NY Open – Intersection
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Markets at a bit of an intersection, with a lighter calendar this week after intense newsflow. USDJPY is partly recovering from Friday’s sell-off after BoJ Governor Ueda struck a more balanced appearance. Elsewhere, there’s a modest sense of risk aversion – gold prices are steadying, US equity futures flattish after Friday’s sell off. US long end remains heavy, driving a bear steepening bias. Trump 2.0 trades continue to be refined further. Few catalysts ahead, with just Fed’s Goolsbee at 10:00 EST on the calendar. There’s a plethora of ECB speakers today, including Lane, Stournaras, Vujcic and Lagarde. However, we think appearances later in the week may be more informative. BRL markets reopen after a long weekend while COP Q3 GDP prints at 11:00 EST. MXN assets are taking stock after the 2025 budget proposal. |