Morning Call Script - 11 Jan 2024
Overnight asset drivers & the impending data calendar
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What’s Moved Overnight
XBT approved ... DeFi enters TradFi and errr Bitcoin is unchanged at 45.8k. Fantastic line from Bloomberg, "the memes are glittering, but this isn’t gold"
Bloomberg - Bitcoin ETF Hype Is More Memestock Than Gold 2.0
Williams - Rates are sufficiently restrictive but wont cut for 'some time'
Asian stocks - Nikkei 35k and the highest mark since 1990.
FX - USD drifting softer ahead of US CPI but all still within the early confines of the 2024 ranges (EUR 1.0980, AUD 0.6715, GBP 1.2760)
Finaly, BoK left rates unchanged at 3.5% whilst Aussie balance of trade hit AUD$11.4bln vs exp 7.5bln (higher exports/lower imports).
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Have a great day, and keep smiling!
Podcast for the Commute
The Day Ahead
USD (13:30): CPI
USD (13:30): Initial Claims
Fed Speak: Barkin (17:40)
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