MNI EUROPEAN OPEN: Soft Chinese Inflation Data Headlines Overnight
- EBERLY EMERGES AS FRONTRUNNER TO BE BIDEN’S FED VICE CHAIR PICK (BBG)
- BIDEN TO URGE 25% BILLIONAIRE TAX, LEVIES ON RICH INVESTORS (BBG)
- JAPAN'S LOWER HOUSE APPROVES UEDA AS BOJ GOVERNOR (MNI)
- US, EU TO LAUNCH TALKS ON FREE-TRADE-LIKE STATUS, EASING EV TRADE DISPUTE (RTRS SOURCES)
Fig. 1: BBG/J.P.Morgan ADXY Index Vs. ADXY-Weighted Risk Reversals
Source: MNI - Market News/Bloomberg
ECONOMY: The UK will avoid a recession this year, but sluggish growth means the economy will not recover to pre-pandemic levels until the final quarter of 2024, according to the British Chambers of Commerce. (BBG)
FISCAL: Britain's biggest investors fear that Jeremy Hunt is poised to delay a crucial tax break until the autumn in a move that would put a wave of private sector spending at risk. (Telegraph)
FISCAL: UK Chancellor of the Exchequer Jeremy Hunt is planning to reform pension tax rules in his budget next week in a bid to cut the number of doctors quitting the National Health Service. (BBG)
BREXIT: The UK’s trade agreement with the EU could be immediately terminated if the British government quits the European convention on human rights (EHCR) over the issue of stopping small boat crossings across the Channel, legal experts have said. (Guardian)
FRANCE: The French economy is performing better than previously expected at the start of the year with sustained growth and signs that upward pressures on prices are easing, according to a Bank of France survey. (BBG)
FED: Northwestern University Professor Janice Eberly is the frontrunner in the White House search for a successor to Lael Brainard as vice chair of the Federal Reserve, people familiar with the matter said. (BBG)
FED: U.S. inflation pressures are still widespread despite some moderation while economic activity is softening in many parts of the country, the Fed's latest Beige Book report said Wednesday. (MNI)
FED: U.S. small businesses continued to mend from the coronavirus pandemic last year even as these firms faced considerable challenges from high inflation and scarce labor, a report released by the Cleveland Federal Reserve on behalf of the 12 regional central banks, said Wednesday. (RTRS)
FED: High inflation expectations for consumers and businesses are a source of concern for an economy where price pressures are set to abate all too gradually, Cleveland Fed research director Edward Knotek told MNI. (MNI)
ECONOMY: U.S. employment showed a "moderate increase" in February while the pace of moderation on wage growth has slowed, according to a St. Louis Fed analysis of real-time data from employee scheduling software provider Homebase, bank economist Max Dvorkin told MNI. (MNI)
FISCAL: President Joe Biden is proposing a series of new tax increases on billionaires, rich investors and corporations in his latest proposal for how Congress should prioritize taxes and spending. (BBG)
FISCAL: U.S. President Joe Biden's budget for fiscal 2024 will be released Thursday. While the document is always a bit of a wish list, and especially so given the current divided Congress, the Democratic president's spending and revenue priorities will be key factors in upcoming negotiations with Republicans over raising the debt ceiling. (RTRS)
FISCAL: U.S. House Republicans put a spotlight on the government's $31.4 trillion debt in a closed-door meeting on Wednesday, while President Joe Biden pledged more aggressive action on the federal deficit, a day before he was due to unveil his 2024 spending plan. (RTRS)
FISCAL: House Speaker Kevin McCarthy says “I do not believe raising taxes is the answer” to address a growing deficit when asked about President Biden’s budget due Thursday. (BBG)
FISCAL: Three Democrats in the U.S. House introduced a measure to push back against a controversial Republican tax proposal that would abolish the IRS, eliminate income taxes and impose a national sales tax. (CNBC)
GLOBAL TRADE: The U.S. and European Union are moving forward with crafting a trade agreement focused on critical minerals, with President Biden and European Commission President Ursula von der Leyen expected to discuss on Friday the plan to reduce their dependence on China. (RTRS)
GLOBAL TRADE: Ukraine's president and United Nations Secretary-General Antonio Guterres called on Wednesday for the extension of a deal with Moscow that has allowed Ukraine to export grain via Black Sea ports during Russia's invasion. (RTRS)
GLOBAL TRADE: The Netherlands' government on Wednesday said it plans new restrictions on exports of semiconductor technology to protect national security, joining the United State's effort to curb chip exports to China. (RTRS)
