Morning Call Script - 19 Mar 2024

Overnight asset drivers & the impending data calendar

Due to travel commitments there will be no Morning Call Script on March 20th. Normal service will resume March 21st.

What’s Moved Overnight

• The end of NIRP, BoJ the last to hike out of negative territory as it sets a policy target of 0.0% to 0.1%. They also step back from etf buying and YCC. It was a "dovish" package as a 7-2 split vote, continued insistence that financial conditions would remain easy and unlimited bond buying prompted a slide in the JPY > 150 (last 150.40) and Nikkei up smalls at 39840. The market waits now for Ueda's press conference... 

  • Across The Spread by Weston Nakamura - March ‘24 BOJ Policy & Initial Commentary

  • WSJ - Bank of Japan Ends Negative Interest Rates

  • Bloomberg - BOJ Ends Era of Negative Rates With Few Clues on Further Hikes

• RBA - unchanged with softer forward guidance, dropping explicit warning over further rises... AUD down 60bps @ 0.6520

  • ING - Reserve Bank of Australia drops its tightening bias

• Elsewhere - CSI 3585, Crude 82.60, Brent 86.80, Gold 2155, XBT 65k, EUR 1.0865, GBP 1.2710, CNH 7.2088, 10s at 4.32%.

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Have a great day, and keep smiling!

Podcast for the Commute

• FiveThirtyEight - How Worried Should Democrats Be About The Polls?

The Day Ahead

• JPY: BoJ Presser

• EUR (10:00): German Zew

• ECB's de Guindos (08:30)

• CAD (12:30): 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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