Morning Juice – US Session Prep (20th August)

Sentiment
Traders are watching for indications of whether there is more downside to come after the first real dip for equities in about two weeks. Tuesday’s swoon seems more down to rotation, with 70% of the S&P 500 actually higher in the session. Nvidia alone accounted for a quarter of the Nasdaq 100 losses, with the stock still more than 90% up from its April lows before next week’s earnings.

The dollar climbed to a 2-week high, and the New Zealand dollar declined to its lowest level since April as traders shifted their attention to the release of Fed Meeting Minutes later today.

Treasuries are marginally mixed with the yield curve flatter in early US trading, trailing gains in gilts despite upside surprises in UK CPI figures.

Docket
10:30 ET
US Weekly EIA Crude Oil Inventories
Forecast: -0.85M | Prior: 3.036M | Range: 2M / -3.594M

13:00 ET
US sells $16 bln 20-Year Bonds

14:00 ET
FOMC Meeting Minutes

Speakers
11:00 ET
Fed’s Waller speaks at the Wyoming Blockchain Symposium on the topic of payments.
Text and Q&A are expected.

15:00 ET
Fed’s Bostic participates in a moderated conversation on the economic outlook at Fintech South 2025 Woodruff Arts Center’s Symphony Hall/
Text is not expected, but a Q&A with the moderator is.

16:00 ET
Trump participates in a Swearing-In Ceremony for the United States Ambassador to the EU

16:10 ET
RBNZ Governor Hawkesby speaks at the Finance & Expenditure Select Committee on MPS.

Good luck!