U.S./CHINA: The U.S. is pushing back on the idea it wants to suppress China and said it doesn’t want to separate the two economies, according to a State Department spokesperson’s comments. (CNBC)
BOJ: Japan’s Lower House of the Diet, which is controlled by the ruling coalition, approved economist and former Bank of Japan board member Kazuo Ueda as the BOJ’s next governor to replace Haruhiko Kuroda, whose term ends on April 8. (MNI)
AUSTRALIA/CHINA: Progress is apparent on almost all instances of trade blockages with China, Australia's trade minister Don Farrell said on Thursday. (RTRS)
AUSTRALIA/CHINA: Australia will drop the requirement for travellers arriving from China to test for COVID-19 before departure from March 11, the country's health minister said in a statement on Thursday. (RTRS)
JAPAN/SOUTH KOREA: South Korean President Yoon Suk Yeol plans to visit Japan on March 16-17 and will meet with Japanese Prime Minister Fumio Kishida, Asahi reports, citing several officials from both countries. (BBG)
BOK: South Korea's central bank said the lagged effects of its aggressive streak of monetary tightening would have a bigger negative impact on economic growth this year than in 2022. (RTRS)
CANADA: Finance Minister Chrystia Freeland said Canada has a “once in a generation” moment to invest in infrastructure that will improve the delivery of health care and help combat climate change, but emphasized that she still must show restraint because the economy is at risk of sliding into a recession. (Financial Post)
USMCA: Canada asked for formal consultations with Mexico over the Latin American nation’s restrictions on genetically modified agricultural imports under their free-trade agreement, following a separate request by the US focused on corn earlier this week. (BBG)
MEXICO: Mexico central bank Deputy Governor Galia Borja said when it comes to imports, the strong peso helps with inflation, but not necessarily in other areas so its impact is “complex and there are many variables.” (BBG)
MEXICO: Mexico's heavily-indebted state oil company Pemex will seek to avoid pricy capital markets even as it faces billions in maturing debts this year and next, its chief executive told Reuters, saying Pemex had been "punished" by ratings agencies despite measurable improvements in its operational numbers. (RTRS)
BRAZIL: A proposed tax reform in Brazil will likely generate additional economic growth of 12% over the next 15 years, the special secretary for tax reform Bernard Appy said on Wednesday. (RTRS)
BRAZIL: Brazil's state-controlled oil company Petrobras is in favor of dialogue first to convince the government to get rid of a recent tax on crude exports, then a fight if necessary, the company's Chief Executive Officer Jean Paul Prates said on Wednesday. (RTRS)
BRAZIL: Brazil’s worsening credit outlook amid troubles facing local retailer Americanas SA raises the risk of a recession that could lead its central bank to change its balance of risks at the upcoming interest rate decision on March 21 and 22, Tony Volpon, a former director at the bank, said in an interview. (BBG)
RUSSIA: Russian strikes hit a series of Ukrainian regions early on Thursday, including the Black Sea port of Odesa and Ukraine's second largest city, Kharkiv, knocking out power to several areas, regional officials said. (RTRS)
RUSSIA: Russian President Vladimir Putin is likely to further upgrade the Kremlin’s arsenal of long-range nuclear-capable missiles in order to deter Kyiv and its powerful Western allies, U.S. officials warned Wednesday. (CNBC)
RUSSIA: Russia is likely to downgrade its ambitions in Ukraine for the time being to hanging onto territory seized after the start of its invasion, even as it enjoys deepening economic and defense support from China, US intelligence chiefs told a Senate committee. (BBG)
RUSSIA: Russia conducted malign influence operations in the 2022 U.S. midterm elections and is using increasingly clandestine means to “penetrate the Western information environment,” the U.S. intelligence community said in a new report Wednesday. (CNBC)
SOUTH AFRICA: South African Finance Minister Enoch Godongwana said in parliament on Wednesday that the tax incentives for individuals to install solar panels, as announced in his budget speech last month, are a temporary measure while the country tries to stabilize its power grid. (BBG)
SOUTH AFRICA/RATINGS: The country’s National Treasury said it acknowledged S&P’s decision and reiterated its commitment to reduce rolling power cuts, which has plagued households and businesses for well over a decade in Africa’s most industrialised economy. (RTRS)
