Erik Schafhauser Zürich Erik Schafhauser Zürich Erik Schafhauser Zürich

Morning Brew January 3 2024

Morning Brew 1 minute to read
Erik
Erik Schafhauser

Senior Relationship Manager

Summary:  Volatile Start to 2024


Good Morning

Have a healthy and prosperous 2024!

The Year is so far starting interestingly with equities off to a slow start and the US Dollar gaining of the between the years low.

Barclays downgraded its forecast for apple, spooking traders and the stock lost 3.6%, the Nasdaq gave up 1.6% in the close, the S&P 500 lost 0.6 and the Dow gained 0.1%. The Germany 40 is currently trading at 16730 and the Swiss 20 is starting the year on a friendly note at 11187.

The 10 year Yields traded in large Swings and briefly breached 4% after a trading below 3.8 last week, the USD Index could rise above the 102. EURUSD is back below the 1.10 at 1.0960, GBPUSD 1.2635 and USDJPY 142.40

The Swiss Franc is trading at 0.85 against the USD and 0.9315 against the EUR, not a comfortable level for exporters.

Gold is trading at 2063 and Silver 23.60 Bitcoin could rise to above 45k on hopes of the ETF being issued soon.

There is a wide variety of topics that will keep us busy this year and our Q1 outlook will try to assess them early next week.

Elections, Global Slowflation, the wars in Ukraine and the Middle East will be among the topics being watched.

In the short term, we are looking at a decent amount of releases with the Fed Minutes today and the Non-Farm Payroll  on Friday likely key. Liquidity should remain a little thin until tradersa re back from holiday on Monday.

Wednesday
- Data Turkey CPI, DE Unemployment, ISM Manufacturing Index, Fed Minutes,

Thursday
- Data: International PMI, De CPI, USADP Employment Index, Initial Jobless Claims,

Friday
- Data EU Inflation. US Non Farm Payrolls, Canada Unemployment, ISM non-Manufacturing Index

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.