- Bitcoin ETFs approved -- SEC document
- Fed's Williams: Our work to bring inflation back to 2% is not done
- BOE's Bailey: It's important to return UK inflation to target
- US weekly EIA crude oil inventories +1338K vs -675K expected
- ECB's Schnabel: There is evidence that sentiment indicators are bottoming out
- Boeing CEO Calhoun: What happened should never happen, and can never happen (..but it did)
- U.S. Treasury auctions off $37 billion of 10 year notes at a high yield of 4.024%
- Blinken: There will be consequences for continued attacks in the Red Sea
- US November wholesale sales 0.0% vs -0.3% expected
Markets:
- Gold flat at $2023
- US 10-year yields up 1.5 bps to 4.03%
- WTI crude oil down 90-cents to $71.35
- S&P 500 up 0.6%
- JPY leads, NZD lags
The bitcoin ETF was finally approved as the best-kept (and worst-leaked) secret is finally out in the open. The only question now is how it will trade on the first day/week. So far, the price seems to be stuck at $45,600 but we will just have to wait and see what happens next. Some money appears to be rushing into ETH, which is up 8.5% on what's perhaps a front-running of that ETF? If that's the case, maybe it's time to front-run the Dogecoin ETF.
In other markets, the yen was the big mover as the market is losing faith that the BOJ will begin to normalize policy this year. That came after weak November wage numbers were released in Asia.
Early on the US dollar was strong but it softened later despite Treasury yields ticking higher. The ten-year auction was soft and that helped to push up yields but the overall moves on the day were small as we count down to tomorrow's CPI report.
Oil was strong early but beaten up after a bearish inventory report. USD/CAD ignored that though and traded in a tight range around 1.3380.
