Risk Sentiment is off to a poor start as Asian Equities are trading in the red to the exception of Japanese Equities. USDCNH is trading higher on PBoC Easing speculation which could come in as early as Monday and TWD is bearing the brunt on account of Election uncertainty. USD Index consolidated overnight closing 0.23% higher on the day ahead of the much anticipated CPI Report. Implied pricing for Fed Fund Rates shows 138 bps of rate cuts into 2024.
Major Overnight Headlines
An "Unauthorized" Post On X stated “Approval
Of Bitcoin Spot ETF”. Bitcoin prices dropped 1.85% after touching a high of 47897
post the SEC Clarification. Crude Oil prices continued to chop around and rose 1.5%
The Atlanta Fed's GDPNow forecast for Q4 GDP was revised down to 2.2% from 2.5% in the previous estimate.
World economy is estimated to have grown 2.6% during 2023, down from 3% in 2022 but stronger than the 2.1% growth it projected in June. Global growth, however, is expected to slow to 2.4% this year
Michael Barr suggested the BTFP (Bank Term Funding Program) would not be extended. The temporary program has allowed banks to take advances from the Fed for up to a year by pledging Treasuries, mortgage-backed bonds and other debt as collateral.
Germany's November Industrial Production was
down 0.7% m/m (expected 0.2%; last -0.3%), falling 4.9% yr/yr (last -3.4%).
ECB’s Villeroy said must remain vigilant on inflation data and short of
any surprises, 2024 will be the year of the ECB's first rate cuts. Villeroy
said decisions will be based on data and will not be stubborn or rushed, while
he added they will cut rates this year when the inflation outlook is
solidly anchored at 2%.
ECB's Centeno said the ECB will not have to wait until May
to make policy decisions, while he noted that the latest inflation figures say
the reduction in inflation will occur sooner than thought six months ago and
that the easing process will be faster than thought, according to econostream.
|
Yields |
High |
Low |
Close |
DoD ▲ |
|
US 2Y |
4.39 |
4.35 |
4.37 |
-1.10 |
|
US10Y |
4.05 |
4.00 |
4.02 |
-1.70 |
|
US2s10s |
-0.34 |
-0.36 |
-0.35 |
-0.60 |
|
US30Y |
4.22 |
4.16 |
4.19 |
-0.90 |
|
JGB 10Y |
0.61 |
0.58 |
0.59 |
-1.50 |
|
Cn |
H |
L |
C |
|
USDINR |
83.14 |
83.03 |
83.1 |
|
EURUSD |
1.0966 |
1.0910 |
1.0931 |
|
USDJPY |
144.62 |
143.42 |
144.47 |
|
GBPUSD |
1.2765 |
1.2689 |
1.2709 |
|
AUDUSD |
0.6735 |
0.6677 |
0.6687 |
|
USDCAD |
1.3413 |
1.3340 |
1.3390 |
|
USDSGD |
1.3322 |
1.3266 |
1.3311 |
|
USDCNH |
7.1880 |
7.1591 |
7.1839 |
|
USDKRW |
1321.09 |
1309.62 |
1320.00 |
|
Dollar Index |
102.66 |
102.11 |
102.52 |
|
Crude Oil |
78 |
75.82 |
77.28 |
|
Gold Prices |
2042 |
2026 |
2030 |
|
Bitcoin |
47897 |
44903 |
46124 |
|
Sensex |
72035 |
71307 |
71386 |
|
Nifty |
21724 |
21517 |
21555 |
|
S&P |
4770 |
4734 |
4757 |
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