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Morning Brew September 5 2023
Erik Schafhauser
Senior Relationship Manager
Summary: US Yields rise, USD Stronger, looking for clues
Good Morning
Yields ground higher to 4.21 and the USD Index rose to 104.25. EURUSD is trading at 1.0780, GBPUSD 1.2615 and USDJPY 146.85. Gold 1936 and Silver 23.80.
US 500 trades at 4508, the GER40 15780, US Tech 100 15475 looking for inspiration from todays data. There is a flurry of international PMI throughout the day, with Italy at 9:45 France at 9:50, Germany 9:55 EU 10:00, 10:30 UK and Brazil 15:00.
US Equities will recommence trading after the long weekend and sentiment will be important. The Interest rate expectation remains unchanged from last week where no change is expected for the 20th of this month, there is a 93% chance of no change and by July next year, 2 cuts are fully priced in.
The Australlian Central Bank left rates in place providing little clues after Christine Lagarde reiterated the need to keep inflation in check yesterday.
Country Garden has made interest payments on two U.S. dollar bonds at the last minute.
Oil is on the rise and looks to attack the 90 level on supply worries, more details here
Tuesday
- Data: Caixin PMI, RBA Cash Rate, International PMI, US Factory Orders
Wednesday
Feds Collins and Logan speak
- Data AU GDP, DE Industrial Orders, US Trade,
Thusday
Harker Goolsbee, Williams, Bostic and Bowman speak
- Data China Trade, DE Industrial Production, CH FX Reserves, US Initial Jobless claims
Friday
- Data Japan GDP, DE HICP,