• USDJPY - still unable to clear 152.00, as JPY rallies back ahead of NFP

  • Bloomberg - BOJ Governor Ueda Says Chance of Hitting Japan Price Target to Rise From Summer

• RBI unchanged at 6.5%

• Biden keeps the pressure on Netanyahu to increase aid to Gaza whilst Israel remain on high alert from an Iranian attack 

  • Axios - Israel warns of consequences to any attack from Iran

  • Axios - Biden calls for "immediate ceasefire" in tense call with Netanyahu

  • FT - Iran grapples with response to deadly consulate strike

  • Axios - Israel agrees to increase humanitarian aid delivery to Gaza under U.S. pressure

• Not much change in markets ahead of NFP - Nikkei 38900, CSI 3570, Crude 86.70, Brent 90.80, Gold 2280, XBT 66.5k, EUR 1.0825, JPY 151.20, GBP 1.2625, AUD 0.6570, CNH 7.2460, 10s at 4.31%

Look out for tomorrow’s concise weekend read, recapping what the street consumed over the week, which articles were of focus and which topics were researched. Macro narratives will be interwoven with recommended reading as well as “Top 10 reads of the past week” and "Top 5 podcasts of the past week". Landing in the inbox of PRO subscribers around lunchtime.

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Have a great day, and keep smiling!

Podcast for the Commute

• ANZ - Eyes ahead to 200k US jobs growth

The Day Ahead

• EUR (08:30): French, German and Eurozone Construction PMI 

• GBP (09:30): Construction PMI 

• CAD (13:30): UER

• USD (13:30): UER, NFP, AHE

• Fed Speak - Collins (13:30), Barkin (14:15) and Bowman (17:15)

• CAD (15:00): Ivey PMI

Stay informed throughout the day with our new commentary channel (‘Intraday Market Colour’) highlighting key notes, topics du jour, and HarksterHQ’s market updates around key data points and headlines. 

Available on the HarksterPRO Research Platform.

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