Morning Juice – US Session Prep (21st November)

Sentiment
The dollar erased declines on a trade-weighted basis as risk aversion picked up speed before the London-New York crossover. Treasuries climbed across the curve.

Contracts on the S&P 500 was 0.3% higher after wavering through the session. In the latest move, sentiment improved after Fed’s Williams said the Fed has room to cut rates again soon as the labor market softens.

Nvidia declined around 1% in premarket trading as pressure continued on major AI equities. Bitcoin extended its fall, losing about a third of its value since last month’s high.

Docket
08:30 ET
Canadian Retail Sales
MoM – Forecast: -0.7% | Prior: 1% | Range: -0.2% / -0.7%

09:45 ET
US S&P PMI Flash
Manufacturing – Forecast: 52 | Prior: 52.5 | Range: 52.8 / 51.5
Services – Forecast: 54.6 | Prior: 54.8 | Range: 55.1 / 54
Composite – Forecast: 54.5 | Prior: 54.6 | Range: 54.9 / 54.2

10:00 ET
University of Michigan Final
Sentiment – Forecast: 50.6 | Prior: 50.3 | Range: 52.3 / 49
5-Year Inflation – Forecast: 3.6% | Prior: 3.6% | Range: 3.6% / 3.6%
1-Year Inflation – Forecast 4.7% | Prior: 4.7% | Range: 4.8% / 4.6%

16:00 ET
Monthly OPEX 

Speakers
08:00 ET
Fed’s Collins speaks on CNBC

08:30 ET
Fed’s Barr gives welcoming remarks at the College Fed Challenge Finals. Text: Yes Q&A: No

Fed’s Miran speaks

08:45 ET
Fed’s Jefferson speaks on financial stability at the 2025 Federal Reserve Bank of Cleveland Financial Stability Conference
Text and Q&A are expected

09:00 ET
Fed’s Logan speaks in moderated panel at the SNB and its Watchers
Text and Q&A are expected

09:30 ET
ECB’s Kocher & Muller speaks at the OeNB Conference on European Integration 2025 on CESEE’s Financial Future: Funding growth and innovation

10:40 ET
BoE’s Pill is speaking about the future of world-leading currencies at a conference in Switzerland

15:00 ET
Trump Meets Mamdani

Good luck!