Morning Juice – US Session Prep (21st August)

Sentiment
The dollar edged up before the Fed’s Jackson Hole event, as traders look for clearer signs from the Fed. Treasuries slipped. US weekly jobless claims are due later in the day. US stock futures wavered after a run of selling in large tech as traders remain cautious ahead of the Fed’s gathering at Jackson Hole.

Fed’s Cook indicated her intent to remain at the Fed, resisting calls for her resignation by Trump over allegations of mortgage fraud.

Fed’s Powell’s speech on Friday will be observed for guidance on a September rate cut after Fed members implied concern over inflation at the last meeting. 10-Yr Treasury yields inched up 2 BPS to 4.31%. Markets are pricing in the chance that the Fed will provide 52 BPS of easing by the end of the year, down from around 56 BPS the previous day.

Docket
08:30 ET
US Weekly Jobless Claims
Initial Claims – Forecast: 225k | Prior: 224k | Rage:235k / 220k
Continued Claims – Forecast: 1.96M | Prior: 1.953M | Range: 1.97M / 1.95M

09:45 ET
US S&P PMI August Prelim
Manufacturing – Forecast: 49.7 | Prior: 49.8 | Range: 51 / 48.5
Services – Forecast: 54.2 | Prior: 55.7 | Range: 55.4 / 53
Composite – Forecast: 53.5 | Range: 55.1 | Range: 54.5 / 52.7

10:00 ET
US Existing Home Sales for July
Forecast: 3.92M | Prior: 3.93M | Range: 4.01M / 3.85M

13:00 ET
US sells $8 bln 30-Year TIPS

Speakers
11:45 ET
SNB’s Martin speaks in Zurich.

15:00 ET
Trump signs executive orders

Good luck!