Morning Call Script - 18 Apr 2024
Overnight asset drivers & the impending data calendar
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What’s Moved Overnight
Mixed Aussie employment data, reverting to mean after the prior stellar prints.
Employment change -6.6k vs exp 7.2k and prior 117.6k
Full time +27.9k vs prior 79.4k
Part Time -34.5 vs prior 38.2k
UER 3.8% vs prior 3.7% and exp 3.9%
Strong 20year auction from the US has calmed the bond market
Mester - not in a hurry to cut, can hold rates steady (Bloomberg)
Bowman - Inflation progress has slowed and possibly stalled.
From the middle east, Axios reporting Israel considered striking Iran on Monday but decided to wait, officials say
Markets settling into new ranges as oil holds onto its sharp drop following US stockpiles hitting a 10month high, and broader risk is recovering from the recent panic lows. The USD did look tired after failing to rally further on JPow's minor pivot and the strong 20year auction has reset yields lower and also weighed on the USD.
Nikkei 38055, CSI 3585, Crude $82.80, Brent $87.50, Gold $2375, XBT 61.7k, EUR 1.0675, JPY 154.35, GBP 1.2465, AUD 0.6440, CNH 7.2480, 10s at 4.57%
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Have a great day, and keep smiling!
Podcast for the Commute
The Market Huddle - Ep.35 The Uncomfortable Truth About Money (guest: Paul Podolsky)
The Day Ahead
ECB Speak - Guindos (08:15)
USD (13:30): Initial Claims
USD (13:30): Philly Fed
Fed Speak - Bowman (14:05), Williams (14:15) and Bostic (16:00)
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