Erik Schafhauser Zürich Erik Schafhauser Zürich Erik Schafhauser Zürich

Morning Brew January 9 2024

Morning Brew 1 minute to read
Erik Schafhauser

Senior Relationship Manager

Summary:  Is your Currency Risk hedged?

Good Morning

  • Stocks mostly up
  • Boeing down
  • Oil Lower as Saudi Arabia cuts production
  • Bitcoin strong
  • Is your portfolio hedged against currency Risk?

Equities had a great day yesterday in a bit of an odd move… Especially Tech rose with Nvidia the star. New chips presented at the CES caused stock to rise to a new all time high and close 6.3% higher at 522.

Apple rose 2.4% on news the Vision Pro will be on sale from February 2nd, Boeing fell 8%  on the issues with the 737 Max. Indexes gained: The Doe +0.6%, The US500 +1.4% and the Nasdaq +2.2%. 

Traders seem to be celebrating a weak CPI Print on Thursday and there seems to be a great deal of fear of missing out as a driver, I have a hard time to justify the strong sentiment but the market is always right.

Yields and FX were fairly quiet, the 10 Year Yield is trading at 4.02 an the USD Index 102.30, EURUSDD 1.0950 GBPUSD 1.2733 and Gold and Silver 2032 and 23.05, Bitcoin gained to 47k on hopes of near launch of the broad ETF. It formed the first ever Golden Cross where the 50 Week SMA crossed the 200 day from below.

We convinced our Options-Guru Koen to also take a look at FX Options, on a simple approach to hedge a portfolio against adverse currency moves. Why is that important? If you had a portfolio of US Stocks equal to the S%P500, you gained app  16%- in the same time you would have lost 8.% due to the rise of the Swiss Franc.

As I am writing, our Q1 Outlook is hitting the wires, ppls enjoy it:


Central banks will embark on rate cuts in 2024, marking a shift from the tightening stance in the previous year. Opportunities will arise in precious metals, equity themes such as defence and value stocks, higher duration sovereign bonds, and a weaker USD. Geopolitical tensions and populism in politics loom as significant risk factors, necessitating close monitoring.

- Data Japan CPI, Australia Retail Sales, US  International Trade $

- Data Australia CPI,

- Data US CPI, Initial Jobless Claims,

- Data China CPI, PPI, UK GDP,


Physically Settled Futures

FPF4 will expire 10 Jan 2024 at 16:00 GMT

Expiring CFDs

GASOILUKJAN24 will expire 09 Jan 2024 at 16:00 GMT



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 (Schweiz) AG
The Circle 38

Contact Saxo

Select region


All trading carries risk. Losses can exceed deposits on margin products. You should consider whether you understand how our products work and whether you can afford to take the high risk of losing your money. To help you understand the risks involved we have put together a general Risk Warning series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. The KIDs can be accessed within the trading platform. Please note that the full prospectus can be obtained free of charge from Saxo Bank (Switzerland) ltd. or the issuer.

This website can be accessed worldwide however the information on the website is related to Saxo Bank (Switzerland) Ltd. All clients will directly engage with Saxo Bank (Switzerland) Ltd. and all client agreements will be entered into with Saxo Bank (Switzerland) Ltd. and thus governed by Swiss Law.

The content of this website represents marketing material and has not been notified or submitted to any supervisory authority.

If you contact Saxo Bank (Switzerland) Ltd. or visit this website, you acknowledge and agree that any data that you transmit to Saxo Bank (Switzerland) Ltd., either through this website, by telephone or by any other means of communication (e.g. e-mail), may be collected or recorded and transferred to other Saxo Bank Group companies or third parties in Switzerland or abroad and may be stored or otherwise processed by them or Saxo Bank (Switzerland) Ltd. You release Saxo Bank (Switzerland) Ltd. from its obligations under Swiss banking and securities dealer secrecies and, to the extent permitted by law, data protection laws as well as other laws and obligations to protect privacy. Saxo Bank (Switzerland) Ltd. has implemented appropriate technical and organizational measures to protect data from unauthorized processing and disclosure and applies appropriate safeguards to guarantee adequate protection of such data.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.