Morning Juice – US Session Prep (23rd June)
Sentiment
US equity futures wavered as investors assessed whether an immediate Iranian response to US strikes on its nuclear sites would significantly disrupt oil flows from the Middle East.
Crude prices trimmed earlier gains.
S&P 500 contracts dropped after swinging between losses and gains.
Brent crude pared an advance of as much as 5.7%, trading below $78 a barrel.
The dollar strengthened against a basket of currencies, advancing against all Group-of-10 peers as traders hedged against the risk of further oil price gains.
Oil, which has risen more than 12% since the onset of the Israel-Iran conflict, remained the central focus as any interruption to traffic through the Strait of Hormuz raises the specter of a spike in energy prices and higher inflation.
While Iran’s Foreign Minister Abbas Araghchi said the country reserved all options for a response, there haven’t yet been any signs of disruption to physical flows.
Docket
08:15 ET
Israel Ambassador to the UN Danon Speaks
09:45 ET
US S&P PMI June Prelim
Manufacturing – Forecast: 51 | Prior: 52 | Range: 51.3 / 49.5
Services – Forecast: 52.9 | Prior: 53.7 | Range: 53 / 52
10:00 ET
US Existing Home Sales for May
Forecast: 3.96M | Prior: 4M | Range: 4.12M / 3.85M
Speakers
09:00 ET
ECB’s President Lagarde speaks at the ECON Hearing before the Committee on Economic and Monetary Affairs (ECON) of the European Parliament in Brussels, Belgium.
The text will be made available on the ECB’s website.
10:00 ET
Fed’s Vice Chair for supervision Bowman speaks at 2025 International Journal of Central Banking Conference
Text is expected, but no Q&A.
11:00 ET
ECB’s Nagel gives speech on regulatory challenges for central banks, in Freiburg im Breisgau, Germany.
13:10 ET
Fed’s Goolsbee speaks in a moderated Q&A at the Milwaukee Business Journal Mid-Year Outlook 2025 in Milwaukee, Wisconsin.
14:30 ET
Fed’s Williams and Fed Governor Adriana Kugler host a Fed Listens event at SUNY Schenectady Community College.
No text or Q&A is expected.
Fed Governor Kugler gives welcoming remarks at Fed Listens event hosted by the NY Fed
Text is expected, but no Q&A.
Good luck!
