Morning Juice – US Session Prep

Morning, Traders!
It is Thursday the 10th of April, here are some things to look out for today.

Sentiment
Wall Street’s elation gave way to dread, with a drop in US stock market futures, oil, and the currency indicating concern that the trade war will cause long-term damage to the American economy.

S&P 500 futures fell, predicting a reversal from Wednesday’s nearly 10% gain.
The Dollar declined for the third consecutive day.
Brent crude fell below $64 per barrel. Bonds rose, while investors sought protection in gold, the Swiss franc, and the Yen.

While investors hailed Trump’s promise to suspend certain tariffs, which boosted US equities to a historic one-day surge, traders are now focussing on the implications of an economic slump and protracted volatility.
Consumer inflation data is coming later today, and a Treasury auction of 30-year bonds will be closely monitored for any signs of concern about owning US debt.

Meanwhile, European and Asian markets rose as investors caught up with Wall Street’s bounce the day before.

Docket
08:30 ET
US CPI for March
YoY – Forecast: 2.5% | Prior: 2.8% | Range: 2.8% / 2.5%
MoM – Forecast: 0.1% | Prior: 0.2% | Range: 0.3% / 0%
Core YoY – Forecast: 3% | Prior: 3.1% | Range: 3.1% / 2.9%
Core MoM – Forecast: 02.3% | Prior: 0.2% | Range: 0.5% / 0.2%

US Weekly Jobless Claims
Initial Claims – Forecast: 223k | Prior: 219k | Range: 230k / 215k
Continued Claims – Forecast: 1.884M | Prior: 1.903M | Range: 1.92M / 1.86M

11:30 ET
US sells $85 bln 4-Week Bills

12:00 ET
US EIA Short Term Energy Outlook Report

13:00 ET
US sells $22 bln 30-Year Bonds

Speakers
09:00 ET
BoE’s Breeden speaks at a Market News International event on “UK economic and financial stability prospects.”

09:30 ET
Fed’s Logan gives welcome remarks at a Dallas Fed event called “Outlook for North American Trade and Immigration.”

10:00 ET
Fed’s Bowman has her nomination hearing in front of the Senate Banking Committee for the position of vice chair for supervision.
Text & Q&A are expected.

Fed’s Schmid speaks on the economic outlook and monetary policy at an event in Kansas City.
No indication whether a text is expected, but there will be a Q&A.

11:00 ET
Trump participates in a Cabinet Meeting
(Closed Press)

12:00 ET
Fed’s Harker speaks on fintech at an event at the Philadelphia Fed.
Text is expected, but no Q&A.

Fed’s Goolsbee speaks at the Economic Club of New York.
No indication whether a text is expected, but there will be a Q&A.

ECB’s Donnery at Delphi Economic Forum X

SNB’s Tschudin Speaks at a Money Market event in Zurich

12:30 ET
Trump participates in a Swearing-In Ceremony for the Solicitor General

16:00 ET
Trump participates in a Bill Signing

Good luck!