Morning Juice – US Session Prep

Good Morning Traders!
It is Monday, the 1st of April, happy Easter Monday and April Fools Day! Here’s what to look out for ahead of today’s session.

Sentiment

US Inflation Data Friday and Jerome Powell’s speech did little to alter the outlook for interest rates, with market odds still favoring a cut in June. Powell reiterated that the US central bank is not in a rush to decrease interest rates while policymakers await additional proof that inflation is under control.

European and US equity futures climbed on Monday, as US inflation data did nothing to change expectations that the Federal Reserve will lower interest rates this year.

The yen remained near 152 per dollar, a carefully watched level that some traders believe could prompt an intervention from government. Japan’s Finance Minister stated that the government is closely following currency developments and will take appropriate action to prevent any excessive moves. Elsewhere, the dollar wavered in sparse holiday trading as major European and Asian markets were closed for Easter Monday.

Docket

9:30 AM ET
Canadian Manufacturing PMI: Prior 49.7

9:45 AM ET
US S&P Manufacturing PMI Final: Forecast 52.5 | Prior 52.5 | Range 52.8/52.3

10:00 AM ET
US ISM Manufacturing PMI: Forecast 48.3 | Prior 47.8 | Range 49.5/46.6
US ISM Mfg. Prices Paid: Forecast 52.9 | Prior 52.5 | Range 54/50
US Construction Spending MoM: Forecast 0.7% | Prior -0.2%
US ISM Mfg. New Orders Index: Forecast 49.8 | Prior 49.2
US ISM Mfg. Employment Index: Prior 45.9

11:30 AM ET
US sells $70bln of 3-Month Bills
US sells $70bln of 6-Month Bills