Erik Schafhauser Zürich Erik Schafhauser Zürich Erik Schafhauser Zürich

Morning BrewSeptember 9 2021

Morning Brew 1 minute to read
Erik Schafhauser

Senior Relationship Manager

Summary:  Risk off on Fed Speakers and looming taper

Good Morning

Risk sentiment came under pressure and remained so over night, Indexes are lower, the USD index gains and Gold and Silver give up even more ground. Crypto seems to stabilize a little more than 10% off recent highs.

The Dow Jones lost  -0.20% yesterday and  additional- 0.4 over night,  the S&P 500 -0.13% and -0.42% over night and the Nasdaq -0.57% and a similar percentage since then. The Dax opening is indicated below support at 15532 with the next target at 15250 we do not reverse.

Gold is trading below the 1790 and has room to 1770, XAG is at 23.90 with some support in the 23.45-50 area.

The driver behind the nervousness is the fear of central banks tapering to combat inflation while at the same time growth seems to slow down globally. In the US the JOLTS Job opening report came at 10.9 mio against an expectation of 10 mio and Chinese PPI is at 13 year high at 9.5%

"The big picture is that the taper will get going this year and will end sometime by the first half of next year," St. Louis Fed Bank President James Bullard stated, while Robert Kaplan of the Dalas Fed said he sees Inflation fear weighing on demand.

As expected yesterday, commentary seems to make the market and today we are expecting the ECB rate decision at 13:45 CET and  the press conference at 14:30. Based on the Futures Curve, the probability of no rate change is 96% but there seems to be an overall agreement we will see a small degree of tapering by €10 or €20 bio  per month to leave the PEPP at €60 or €70 Bio. Interesting will be any statement Lagarde makes on the future inflation expectation and if she addresses the worries of the Bundesbank in particular.

US Initial Jobless claims will be released at 14:30 CET as well.

Watch out for nervous markets.



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.