SOUTH AFRICA/RATINGS: S&P affirmed South Africa at BB-; Outlook revised to Stable from Positive
CHILE: With three years left in his term, Chilean President Gabriel Boric is already facing doubts on whether he’ll be able to advance on any key reforms after receiving a crushing blow near his first anniversary as the world’s youngest leader. (BBG)
ENERGY: Enormous challenges remain across global energy markets in the wake of the war in Ukraine, U.S. Energy Secretary Jennifer Granholm said on Wednesday, with continued risks for energy security and the need to mitigate climate change. (RTRS)
ENERGY: The U.S. energy regulator on Wednesday granted Freeport LNG's request to return to service the last of its three gas liquefaction units and phase 1 facilities at its export plant in Texas. (RTRS)
OIL: U.S. Energy Secretary Jennifer Granholm said on Wednesday any further releases from the U.S. Strategic Petroleum Reserve would be due to disruptions like the the war in Ukraine, which led the Biden Adminstration to open the nation’s emergency crude supplies. (RTRS)
OIL: PKN Orlen has all but pivoted away from Russian crude at its refineries in Poland, Lithuania and the Czech Republic a year after its neighbor invaded Ukraine. (BBG)
OIL: The Biden administration needs until the end of this year to finalize a long-awaited five-year plan for offshore oil and gas development in federal waters, according to court documents filed this week. (RTRS)
OIL: The cost of shipping oil is surging globally as ever more vessels get tied up making deliveries with resurgent Chinese demand compounding the effect of ships sailing thousands of miles further due to sanctions on Russia. (BBG)
ECONOMY: China is likely to deliver growth above 6% as robust investment compensates for lackluster consumption struggling to return to pre-pandemic levels, with the uncertain outlook for external demand requiring policymakers to remain flexible in adding stimulus, a prominent economic adviser told MNI. (MNI)
YUAN: The People’s Bank of China could be “strongly tempted” to again use state-owned banks to weaken the yuan, disguising Beijing’s attempts to boost exports through a cheaper currency should the rebound in consumption and the property market falter, former U.S. Treasury economist Brad Setser told MNI. (MNI)
POLICY: The creation of a new financial regulator will help solve current problems in cross-supervision and fill regulatory gaps, according to the 21st Century Herald. (MNI)
POLICY: China’s financial industry is stepping up efforts to support the economy in 2023, which is a strong topic of focus at this year's National People’s Congress, according to the Securities Daily. (MNI)
POLICY: China should implement reforms to improve its unified national market and to bolster confidence, according to an financial advisor interviewed at National People's Congress by Caixin. (MNI)
FISCAL/PROPERTY: Cash-strapped local governments in China artificially boosted their revenues last year by selling swaths of land to their own investment vehicles, an official think-tank said, raising concerns about the extent of their financial woes. (FT)
PROPERTY: China Evergrande Group is aiming to unveil some debt restructuring terms before the next winding-up court hearing on March 20 in order to seek another adjournment, two sources with knowledge of the matter told Reuters. (RTRS)
PROPERTY: Defaulted Chinese developer Logan is proposing to issue new dollar bonds in exchange for $3.4 billion of notes outstanding, according to people familiar with the matter. (BBG)
PBOC NET DRAINS CNY70 BILLION VIA OMOS THURSDAY
The People's Bank of China (PBOC) conducted CNY3 billion via 7-day reverse repos on Thursday, with the rates unchanged at 2.00%. The operation has led to a net drain of CNY70 billion after offsetting the maturity of CNY73 billion reverse repos today, according to Wind Information.
- The operation aims to keep banking system liquidity reasonable and ample, the PBOC said on its website.
- The 7-day weighted average interbank repo rate for depository institutions (DR007) rose to 2.0000% at 09:24 am local time from the close of 1.9200% on Wednesday.
- The CFETS-NEX money-market sentiment index closed at 44 on Wednesday, compared with the close of 43 on Tuesday.
PBOC SETS YUAN CENTRAL PARITY AT 6.9666 THURS VS 6.9525 WEDS
The People's Bank of China (PBOC) set the dollar-yuan central parity rate higher at 6.9666 on Thursday, compared with 6.9525 set on Wednesday.
