LATAM: Focus On Raft Of US Data Ahead Of Thanksgiving Holiday
Nov-23 12:20
- G10 currencies trade largely subdued early Wednesday, with EUR/USD strength over Asia-Pac hours resulting in a 1.0348 print before prices moderated across Europe amid mixed Flash PMI data.
- Equities continue to provide a generally risk-on backdrop, with the e-mini S&P and EuroStoxx future both holding inside short-term uptrend.
- Focus turns to the raft of US data, with releases clustered to the Wednesday session to accommodate for Thursday's Thanksgiving holiday. Prelim October durable goods data, weekly jobless claims, new home sales and the prelim November PMI cross.
- Final Michigan sentiment data will be watched for any markdown for inflation expectations, with the survey data now including the lower-than-expected October CPI release. FOMC minutes also cross, with sell-side analysts mostly seeing risks to the minutes as leaning hawkish.
- In LatAm, the data highlight is Argentine economic activity at 1900GMT/1400ET.
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US TSYS: Repo Reference Rates
Oct-24 12:16
- Secured Overnight Financing Rate (SOFR): 3.02%, $955B
- Broad General Collateral Rate (BGCR): 3.00%, $387B
- Tri-Party General Collateral Rate (TGCR): 3.00%, $372B
- (rate, volume levels reflect prior session)
US TSYS: What to Watch: US PMIs, UK PM Race, Equity Earnings Resume
Oct-24 12:14
Continued short end bid, carry-over short from Friday amid speculation of two consecutive 75bp hikes by year end -- w/ push back against 75bp hike in Dec, sees support spreading to long end w/ 30Y bonds firmer.
- Fed in self imposed blackout through the Nov 2 FOMC, markets will be looking for more opinions from Fed pundits for direction.
- Session data: Chicago Fed National Activity Index (0.0, -0.1) at 0830ET, followed by S&P Global Mfg PMI (52.0, 51.0), Services PMI (49.3, 49.5) Composite PMI (49.5, 49.3) at 0945ET.
- US Tsy auctions at 1130ET: $57B 13W, $45B 26W bill auctions
- UK PM replacement: Former Chancellor of the Exchequer Rishi Sunak will likely be made the next leader of the Conservative Party at 0900ET, when nominations for the leadership contest close, given that he may be the only candidate to gain the required nominations to get onto the ballot.
- Q3 equity earnings resume this week, slow start today, however, w/ only a few after the close: Crown Holdings (CCK) $1.768 est; Discover Financial Services (DFS) $3.767 est; Sun Communications (SUI) $2.539 est.
CANADA: GoCs Outperform Tsys, Consumer Sentiment At Dec’08 Levels
Oct-24 12:13
- GoCs have seen growing outperformance to Tsys since the open, with 2YY -3.6bp (-0.4bp Tsys) and 10YY -7.5bp (-5.0bp Tsys).
- The move came beforehand but latest weekly Nanos consumer confidence supports it, falling another 0.9pts to 43.5, which outside of Apr-Jun’20 is just shy of the Dec’08 low of 43.3 (survey started Sep’08).
Bloomberg Nanos Confidence indexSource: Bloomberg
