Erik Schafhauser Zürich Erik Schafhauser Zürich Erik Schafhauser Zürich

Morning Brew April 9 2024

Morning Brew 1 minute to read
Erik Schafhauser

Senior Relationship Manager

Summary:  Waiting for the CPI

Good morning,

While markets wait for the US CPI tomorrow, there seems to be a massive lack of inspiration. US Equity dropped below 10 billion shares yesterday while indexes were hibernating. I do not recall a day where the big three US Indexes closed less 0.1% from the open

Most interesting larger stock was Tesla which gained almost 5% after announcing to launch the Robotaxi in August and Crypto stocks such as Coinbase and MicroStrategy.

Yields remained high with the 10-Year above 4.4% and traders price in less than 3 cuts at 60 basis points. There is only a 50% chance of cut in June and July is 90%.

The USD Index gave up a little ground, EURUSD is 1.0857, GBPUSD 1.2657 and USDJPY 151.85. Bitcoin and Ethereum rose to 71150 and 3687.

Gold, Silver and Copper seem unstoppable at 3345, 27.95 and 426. Noteworthy is that the implied volatility or Silver is trading at the highest since the banking crises last year. The 1 month is at 30%. While that makes selling options rather attractive but remember that the price is already up 17% for the year and 27% off the low so be sure to consider the risks.


Today is a day devoid of significant releases or planned speeches, it will either be a very slow day, or we will see fast moves when traders position themselves. Tomorrow the CPI Will be in focus, and it is likely to cause sharp moves. The Core is seen at 3.7% and the non-core at 3.4%.

Non-scheduled event risks remain severe from Ukraine, the middle east and Sino-US trade frictions. don’t be complacent.


- Data AU Rate decision, US CPI, Golsbee speaks, Fed minutes,

- Data China M2, CPI and PPI, ECB Rate, US Initial Jobless Claims, PPI, Feds Collins, and Bostic speaks.

- Data China Trade Balance, DE&SWE&FR CPI, US Import Prices Bostic and Daly speak.
- Earnings: Blackrock, JP Morgan, Wells Fargo, State Street, Citigroup




The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
Notification on Non-Independent Investment Research (
Full disclaimer (
Full disclaimer (

Saxo Bank A/S (Headquarters)
Philip Heymans Alle 15

Contact Saxo

Select region


Trade responsibly
All trading carries risk. Read more. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more

This website can be accessed worldwide however the information on the website is related to Saxo Bank A/S and is not specific to any entity of Saxo Bank Group. All clients will directly engage with Saxo Bank A/S and all client agreements will be entered into with Saxo Bank A/S and thus governed by Danish Law.

Apple and the Apple logo are trademarks of Apple Inc, registered in the US and other countries and regions. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google LLC.