Erik Schafhauser Zürich Erik Schafhauser Zürich Erik Schafhauser Zürich

Morning Brew March 7 2023

Morning Brew 1 minute to read
Erik
Erik Schafhauser

Senior Relationship Manager

Summary:  Powell should make or break the day


Good Morning,

Today’s key event will be the testimony of Jerome Powell before the Senate Banking Committee at 16 CET.

The key question will be if he considers recent high inflationary data as a bump in the road or a fundamental change and thus if he sees any need to adjust the Feds rate path.

At the moment markets are optimistically calm and largely at the same levels as yesterday, the US 500is trading at 4052, the US 30 33450, the US tech 100 12320, the Swiss 20 was just at 11111 and the GER40 at 15631.

The USD Index fell slightly to 104.30 with the EURUSD 1.0680, GBPUSD 1.2035 and USDJPY 135.95. Gold and Silver are a tad lower at 1845 and 21.03.

The Aussie slipped from 0.6775 to below 0.65 on a dovish outlook by the Royal Bank of Australia. The RBA hiked by 25 BPS as expected. Lowes comments were understood by trader to mean there would be only one more hike and that the peak rate may be below 4%.

If you are worried about the relatively high Equity levels, options – or insurance – are at a very low level with the March Vix Future trading below 20.

 

Today

Data: Powell testifies before the Senate Banking Committee, AU Trade Trade Balance, China Trade Data, AU Rate decision

Earnings:   Chocoladefabriken Lindt & Spruengli Ashtead Group Sea Ltd Crowdstrike Ferguson

Wednesday:

Data: EU GDP Revised YY, US International Trade, CA Trade Balance,, Ca Rate decision

Earnings:   Legal & General adidas AG Brown-Forman Geberit AG Thales SA China Unicom China United Network Ping An Bank

Thursday

Data: Japan GDP, China PPI, CPI, US Initial Jobless claims

Earnings Wheaton Precious Metals Ulta Beauty Hannover Rueck Deutsche Post PRADA Contemporary Amperex

Friday

Data: DE HICP, UK GDP,US  Nonfarm Payrolls,

Earnings:   Daimler Truck Holding DiDi Global Inc ZTE BNP Oracle JD.com

Expiries

        Physically Settled Futures

CONFH3 will expire 07 Mar 2023

FBTSH3 will expire 07 Mar 2023

FBTPH3 will expire 07 Mar 2023

FGBLH3 will expire 07 Mar 2023

FGBMH3 will expire 07 Mar 2023

FGBSH3 will expire 07 Mar 2023

FGBXH3 will expire 07 Mar 2023

FOATH3 will expire 07 Mar 2023

CH3 will expire 09 Mar 2023

FPH3 will expire 09 Mar 2023

ADH3 will expire 10 Mar 2023

BPH3 will expire 10 Mar 2023

DXH3 will expire 10 Mar 2023

E7H3 will expire 10 Mar 2023

ECH3 will expire 10 Mar 2023

JGB1H3 will expire 10 Mar 2023

JYH3 will expire 10 Mar 2023

M6AH3 will expire 10 Mar 2023

M6BH3 will expire 10 Mar 2023

M6EH3 will expire 10 Mar 2023

M6JH3 will expire 10 Mar 2023

MPH3 will expire 10 Mar 2023

MSFH3 will expire 10 Mar 2023

NEH3 will expire 10 Mar 2023

NOH3 will expire 10 Mar 2023

PJYH3 will expire 10 Mar 2023

RFH3 will expire 10 Mar 2023

RPH will expire 10 Mar 2023

RYH3 will expire 10 Mar 2023

SEH3 will expire 10 Mar 2023

SFH3 will expire 10 Mar 2023

 

Expiring CFDs

10YBTPMAR23 will expire 06 Mar 2023

10YOATMAR23 will expire 06 Mar 2023

BOBLMAR23 will expire 06 Mar 2023

BUNDMAR23 will expire 06 Mar 2023

SCHATZMAR23 will expire 06 Mar 2023

 

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