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Lack of Regional Data Places Focus On US ISM, JOLTS & FOMC Minutes

LATAM
  • Following the Brazil data, there are no further data releases in Latin America on Wednesday. Focus for the session turns to December Manufacturing ISM, for which markets expect the print to improve slightly to 47.1 from 46.7, but remain below the key 50.0 level. JOLTS jobs numbers are also set for release ahead of the FOMC minutes after the European close. The first Fedspeak of the year is also due, as Fed's Barkin addresses the Raleigh chamber of commerce on the economic outlook.
  • The corrective bounce in the USD persists early Wednesday, putting the greenback higher against most others in G10 and the emerging market fx basket. The USD Index has now recouped close to 1.85% off the late December low, aided by the bounce in US yields.
  • The Biden administration criticized two Israeli ministers over their call to resettle Palestinians outside the Gaza Strip, a rare public rebuke that underscores deepening divisions between the US and Israel over the territory’s fate. Rhetoric by ministers Bezalel Smotrich and Itamar Ben-Gvir “is inflammatory and irresponsible” and “should stop immediately,” State Department spokesman Matthew Miller said in a statement on Tuesday.
  • Concerns are growing of a further escalation of the war in Gaza after the deputy political leader of Hamas was assassinated in Lebanon in an apparent Israeli drone strike. Saleh al-Arouri, one of the Palestinian militant group’s senior figures, died in an explosion on Tuesday in the Beirut suburb of Dahiyeh.
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