Morning Call Script - 19 Dec 2023
Overnight asset drivers & the impending data calendar
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What’s Moved Overnight
BoJ hold the line at -0.1% (USDJPY +0.5% to 143.60, Nikkei +1.4% to 33215) - there was a chance Ueda would surprise but as outlined in the Harkster BoJ Preview the odds were stacked in favour of them remaining on hold, waiting for the spring Shinto wage agreements. There forward guidance remained the same - "continue expanding the monetary base until the year-on-year rate of increase in observed CPI exceeds 2% and stays above the target in a stable manner."
Focus now shifts to Ueda's press conference. Will he expand on his recent comments to parliament and pre-commit to a hike next year.
RBA minutes indicated the discussion was between hike and hold but they wanted to see more data (AUD 0.6720)
Fed's Daly discussed 2024 cuts and a focus on a weakening jobs market as well as inflation - (EUR 1.0930, CNH 7.1485, GBP 1.2660)
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Have a great day, and keep smiling!
Podcast for the Commute
The Blind Squirrel - Tough times for Financial Justice Warriors
The Day Ahead
EUR (10:00): Final Nov HICP
CAD (13:30): Inflation
USD (13:30): Housing starts
ECB Speak - Enria (09:00)
BoE Speak - Breeden (13:00)
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Available on the HarksterPRO Research Platform.
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