Morning Call Script - 13 June 2024
Overnight asset drivers & the impending data calendar
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What’s Moved Overnight
Licking wounds... After the joy of the soft US CPI, Jay delivered his first "hawkish" press conference in over a year. Was it that much of a surprise? One cut in 2024, with the 2nd simply drifting back into 2025 was not particularly surprising in isolation, however after the CPI print the mkt was caught short USD and rec'd rates. Not to worry, tech stocks still go up.
Nikkei 38800, CSI 3530, Crude $78.30, Brent $82.30, Gold $2310, XBT 67.3k, ETH 3500, EUR 1.0800, GBP 1.2780, AUD 0.6650, JPY 157.10, CNH 7.2665, US2s at 4.77% and US10s at 4.33%.
Bloomberg - Big Tech Wins Again on Double Whammy Day
Aussie employment data: 39.7k vs exp 30k increase, with 41.7k full time jobs created. A strong data set.
Elsewhere in the news over the wkd
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Have a great day, and keep smiling!
Podcast for the Commute
Forward Guidance - “Get Used to 3-4% Inflation and 4-5% Interest Rates” | Jim Bianco on Fed’s June Meeting and Resilient U.S. Economy
The Day Ahead
EUR (08:00): Spanish Inflation
EUR (10:00): Industrial Production
USD (13:30): PPI, Initial Claims
Fed speak - Williams (17:00)
USD (18:00): 30y auction
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