Morning Call Script - 09 Apr 2024

Overnight asset drivers & the impending data calendar

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What’s Moved Overnight

• Kashkari - "the bank cannot stop short on the inflation fight". Reiterating his hawkish stance relative to the core of the Fed (still surprises me how he was once the most dovish on QE and is now one of the "leading" hawks)

• However, former Fed member Bullard's base case remains 3 cuts.  

  • Bloomberg - Ex-Fed President Bullard Says Three Interest Rate Cuts This Year Is Base Case

• BoC Preview from Livesquawk 

  • BOC’S MACKLEM COULD BE READY TO PREP MARKETS FOR A SUMMER CUT

• USDJPY sitting just sub-152.00.... 

  • Bloomberg - BOJ's Kazuo Ueda Embarks on Second Year as Governor With Next Hike In Focus

• Dull markets overnight - Nikkei 39670, CSI 3530, Crude $86.50, Brent $90.50, Gold $2345, XBT 71.2k, EUR 1.0855, JPY 151.85, GBP 1.2655, AUD 0.6610, CNH 7.2445, 10s at 4.415%

• Another quiet day on the data front as we drift towards US CPI

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Have a great day, and keep smiling!

Podcast for the Commute

• The Macro Trading Floor - The Next Big Trade?

The Day Ahead

• USD (11:00): NFIB Business Optimism Index

• MXN (13:00): Inflation Rate

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. 

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