Morning Juice – Europe Session Prep

Good Morning Traders
It is Friday, the 2nd August. Here is what to expect for today:

Sentiment

Japan’s Finance Minister, Shunichi Suzuki, tells reporters that recent currency movements have both positive and negative consequences. Sudden FX movements generate anxiety for firms, he argues; it’s crucial for currency markets to reflect fundamentals and move steadily.

Following Governor Kazuo Ueda’s aggressive speech on Wednesday and his earlier-than-expected rate hike, most Bank of Japan watchers are reassessing the trajectory of interest rates and revising their projections. According to a survey conducted Thursday, 68% of 41 economists believe the policy rate would rise from 0.25% to 0.5% before the end of the year. Just under a quarter expects the raise to occur in October, while 44% anticipate it in December. Another fifth expects the shift to occur in January.

Oil was heading for a fourth weekly loss as demand concerns in the world’s two biggest economies eclipsed increased geopolitical danger.

Docket

02:30 ET
Swiss Core CPI YoY
Median Forecast 1.1% | Prior 1.1% | Range 1.2%/1.1%

Swiss CPI MoM
Median Forecast -0.2% | Prior 0.0% | Range -0.1% /-0.3%

Swiss CPI YoY
Median Forecast 1.3% | Prior 1.3% | Range 1.5%/1.2%

Speakers

07:15 ET
BoE’s Pill Speaks

Earnings

06:15 ET
Chevron Q2 2024 Earnings
Est. EPS $2.93 | Est. Rev. $50.31

06:30 ET
Exxon Mobil Q2 2024 Earnings
Est. EPS $2.03 | Est. Rev. $87.74

Good luck!