Erik Schafhauser Zürich Erik Schafhauser Zürich Erik Schafhauser Zürich

Morning BrewDecember 20 2023

Morning Brew 1 minute to read
Erik Schafhauser

Senior Relationship Manager

Summary:  Equities strong on little news


Good Morning

Tomorrow I will be off, but back Friday before being off next week

On little key news, equities continue to grind higher and Indexes seem to want to close the year at annual highs.

The Three US Indexes added approximately 0.6 with Fedex the outlier as it cut the revenue forecast, stocks fell 8%.

US Yields remain lower at 3.90% for the 10 year and dovish sentiment remains firmly in place. There is now a 20 bps cut priced in for the Feds March meeting, the year end is seen at 3.87%.

The USD Index falls to 102.26 with EURUSD at 1.0660, GBPUSD back above 1.27, USDJPY 143.75 and Gold and Silver higher at 2041 and 24.09.

The Swiss Frank is trading at levels that seem uncomfortably low for the SNB at 0.8615 against the USD and 0.9440 against the EUR. These levels hurt exporters bur are very helpful to contain inflation.

The economic Agenda remains thin with the UK CPI as well we the European and the US Consumer Confidences the key events. Key for the week will be the Friday with the PCE.

 

Highlights in the News are:

Donald Trump is barred from Colorado primary for role in US Capitol attack, he is expected o challenge the decision

China left its lending rates unchanged.

Trading Calendar for Christmas and the Year End: https://www.home.saxo/en-ch/rates-and-conditions/forex/trading-conditions

Key Events:

Wednesday
- Data Japan Trade, China Rate decision, UK CPI, EU & US consumer confidences

Thursday
- Data: Turkey Rate decision, US GDP, Canada Retail Sales

Friday
- Data Japan CPI, US Core PCE, US Durable Goods orders, University of Michigan

 

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