Erik Schafhauser Zürich Erik Schafhauser Zürich Erik Schafhauser Zürich

Morning Brew January 11 2024

Morning Brew 1 minute to read
Erik
Erik Schafhauser

Senior Relationship Manager

Summary:  Finalies: Bitcooin ETF approved and CPI coming out today


Good Morning

I am tempted to say finalies!

The SEC approved a 11 Bitcoin ETF, among them  Swiss powered Ark-21 shares. Interestingly there was no substantial move in the Bitcoin price right after – the inflows will drive the price moves. The SEC issued a warning alongside the approval that the risks are substantial. Bitcoin is as of now 45900

The widely awaited US CPI will be released today at 14:30 CET as the most widely expected release of the week. Expected is a  headline of 3.2% YoY (0.2% MoM) from 3.1% (0.1%) in November and the core: 3.8% YoY (0.3% MoM) from 4.0% (0.3%) in November

Traders seem to be expecting a low number given that the USD is weak and stocks are rising – the big question is if it is a buy the rumor sell the fact situation or if we will get a confirmation price pressure is diminishing.

Yesterday the the Nasdaq 100 Index gained 0.7% to 16,793, and the S&P 500 Index 0.6% to 4,783, The Magnificent 7 showed little signs of fatigue. The Nikkei breached the 35000 fot he first time since the 1990ies

US 10 year Yields are currently at 4.01%, the USD Index at 102.18. EURUSD is nearing the 1.10 again at currently 1.0987, GBPUSD is at 1.2780 and USDJPY 145.40.

Gold and Silver continue to meander the 2030 and the 23.00 at now 2034 and 23.07.

There seems to be a strong focus on the CPI, trade it carefully. The first glance will be the headline numbers, then the individual components and last but not least, central bankers will base statements and outlooks on the number coning today.

Thursday
- Data US CPI, Initial Jobless Claims,

Friday
- Data China CPI, PPI, UK GDP,

Earnings: Citi, Bank of America, Blackrock, BNY Mellon, JPMorgan Chase, Delta, Wells Fargo,.

Trade Carefully.

 

Disclaimer

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 (https://www.home.saxo/legal/niird/notification)
Full disclaimer (https://www.home.saxo/legal/disclaimer/saxo-disclaimer)
Full disclaimer (https://www.home.saxo/legal/saxoselect-disclaimer/disclaimer)

Saxo Bank A/S (Headquarters)
Philip Heymans Alle 15
2900
Hellerup
Denmark

Contact Saxo

Select region

International
International

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.