Morning Call Script - 21 Nov 2023
Overnight asset drivers & the impending data calendar
What’s Moved Overnight
What a difference an auction makes ... solid 20-year auction induced a relief rally (US5s 4.425% and US10s 4.39%) and put to bed some of the fears around the historically weak 30year auction from earlier in the month.
FX - DXY generally weaker EUR 1.0953, GBP 1.2525 and AUD 0.6565 but the key moves have been in JPY and CNH.
USDJPY dissent continues, breaking 148 o/night to open in London at 147.65 (more in yesterday's ROTTF).
Yuan (7.1440) has risen above the PBoC's fix ... (Bloomberg - Yuan Strengthens Past PBOC’s Fixing for First Time Since July)
Drift higher in US equities, has not led to any large gains in Asia, with a lack of drivers seeing a mixed session... Nikkei down 15bps as CSI is up 50bps.
Focus in equity world will be on Nvidia's earnings (Reuters)
RBA Minutes / Bullock... inflation a crucial challenge, Nov hike risk management and to stop larger hikes in future
Nothing new from Bailey ... remains in H4L camp and still too early to consider cuts
For greater detail on the overnight news stories as well as a focus on the day ahead see The Morning Hark in your inbox around 7.15GMT (2.15 EST) whilst also watch out for Read on the Trading Floor by 17.30GMT (12.30EST) which captures the macro themes trending on Harkster.com over the past 24hrs.
Have a great day, and keep smiling!
Podcast for the Commute
The Day Ahead
HUF (13:00): Monetary Policy Meeting
CAD (13:30): Core CPI
USD (15:00): Existing Home Sales
USD (19:00): Fed minutes
BoE Speak - Bailey (10:15)
ECB Speak - Lagarde (16:00) and Schnabel (17:15)
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 Harkster Research Platform.
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