Morning Call Script - 08 Dec 2023
Overnight asset drivers & the impending data calendar
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What’s Moved Overnight
USDJPY - after yesterday's fireworks, it's settling sub-144.00...
Tokyo didn't try and test the NY session lows.
Japanese GDP was weaker than expected, -2.9% YoY vs consensus of -2.1%. The Nikkei dropped a further 1.1% to below 32,500, hitting it lowest level in nearly a month, as Japan’s third quarter GDP was revised downward (QoQ -0.7% vs exp -0.5%).
Bloomberg - Yen Extends Rally to Second Day as Traders Bet on Early BOJ Hike
RBI left rates unchanged at 6.5%.
Elsewhere, FX was stable with a small softness in the USD - EUR 1.0785, GBP 1.2590, AUD 0.6615 and CNH 7.1670
FI - enters NFP expecting a soft one and at the lows of the month - US2s at 4.60% and 10s 4.15%
[Paid Subscribers] For greater detail on the overnight news stories as well as a focus on the day ahead, see The Morning Hark in your inbox around 7.15GMT (2.15 EST) whilst also watch out for Read on the Trading Floor around 17.30GMT (12.30EST), which captures the macro themes trending on Harkster.com over the past 24hrs.
Have a great day, and keep smiling!
Podcast for the Commute
Bloomberg Odd Lots - China Made a Chip Breakthrough That Shocked the World
The Day Ahead
EUR (07:00): German Inflation final
USD (13:30): NFP, AHE, LFPR and UER
USD (15:00): Michigan Consumer Sentiment and Inflation Expectations
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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