Morning Juice – US Session Prep

Good Morning, Traders!
It is Wednesday the 11th of December. Here is what to look out for today.

Sentiment
The dollar rose on reports that Chinese leaders are considering letting their currency fall as they prepare for higher tariffs under a second Trump administration.
Traders are also bracing for US inflation data this morning, and a policy decision from the Bank of Canada.

The suggestion that Beijing could allow the yuan to weaken startled markets, which were in a pause ahead of today’s US inflation data release and next week’s Federal Reserve meeting.
It brought the offshore yuan down as much as 0.5%, while the dollar index rose 0.3% to a two-week high.

The move spread overseas, causing declines in China proxies, including the Australian and New Zealand dollars.
Futures for the S&P 500 and Nasdaq 100 indices rose slightly, while Europe’s Stoxx 600 benchmark recovered from an early loss.

Some BoJ officials are not against a rate hike in December if proposed. BoJ is said to see little cost to waiting for the next rate hike.
That led to the yen strengthening before quickly paring some of its strength.

Docket
08:30 ET
US CPI for November
YoY – Median Forecast: 2.7% | Prior: 2.6% | Range: 2.9% / 2.6%
MoM – Median Forecast: 0.3% | Prior: 0.2% | Range: 0.3% / 0.2%
Core YoY – Median Forecast: 3.3% | Prior: 3.3% | Range: 3.4% / 3.2%
Core MoM – Median Forecast: 0.3% | Prior: 0.3% | Range: 0.3% / 0.2%

09:45 ET
BoC Rate Decision
Median Forecast sees a 50 bps cut to 3.25% from 3.75%

BoC Rate Statement

10:30 ET
Weekly EIA Crude Oil Inventories
Median Forecast: -1.1M | Prior: -5.073M | Range: 0.23M / -2M

13:00 ET
The US Sells $39 Bln in 10-Year Notes

Earnings
16:05 ET
Adobe Q3 2024 Earnings
Est. EPS: $4.67
Est. Rev: $5.53B

Good luck!