Morning Juice – US Session Prep (14th May)

Sentiment
The currency remained stable as US market futures gained on strong tech earnings. Treasury 30-year rates remained above 5% after the Senate narrowly approved Kevin Warsh as Fed head. USD/CNY and USD/CNH plummeted to the lowest levels since February 2023; Xi Jinping emphasized China’s shift toward greater openness during his meeting with US business leaders. The unrelenting advance in technology stocks shows no signs of slowing, as a blockbuster share sale and Cisco Systems earnings emphasized the excitement surrounding artificial intelligence. A UK navy group claimed that a commercial vessel was taken by unauthorized people at the entry to the Strait of Hormuz and is now destined for Iranian seas, the latest proof of Tehran’s control over shipping in the region.

Docket
08:30 ET
US Retail Sales for April
MoM – Forecast: 0.5% | Prior: 1.7% | Range: 1.8% / 0%
Core MoM – Forecast: 0.7% | Prior: 1.9% | Range: 2% / 0.2%

08:30 ET
US Weekly  Jobless Claims
Initial Claims – Forecast: 205k | Prior: 200k | Range: 212k / 197k
Continued Claims – Forecast: 1.78M | Prior: 1.766M | Range: 1.795M / 1.7M

Speakers
10:15 ET
Fed’s Schmid speaks on payments innovation and community banking at the Future of Banking Conference, Federal Reserve Bank of Kansas City.
Text: Yes. Q&A: Yes, audience

11:15 ET
BoE’s Pill speaks at a NatWest roundtable.

13:00 ET
Fed’s Hammack gives opening remarks at the Cleveland Fed Conversations on Central Banking event.

Good luck!