CHINA FEB CPI +1.0% Y/Y; MEDIAN +1.9%; JAN +2.1%
CHINA FEB PPI -1.4% Y/Y; MEDIAN -1.3%; JAN -0.8%
JAPAN Q4, F GDP 0.0% Q/Q; PRELIM +0.2%; Q3 -0.3%
JAPAN Q4, F GDP Q/Q ANNUALISED +0.1%; PRELIM +0.6%; Q3 -1.1%
JAPAN Q4, F GDP DEFLATOR +1.2% Y/Y; PRELIM +1.1%; Q3 -0.4%
JAPAN Q4, F PRIVATE CONSUMPTION +0.3% Q/Q; PRELIM +0.5%; Q3 0.0%
JAPAN Q4, F BUSINESS SPENDING -0.5% Q/Q; PRELIM -0.5%; Q3 +1.5%
JAPAN Q4, F INVENTORY CONTRIBUTION TO GDP -0.5% Q/Q; PRELIM -0.5%; Q3 +0.1%
JAPAN Q4, F NET EXPORT CONTRIBUTION TO GDP +0.4% Q/Q; PRELIM +0.3%; Q3 -0.6%
JAPAN FEB M2 MONEY STOCK +2.6% Y/Y; JAN +2.7%
JAPAN FEB M3 MONEY STOCK +2.2% Y/Y; JAN +2.3%
JAPAN FEB, P MACHINE TOOL ORDERS -10.7% Y/Y; JAN -9.7%
NEW ZEALAND FEB TOTAL CARD SPENDING -1.7% M/M; JAN +3.4%
NEW ZEALAND FEB RETAIL CARD SPENDING 0.0% M/M; JAN +2.6%
SOUTH KOREA FEB TOTAL BANK LENDING TO HOUSEHOLDS KRW1050.7TN; JAN KRW1053.4TN
UK FEB RICS HOUSE PRICE BALANCE -48%; MEDIAN -49%; JAN -46%
US TSYS: Curve Twist Steepens In Asia
TYM3 deals at 110-25+, -0-04, at the base of its 0-06 range on volume of ~65K.
- Cash Tsys sit 1bp richer to 1bp cheaper across the major benchmarks, the curve has twist steepened
- In early trade Asia-Pac participants faded the 10-Year Auction driven weakness seen late yesterday, perhaps using the opportunity to exit short positions, with one eye on Fed Chair Powell's choice of phrases on Wednesday ("data-dependent" and "not on a pre-set path") after Tuesday's hawkish warnings.
- Tsys ticked away from early best levels through the session as there was little follow through on the initial move higher.
- A TU block sale (-3.8K) headlined on the flow side.
- Northwestern University Professor Janice Eberly is the reported frontrunner in the White House search for a successor to Lael Brainard as vice chair of the Federal Reserve (Seen as the more dovish of two ofthe likely candidates touted for the role)..
- The space looked through weaker-than-forecast PPI and CPI from China.
- There is a thin data calendar in Europe today. Further out we have Challenger Job Cuts and Initial Jobless Claims, elsewhere, comments from Fed VC Barr will cross. We also have the latest 30-Year Tsy Supply.
JGBS: Curve Twist Flattens As Pre-BoJ Caution Becomes Evident
JGB futures continued to leak lower in the afternoon, initially exhibiting similar moves to U.S. Tsys. The contract showed higher before dealing on the backfoot as Thursday wore on.
- Weaker than expected final Q4 GDP data also factored into the early bid that was seen across the curve, allowing futures to spike through their overnight high, before a turnaround took place.
- The presence of liquidity enhancement supply covering 1- to 5-Year off-the-run JGBs and the lukewarm cover ratio observed at the auction meant that the front end of the curve struggled.
- Still, the long end was more resolute, which may indicate that some were willing to reset hawkish twist flattener plays ahead of tomorrow’s BoJ meeting (after a seeming position clear out of such plays in recent sessions). We would also suggest that some pre-BoJ caution applied pressure to futures into the close, even though a clear majority expect no change in policy settings (that doesn’t prevent some hedging, particularly given the varying degrees in conviction re: that view).
- 7s provided the weakest point on the curve as a result of the weakness in futures, cheapening by 3bp, while 30+-Year paper finished ~1bp richer as the curve twist flattened.
- Domestic headline flow was generally limited outside of the GDP release.
- The aforementioned BoJ decision headlines the domestic docket on Friday (see our full preview of that event here). PPI and household spending data will also cross ahead of the weekend.
