Morning Call Script - 08 May 2024

Overnight asset drivers & the impending data calendar

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What’s Moved Overnight

• USDJPY drifts north to 155... Suzuki is watching, Ueda hints at a hike

  • Bloomberg - BOJ’s Ueda Tweaks Yen Remarks in Possible Rate Hike Hint

  • Bloomberg - Yen Interventions Give Retail Investors Chance to Buy Dollars

• US restricted Intel/Qualcomm from supplying chips to Huawei

  • Bloomberg - US Revokes Intel, Qualcomm Licenses to Sell Chips to Huawei

  • FT - US revokes licences for supply of chips to China’s Huawei

• Quiet markets overnight.... Nikkei 38195, CSI 3635, Crude $78, Brent $82.70, Gold $2319, XBT 62.5k, EUR 1.0740, GBP 1.2485, AUD 0.6575, JPY 155.20, CNH 7.2300, 10s at 4.475%.

• Riksbank the next to cut in Europe (but is there a risk they disappoint?)

  • Steno Research - TRADE ALERT: GETTING OUT OF SCANDI-FX BEFORE THE RIKSBANK HOLD

  • ING - Riksbank preview: A hawkish cut amid currency concerns

  • Bloomberg - Riksbank Suspense Mounts Over Possible Rate Cut: Decision Guide

• In the absence of top tier US data and the new love for duration, this evenings 10yr auction will be keenly watched. A test of demand as the mkt focus on a "soft patch" of US data theme.  

Watch out for Read on the Trading Floor, landing in the inbox of PRO subscribers around 17.30GMT (12.30EST).

This piece will focus on the key market narratives trending on Harkster.com. What users of our platform are consuming, what themes are top of mind and the key risk events they're researching. It will also document the top 10 links and podcasts consumed by our users over the previous day.

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Have a great day, and keep smiling!

Podcast for the Commute

• Saxo Markets - It's all about the two lane economy

The Day Ahead

• EUR (07:00): German IP

• SEK (08:30): Riksbank

• Fed speak - Jefferson (16:00), Collins (16:45) and Cook (18;30)

• USD (18:00): 10y auction

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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