Headlines:
- The central bank bonanza returns to town this week
- US futures move higher as tech leads the way
- JP Morgan now sees the Fed delivering 75 bps worth of rate cuts for 2024
- Eurozone February final CPI +2.6% vs +2.6% y/y prelim
- Eurozone January trade balance €11.4 billion vs €16.8 billion prior
- SNB total sight deposits w.e. 15 March CHF 469.2 bn vs CHF 477.4 bn prior
- China president Xi congratulations Putin on election win, reaffirms continued partnership
Markets:
- NZD leads, JPY lags on the day
- European equities higher; S&P 500 futures up 0.7%
- US 10-year yields down 0.4 bps to 4.300%
- Gold up 0.2% to $2,160.95
- WTI crude up 0.5% to $80.98
- Bitcoin up 0.5% to $68,237
It was a quiet session as market tones were mostly muted, awaiting key central bank decisions later this week.
Major currencies did not get up to much whatsoever, with the dollar holding steady amid more muted action. The ranges for the day are leaving a lot to be desired, so there isn't much to really scrutinise in the FX space.
EUR/USD is holding near 1.0900 with large option expiries in play at the figure level while USD/JPY is flat just above the 149.00 mark, not finding much appetite before the BOJ tomorrow.
The lack of meaningful action in Treasuries is also keeping currencies less enthused so far on the day.
The only notable mover is in equities as tech shares are soaring ahead of the US open later. Nvidia is holding its annual GTC Conference today and that will be one to watch. S&P 500 futures are now up 0.7% as investors are putting behind last week's drop quite quickly.
But for the rest of the week, it's all about the major central bank decisions to set the mood in broader markets.
