Morning Juice – US Session Prep
Morning, Traders!
It is Wednesday the 12th of February, here are some things to look out for today.
Sentiment
US equities futures contracts remained within restricted ranges as traders awaited a major US inflation report later for hints on the outlook for interest rate cuts.
S&P 500 futures fell. Positive earnings reports boosted European stock prices.
An index of Asian stocks rose.
Treasury rates have been elevated since statistics late last week indicated a solid US labour market, supporting the Fed’s cautious attitude on additional rate cuts. Dollar strength moved higher.
Markets are on edge as they await Wednesday’s consumer price index data.
Economists estimate the core CPI excluding food and energy to rise 0.3% from the previous month in January, following a 0.2% gain in December.
In other currency news, the Yen fell for the third day in a row, becoming the worst performer among its Group-of-10 peers, on fears over Trump’s trade tariff proposals.
On Wednesday, the Japanese government asked Trump to spare its companies from new tariffs.
Docket
08:30 ET
US CPI for January
YoY – Median Forecast: 2.9% | Prior: 2.9% | Range: 3.1% / 2.5%
MoM – Median Forecast: 0.3% | Prior: 0.4% | Range: 0.4% / 0.2%
Core YoY – Median Forecast: 3.1% | Prior: 3.2% | Range: 3.3% / 2.9%
Core MoM – Median Forecast: 0.3% | Prior: 0.2% | Range: 0.4% / 0.2%
US CPI Annual Revisions
10:30 ET
US Weekly EIA Crude Oil Inventories
Median Forecast: 2.305M | Prior: 8.664M | Range: 3.685M / 2M
13:00 ET
US sells $42 bln 10-Year Notes
13:30 ET
Bank of Canada Meeting Minutes
Speakers
10:00 ET
Fed’s Powell testifies on the Federal Reserve’s Semi-Annual Monetary Policy Report to the US House Committee on Financial Services.
BoE’s Greene gives a speech at the Institute of Directors.
12:00 ET
Fed’s Bostic speaks in a moderated conversation on the economic outlook at an event at the Atlanta Fed.
No text is expected, but there will be a Q&A.
ECB’s Nagel gives lecture in London with OMFIF on the natural rate of interest.
Good luck!
