Morning Juice – US Session Prep

Morning, Traders!
It is Wednesday the 16th of April, here are some things to look out for today.

Sentiment
Risk aversion weighed on the dollar and increased demand for Treasuries ahead of a speech by Fed Chair Powell.

The Dollar Index fell as much as 0.6%, hitting a fresh six-month low after Trump launched a probe into the need for tariffs on critical minerals and also called on China to reach out to him to kick off negotiations aimed at resolving the escalating trade war. The gauge slightly pared losses after China said it wants to see a number of steps from US before it will agree to trade discussions.

Technology stocks declined as new US government restrictions on the export of Nvidia chips to China and a disappointing report from ASML fanned trade war concerns, wiping out $155 billion in market value for the two companies alone.

Docket
08:30 ET
US Retail Sales MoM for March
Forecast: 1.4% | Prior: 0.2% | Range: 2% / 0.2%

09:15 ET
US Industrial Production MoM for March
Forecast: -0.2% | Prior: 0.7% | Range: 0.3% / -0.5%

09:45 ET
Bank of Canada Rate Decision
Forecast is for rates to remain unchanged at 2.75%.

Bank of Canada Monetary Policy Report & Rate Statement

10:30 ET
US Weekly EIA Crude Oil Inventories
Forecast: 0.945M | Prior: 2.553M | Range: 3.5M / -2M

13:00 ET
US sells $13 bln 20-Year Bonds

Speakers
10:30 ET
Bank of Canada Press Conference with Governor Macklem following the BoC Rate Decision

12:00 ET
Fed’s Hammack speaks on “Fed 101” in a moderated Q&A at an event in Columbus, OH.
Text and Q&A are expected.

13:30 ET
Fed’s Powell speaks to the Economic Club of Chicago about the economic outlook.
Text and Q&A are expected.

Good luck!