Morning Juice – US Session Prep

Good Morning Traders.
It is Friday the 30th of August. Here is what to look out for today.

Sentiment
Wall Street was poised for a stronger start after two days of wobbles, as confidence grew that the Federal Reserve and other central banks would cut interest rates in the coming months.

Contracts on the Nasdaq 100 Index rose 0.7%, while those on the S&P 500 rose 0.4%, as traders waited to see if PCE inflation, a gauge closely watched by the Fed, would confirm the picture of moderating prices.
Europe’s main stock index rose to a record high as euro-area inflation fell to a three-year low, strengthening the case for the European Central Bank to cut interest rates in September.

Global stocks are poised for a fourth month of gains, with most data indicating that the Fed has managed inflation without tipping the economy into recession.
While economists anticipate a slight increase in the year-on-year PCE reading later on Friday, this is unlikely to derail expectations for a September rate cut.

Docket
08:30 ET
US PCE Data for July
YoY – Median Forecast: 2.5% | Prior: 2.5% | Range: 2.6% / 2.5%
MoM – Median Forecast: 0.2% | Prior: 0.1% | Range: 0.2% / 0.1%
Core YoY – Median Forecast: 2.7% | Prior: 2.6% | Range: 2.7% / 2.6%
Core MoM – Median Forecast: 0.2% | Prior: 0.2% | Range: 0.2% / 0.1%

US Consumer Spending for July
Median Forecast: 0.5% | Prior: 0.3% | Range: 0.8% / 0.3%

Canadian GDP for Q2
QoQ Annualised – Median Forecast: 1.8% | Prior: 1.7% | Range: 2% / 0.7%
MoM – Median Forecast: 0.1% | Prior: 0.2% | Range: 0.2% / -0.1%

10:00 ET
Univeristy of Michigan Data for August
Sentiment – Median Forecast: 68.1 | Prior: 67.8 | Range: 69 / 66.4
1-Year Inflation – Median Forecast: – | Prior: 2.9% | Range: – / –
5-Year Inflation – Median Forecast: 3% | Prior: 3% | Range: 3% / 3%

Speakers
10:00 ET
ECB’s Jochnik Speaks

Good luck, have a good weekend!