- NY Fed three-year inflation expectations 2.4% vs 2.6% prior
- Fed's Bowman: Too soon to prject when and how much the Fed will cut
- ECB's Wunsch says the risks on inflation are quite limited
- BOE's Bailey: UK banks have come through turbulence of the last 4 years in sound health
- US January federal budget deficit $22.0B vs $21.0B expected
- ECB's Cipollone: No need for mon pol to create further slack
- Preview: What's expected for Tuesday's US CPI report?
Markets:
- Gold down $4 to $2020
- US 10-year yields down 1.4 bps to 4.17%
- WTI crude oil up 17-cents to $76.89
- Bitcoin up 5.7%, breaks $50,000
- S&P 500 down 0.1%
- CAD leads, NZD lags
Super Bowl hangover Monday had a light calendar and ultimately finished without many changes but there was some drama along the way. The first move was higher in the US dollar as Treasuries sold off. That knocked the euro down to 1.0757, which was a session low. Cable fell just below 1.2610 at the same time.
However that move soon reversed and the dollar slid as equity market sentiment perked up. That gave commodities some life and oil prices posted a recovery, helping the Canadian dollar to the top of the pile.
Stocks though ultimately gave it all back and FX broadly finished the day unchanged. Eyes are on some of the US chip stocks and the ongoing parabolic moves that initially continued Monday then reversed somewhat. The Fear and Greed Index is up to 78, or extreme greed and CPI is tomorrow with some of the risks to the upside, as I wrote in my preview.
China remains on holiday all week so Asia might be quiet but there is plenty coming up for the US this week.
