Morning Call Script - 21 Dec 2023

Overnight asset drivers & the impending data calendar

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What’s Moved Overnight

• The market is slowing down, with FX ranges shrinking overnight. EUR 1.0947, GBP 1.2640, AUD 0.6750. The largest move is USDJPY 50bps drop sub 143.00 as it still tries to find its new clearing rate in the wide post BOJ range. US10s rally to 3.85% and multi month lows is supporting JPY recovery.

• Following yesterday's slide on Wall street, it's been a mixed session in APAC - Nikkei down 1.4% whilst CSI 300 is up 1%

  • Reuters - Wall Street tumbles to sharply lower close as abrupt sell-off snaps rally

• With Trump leading in key swing states, Biden is looking at adding Tariffs to Chinese EVs and solar products

  • WSJ - Biden Administration Explores Raising Tariffs on Chinese EVs

• The Fed is still not on Xmas hiatus 

  • Bloomberg - Interest Rates Should Move Down But Not Immediately, Fed's Harker Says

• I love annual headlines like this in Q4 ... when the "year ahead" pieces written in Oct/Nov become defunct / outdated by Xmas...

  • FT - Bond market rally drives yields past Wall Street’s end-2024 targets

• Finally for those with young kids....

  • The Telegraph - Disney ‘wrecks Christmas’ with new festive film

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Have a great day, and keep smiling!

Podcast for the Commute

• The Market Huddle - Kuppy's Korner

The Day Ahead

• SEK (08:00): Consumer Inflation Expectations

• TRY (11:00): TCMB

• USD (13:30): Final Q3 GDP

• USD (13:30): Initial Claims

• USD (13:30): Core PCE

• USD (13:30): Philly Fed Index

• JPY (23:30): Inflation Rate

• JPY (23:50): BoJ Monetary Policy Meeting Minutes

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. 

Available on the HarksterPRO Research Platform.

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