Morning Call Script - 25 Mar 2024

Overnight asset drivers & the impending data calendar

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What’s Moved Overnight

• BoJ Minutes - rising likelihood of hitting inflation target.

• Kanda - closely watching FX moves with high sense of urgency, JPY weakness doesn't reflect fundamentals.

• Bostic first to see just 1 rate cut whereas Powell ranks UER > Inflation

  • Bloomberg - Fed’s Bostic Now Anticipates Just One Rate Cut This Year

  • Bloomberg - Fed’s Powell Ready to Support Job Market, Even If It Means Lingering Inflation

• CNY - 7.2450, reports of state bank supply of USD as well as PBoC setting the reference rate at 7.0996 vs estimate 7.2267. Largest gap to the estimate since April 2023

  • Bloomberg - Yuan Rebounds as PBOC Sends Strong Message of Support Via Fixing

• Markets - Nikkei 40670, CSI 3560, Crude 81.00, Brent 86.00, Gold 2170, XBT 67600, EUR 1.0815, JPY 151.35, GBP 1.2610, AUD 0.6525, CNH 7.2455, 10s at 4.21%

For greater details on the overnight news stories, current macro themes, and a comprehensive look at the week ahead, look out for today’s edition of The Morning Hark. Landing in the inbox of PRO subscribers around 7.15GMT (2.15 EST).

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Have a great day, and keep smiling!

Podcast for the Commute

• DB - Here come the doves

The Day Ahead

• ECB's Lagarde (10:00)

• Fed's Bostic (12:25) and Cook (14:30)

• BoE's Mann (14:15)

• USD (14:30): Dallas Fed Manufacturing Index

• USD (17:00): 2yr Auction

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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The information provided in this post is for general information purposes only. No information, materials, services, and other content provided in this post constitute solicitation, recommendation, endorsement or any financial, investment, or other advice. Seek independent professional consultation in the form of legal, financial, and fiscal advice before making any investment decision.