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Morning Brew August 19 2022
Erik Schafhauser
Senior Relationship Manager
Summary: Looking for direction in low volumes
Good Morning,
Wall Street could grind higher yesterday after Cisc`s positive earning pulled tech higher, Cisco gained 5.8% and Nvidia 2.4%.
Noteworty is that volumes are extremely low, yesterday was the second lowest volume of the year as investors and traders are looking for inspiration and a clear direction.
Hawkish comments out of the Fed talk the USD and rates higher, Esther George said she and her colleagues will not stop tightening policy until they are "completely convinced" that overheated inflation is coming down acc to Reuters.
The 10 Year Yields rose to 2.92 and the 2 year 3.25, the spread between the two declined to 33 BPS:
The USD Index rose to 107.60 a months high. EURUSD fell to 1.0080, GBPUSD broke below the 1.20 to 1.1910, USDJPY 136.30. Gold and Silver fell to 19.33 and 1754 while Bitcoin broke below 23k again.
Our Kim Cramer sees new lows possible: EURUSD and GBPUSD testing key supports. Will they hold or will EURUSD test parity again and GBPUSD drop to 1.14? UK retail sales came better than feared but the last month was revised lower a decent amount.
The Turkish Lira came under more pressure as the central bank lowered rates despite soaring inflation. We broke above the 18 mark to a new all time high in the USDTRY rate.
While EU Inflation came in line with expectations, ECB`s Schnabel raised concerns on economic growth, further weighing on the Euro. Dax traded lower and is nearing a key support : If DAX closes below 13,455 downtrend has been confirmed.
On Monday, China is expected to lower rates at 3:15 in the morning,
The Calendar is fairly thin and a slow day is likely unsell there are any severe surprises. Stay on your toes
Economic Data:
- Friday: UK Retail Sales, Canada Retail Sales.
Earnings:
- Friday: China Merchants Bank, CNOOC, Shenzhen Mindray, Xiaomi, Deere