Erik Schafhauser Zürich Erik Schafhauser Zürich Erik Schafhauser Zürich

Morning Brew September 13 2022

Morning Brew 1 minute to read
Erik Schafhauser

Senior Relationship Manager

Summary:  Risk on remains - Will CPI confirm peak inflation?

Good Morning

Risk celebrated another on-day with the USD Index in decline and stocks grinding higher. The Dow gained 0.7%, yesterday, the  S&P 1.06% and the  Nasdaq 1.27%. The USD Index fell below 108,15.

Main driver of the optimism seems to he hopes inflation is peaking on the one hand and large amounts of risk capital that want to be put to use.

EURUSD is trading at 1.0140, GBPUSD at 1.17 and USDJPY at 142.28. Gold and Silver are trading at 1722 and 19.70. Bitcoin at 22500 and oil is off the lows at 87.70.

UBS Group AG plans to increase its dividend to $0.55 and buy back shares to the tune of $5 billion for 2022

German Inflation data just came as expected and UK Unemployment slightoy better than expected, for the rest of the day, the ZEW Index for the EU as well as for Germany at 11 will be of  interest, at 14:30 the USD CPI will be key. The annual rate is expected at 8.1%, down from 8.5% last month. If the decline is confirmed, it would raise hopes that the rate hikes are showing a positive effect.


Ethereum merge will draw attention

The Ethereum software upgrade, the so-called Merge, is expected to take place this week, according to its core developers. The new system, known as "proof-of-stake", will slash the Ethereum blockchain's energy consumption by 99.9%, developers say. Most blockchains, including bitcoin's, devour large amounts of energy, sparking criticism from some investors and environmentalists. We wrote about this here, and this is a key event to watch this week. The merge could make Ethereum more favorable to pension funds and other institutional investors that are under the scanner for environmental concerns, but there is also come skepticism an how scalable Ethereum could become and if it becomes more susceptible to attacks by hackers.




        Physically Settled Futures:

US Dollar Index - Sep 2022 (DXU2) will expire 16th Sep at 9:00 GMT

GBPUSD - Sep 2022 (BPU2), E-mini EURUSD - Sep 2022 (E7U2), EURUSD - Sep 2022 (ECU2), JPYUSD - Sep 2022 (JYU2), E-micro EURUSD - Sep 2022 (M6EU2), NZDUSD - Sep 2022 (NEU2), EURCHF - Sep 2022 (RFU2), EURGBP - Sep 2022 (RPU2), EURJPY - Sep 2022 (RYU2), SEKUSD - Sep 2022 (SEU2), CHFUSD - Sep 2022 (SFU2) will expire 16th Sep 15:00 GMT


Expiring CFDs:

GER50MIDSEP22 will expire 14th Sep at 8:00 GMT


USDINDEXSEP22 will expire 15th Sep at 15:00 GMT

US2000SEP22 will expire 16th Sep 8:00 GMT

OILUSOCT22 will expire 16th Sep 15:00 GMT


Futures can be rolled online via the Futures Spread Trade Ticket. Any open positions will be closed after the mentioned times.

Wednesday, Sep 14

US: PPI (Aug)
Japan: Core machine orders (Jul)
UK: CPI (Aug)
UK: RPI (Aug)
UK: PPI (Aug)
Eurozone: Industrial production (Jul)
India: WPI (Aug)
New Zealand: Current account balance (Q2)
Hong Kong: Industrial production (Q2)
Hong Kong: PPI (Q2)

Thursday, Sep 15

US: Jobless claims (weekly)
US: Retail sales (Aug)
US: Philly Fed manufacturing survey (Sep)
US: Empire State manufacturing survey (Sep)
US: Industrial production (Aug)
US: Business inventories (Jul)
Japan: Trade data (Aug)
Japan: Tertiary industry activity index (Jul)
Australia: Unemployment rate (Aug)
UK: Bank of England decision (Sep)
Eurozone: ECB’s Centeno speaks
Indonesia: Trade data
New Zealand: Real GDP (Q2)


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.