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IEA Expect Tight Market Into 2023


Estoxx option put spread


Continued widening in the Greek/Bund spread

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  • The greenback is taking a moderate leg lower in early Wednesday trade, with markets pre-positioning and squaring ahead of the much-watched inflation release from the US. The move lower in the dollar is providing some relief to recent underperformers, helping the likes of NZD and AUD to the top of the G10 table ahead of the NY crossover.
  • In tandem, equity markets are improving off the lows, with the e-mini S&P back above 4,000 and helping risk proxy FX further. Scandi currencies also trade well for a second consecutive session as hot domestic inflation prints keep central banks on the front-foot and add to the hiking bias across both Norway and Sweden.
  • The US inflation release takes focus going forward, with markets expecting a moderation in price pressures on a month-on-month basis (consensus is for 0.2% and 0.4% for the core reading). Full MNI CPI preview here: ). There remain a number of speakers due Wednesday, including ECB's Vasle, Centeno & Schnabel as well as Fed's Bostic.

MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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