Morning Call Script - 20 Sept 2023
Overnight asset drivers & the impending data calendar
China Loan Prime Rate: rates left unchanged at 3.45% 1y and 4.2% 5Y. (CNBC)
UK: headline inflation is expected to print higher at the top of the hour from 6.8% to 7.0/7.1% as a result of rising rental costs and energy prices. (Livesquawk)
FX: One of the dullest September's or "back to school" trends that I can remember, let's hope JPow can kick us out of this rangebound consolidation this evening ... EURUSD still struggling to make material inroads below 1.07, likewise GBPUSD below 1.2400 whilst CAD's short rally on hotter CPI sub 1.3400 has reverted back to pre-data levels around 1.3460 (BBG report BoC's Kozicki shrugged off the inflation surprise as "choppy data”) and USDJPY is finding a new home on a 147 handle but has no momentum to test 150.00...
A podcast for the commute... JPM Market Matters - Data Assets & Alpha Group: AI in the Investment Process
...and another podcast to cover the wait for JPow's presser this evening ... Saxo Bank Fixed Income: The US 10-year yield is on the loose
GBP (07:00): Inflation Rate
USD (12:00): MBA Mortgage Applications and 30yr Rate
CAD (18:30): BoC Summary of Deliberations
USD (19:00): FOMC Interest Rate Decision and Projections
USD (19:30): Fed Powell Press Conference
EUR: ECB's Panetta (08:00), Schnabel (10:00) and Elderson (13:30)
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