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Erik Schafhauser Zürich Erik Schafhauser Zürich Erik Schafhauser Zürich

Morning Brew August 21 2024

Morning Brew 1 minute to read
Erik
Erik Schafhauser

Senior Relationship Manager

Summary:  5 steps forward 1 step back

 

Good morning,

Risk sentiment took a slight hit yesterday but quite honestly not a big one. Most indexes lost between 0.1% and 0.5% with little significant news. Most interesting was Walmart is selling its stake in JD.Com. This caused JD`s shares to lose 10%.. Volumes were low at less than 10 bio shares.

Ten yields fall to 3.8 and the USD Index drops to 101.50 with EURUSD broke the 1.11 for the first time this year and needs to break the December highs for additional momentum, GBPUSD has breached the 1.30 and a break above 1.3040 would open the door higher technically. USDJPY is 145.80 and Gold ans Silver are 2515 and 29.50. Many traders see Gold as having broken out of the range above 2508, let us see if the momentum can hold.

Today is the last day that is likely to remain calm ahead of significant event risk tomorrow and Friday. Kamala Harris and Jerome Powell will be speaking and after the so far positive DNC, traders are looking for the implications of President Harris.

Target earnings and the FOMC minutes will be watched but a lot has happened to change the Fed`s stance since the last meeting, I am not sure the meetings of the last meeting are that significant. There is some interest in Jobs statistics by the BLS in the US.

Trade safely and get ready for volatility coming up, review stops, consider using options to ehance yields or protect positions and most importantly have a plan!

 

Wednesday
- Data Japan Trade Balance
- Earnings: Agricultural Bank of China Xiaomi, Synopsys, Target, Snowflake

Speakers: FOMC Minutes

Thursday
- Data International PMI, US Initial Jobless claims, EU Consumer Confidence,
- Earnings: Intuit, Workday
Speakers: Jackson Hole Summit kicks off
Friday
- Data Japan CIP Canada Retail Sales, US New Home  Sales

- Earnings:  China Construction Bank, China Petroleum
- Speakers: 16:00 Powell speaks at Jackson Hole

 

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