Erik Schafhauser Zürich Erik Schafhauser Zürich Erik Schafhauser Zürich

Morning Brew August 31 2022

Morning Brew 1 minute to read
Erik Schafhauser

Senior Relationship Manager

Good Morning

Strong Job openings indicated that the labor market in the US is not cooling off, 11.2 million job openings are looking to be filled. Also the Consumer confidence beat expectations. That lead to worries the fed will tighten further and put pressure on equities. The probability of a 75BPS hike rose to 75% before falling back to 70 this morning. Nasdaq as well as the S&P fell below the 50 day moving average.

All 3 Indexes in the US Fell by app 1%, this morning we see a recovery of about 0.6% across the board.

The GER40 is trading at 13025, the US500 at 4011 and the US Tech 100 at 12441.

The USD Index is trading a little below the highs, the EUR remains “strong” on expectations of a hawkish ECB. EURUSD is trading at 1.0036 and GBPUSD at 1.1683. The Japanese Yen is approaching areas again where an intervention by the BoJ may be looming, we are at 138.40. Gold and more so silver fell yesterday but also recovered slightly, Gold is at 1724 and Silver at 18.48.

Oil fell yesterday despite Russia cutting gas in the Nordstream pipeline in an expected move. Corona Numbers in China and rising rates cause worries on demand

Chinas factory activity remains below 50 but beat expectations by 0.2%. The party congress is planned for October.

Bitcoin is above 20k again

Reuters reports liquidity issues in the US treasury markets as the Fed is withdrawing liquidity

For Swiss Franc Traders the official reserves are of interest today at 9, for the Euro, the HICP at 11 will be key. The Nonfarm Payroll on Friday is coming into focus.

Economic Data:

Wednesday: Norway GDP, CH Official reserves, EU HICP, Italy CPI

Thursday: IT, FR, DE and EU PMI, EU Unemployment Rate, US Initial Jobless claims, PMI

Friday: US Nonfarm Payrolls


Physically Settled Futures:

RBOB Gasoline (RBU2) will expire 31 Aug at 15:00 GMT

Random Length Lumber (LBU2) will expire 1st Sep at 15:00 GMT




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.