Morning Call Script - 23 Jan 2024
Overnight asset drivers & the impending data calendar
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What’s Moved Overnight
BoJ unchanged at -0.1%, forward guidance on the yield curve unchanged, USDJPY unchanged at 148.00 and Nikkei unchanged at 36500
Another day, another round of "potential" Chinese stimulus plans. Premier Li Qiang chaired a cabinet meeting which discussed a "rescue" plan for the Chinese stock market. 2trillion yuan (~ $278bln) of offshore funds held in state companies could potentially find its way back into Chinese assets. Chinese stocks have shown some stability, CSI +25bps @ 3225, with Yuan rallying (7.18) and Chinese correlated ccy outperforming (AUD 0.66, NZD 0.6100)
Elsewhere we remain in a holding pattern in FX with a softer USD bias taking EUR 1.0905, GBP 1.2735, CAD 1.3455.
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Have a great day, and keep smiling!
Podcast for the Commute
FiveThirtyEight - Is New Hampshire The End Of The GOP Primary?
The Day Ahead
USD (15:00): Richmond Fed Manufacturing Index
USD (18:00): 2-year auction
NZD (21:45): CPI
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