Morning Call Script - 29 Feb 2024

Overnight asset drivers & the impending data calendar

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What’s Moved Overnight

• XBT euphoria hit an air pocket as Coinbase wallets crashed .... back at 63.3k on the London open following wild 10% swings

  • Reuters - Soaring bitcoin set for biggest monthly jump since 2020

  • Bloomberg - Coinbase Tells Users ‘Your Assets Are Safe’ as Some See $0 Balance

• BoJ Takata hawkish comments has USDJPY back sub 150.00 at 149.80.

  • Blomberg - BOJ Board Member Signals Exiting Negative Interest Rate Policy Is Closer

  • Reuters - BOJ policymaker calls for overhaul of ultra-loose monetary policy

• Williams - 3 cuts still reasonable 

• US congress have avoided a partial shutdown on March 2nd

• Elsewhere, choppy month end for APAC stocks... EUR 1.0835, AUD 0.6520. GBP 1.2665, CSI 300 @ 3497, Nikkei 39243, 10s 4.275%, Gold $2035, Crude $78.60.

  • Reuters - "CSI 300 bounced back from the prior day's losses to again sit close to three-month highs ahead of the annual session of the National People's Congress next week, when growth targets will be set and a stimulus path charted."

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Have a great day, and keep smiling!

Podcast for the Commute

• FiveThirtyEight - What To Make Of The Protest Votes In Michigan

The Day Ahead

• EUR (07:45): French CPI

• EUR (09:00): German Regional CPI prints

• EUR (13:00): German Inflation Rate

• USD (13:30): Core PCE Price Index

• USD (13:30): Initial Claims

• CAD (13:30): GDP

• Fed's Bostic (15:50), Goolsbee (16:00) and Mester (18:15)

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