Morning Juice – US Session Prep (14th May)

Sentiment
US stock futures and Treasuries posted small moves, with investors signalling that the equity rally is losing momentum as it stretches into a fourth week. The dollar fell.

S&P 500 contracts were little changed after the index closed at the highest since February. The dollar weakened 0.4% after a person familiar with the matter said the US and South Korea discussed their currency policies in early May, fuelling speculation that Trump’s administration is open to a weaker greenback. The 10-year Treasury yield declined two basis points to 4.45%.

The won jumped more than 1% and neighbouring currencies, including the Japanese yen, also rose against the dollar.
Investors took news of the talks between South Korea and the US as reason to suspect foreign governments may accept strength in their exchange rates to smooth the way to trade deals with the US.

Trump and other administration officials have argued weakness in Asian currencies versus the dollar have handed an unfair advantage for regional exporters over US rivals.

Docket
10:30 ET
US Weekly EIA Crude Oil Inventories
Forecast: -2.209M | Prior: -2.032M | Range: -1M / -2.9M

Speakers
09:00 ET
ECB’s Villeroy speaks at the National Assembly’s foreign affairs committee.

09:10 ET
Fed’s Jefferson speaks on the economic outlook at a virtual event.
Text and Q&A are expect

10:00 ET
ECB’s Holzmann speaks at conference of Austrian National Bank on Green Finance. Speakers include Austrian Treasury Managing Director Markus Stix.

Earnings
16:05 ET
Cisco Systems Q3 2025 Earnings
Est. EPS: $0.91
Est. Rev: $14.05B

Good luck!