JGBS AUCTION: Liquidity Enhancement Auction For OTR 1- To 5-Year JGBs
Results The Japanese Ministry of Finance (MOF) sells Y499.0bn of 1- to 5-Year JGBs in a liquidity enhancement auction:
- Average Spread: -0.003% (prev. -0.004%)
- High Spread: 0.000% (prev. -0.001%)
- % Allotted At High Spread: 96.7889% (prev. 36.7681%)
- Bid/Cover: 3.205x (prev. 4.150x)
JGBS AUCTION: 3-Month Bill Auction Results
The Japanese Ministry of Finance (MOF) sells Y5.12518tn 3-Month Bills:
- Average Yield -0.1980% (prev. -0.1846%)
- Average Price 100.0532 (prev. 100.0496)
- High Yield: -0.1619% (prev. -0.1842%)
- Low Price 100.0435 (prev. 100.0495)
- % Allotted At High Yield: 78.1372% (prev. 79.7218%)
- Bid/Cover: 2.673x (prev. 3.687x)
AUSSIE BONDS: Weaken Into Close As Market Eyes U.S. Payrolls Friday
Futures close at session lows (YM +2.8 & XM +3.3) as U.S Tsys give up early Asia-Pac strength. Cash ACGBs close at cheaps with yields 3bp lower and the AU-US 10-year yield differential down 2bp to -28bp, after hitting a cycle low of -32bp intraday. ACGBs' recent outperformance versus NZGBs is also noteworthy with the AU/NZ cash 10-year yield differential pushing to -90bp intraday, its lowest level since 2015, before closing unchanged at -85bp.
- Roll activity supported turnover in futures, with sellers of the rolls dominating thus far.
- Swaps bull flatten with rates 3-4bp lower and 10-year EFP slightly tighter.
- Bills closed 1-3bp firmer, flattening a touch.
- RBA-dated OIS closed flat to 3bp softer across meetings. April meeting pricing remains around a 55% chance of a 25bp hike with terminal rate pricing around ~4.07%.
- With no local data slated until next week the market will be likely guided by U.S Tsys through the release of February Non-Farm Payrolls (Fri). With Fed Chair Powell citing data dependency in his second testimony to congress, the market-moving potential of the data should not be underestimated.
- Elsewhere, a well below consensus China CPI (+1.0% y/y versus +1.9% expected) may renew calls for deeper policy easing.
NZGBS: NZ/AU Cash Yield Differential Hits Widest Level Since 2015
NZGBs bull flatten, closing on best levels of the day, richening 4-8bp. Slightly firmer prices for U.S. Tsys in Asia-Pac trade assisted the bid but NZGBs outperformed with the NZ/US cash 10-year yield differential closing -5bp. NZGBs also outperformed ACGBs by 3bp, but only after the NZ/AU cash 10-year yield differential pushed to a new cycle high of +90bp intraday, the highest level since 2015, before closing at +85bp.
Fig 1: NZ/AU Cash 10-year Yield Differential (%)
Source: MNI - Market News / Bloomberg
- Swaps richened 4-9bp, implying flat to slightly tighter swap spreads, with the 2s10s curve -5bp. ·
- RBNZ-dated OIS are 1-2bp firmer across meetings. April meeting pricing shows ~45bp of tightening, with terminal OCR pricing nudging further above the RBNZ’s projected OCR peak of 5.50% to ~5.64%. ·
- On the data front, Cyclone Gabrielle dampened Card Spending in February with a 1.7% M/M decline recorded after an upwardly revised +3.4% M/M in January. While annual rates remain at historically high levels it is important to note that the series is nominal.
- With the local calendar light until Q4 Current Account (Wed) and Q4 GDP (Thu) next week, the market will likely find itself guided by U.S. Tsys through the releases of February Non-Farm Payrolls (Fri) and CPI (Tue).
EQUITIES: China Shares Testing 200-Day Break To The Downside, Japan Stocks Higher
Regional equities are tracking mixed, although Japan stocks continue to outperform. Gains and losses across the region are under +/-1%, so ranges have been more modest compared to earlier in the week. US futures are lower, with Eminis off by around -0.1% at this stage, although we were -0.3% at the lows. Nasdaq futures are slightly weaker.
- China stocks are lower with the CSI 300 off by around -0.30% at this stage. Telecommunication stocks are weaker, which follows reports from yesterday that the Netherlands will introduce rules to restrict semiconductor exports. The downside miss on CPI for Feb didn't do much to boost equity sentiment (via the easing channel).
- The CSI 300 is close to its simple 200 day MA (4035), with current index levels near 4020.
- The HSI is slightly firmer but remains within recent ranges. The tech sub-index is finding some support ahead of the 100-day MA.
- The Nikkei 225 is +0.50% higher, while the Topix is up 0.75%. Bank stocks are outperforming, with the sector potentially seen as a hedge if we see another BOJ surprise tomorrow (which drives local yields higher).
- Elsewhere the Kospi and Taiex are slightly weaker, despite positive tech leads from US trade on Wednesday. In SEA, trends are mixed.
GOLD: Bullion In Narrow Ranges Ahead Of US Employment Report
Gold has been trading sideways for most of yesterday and today as expectations for an outsized Fed March hike grow. The key to the meeting outcome is likely to be Friday’s US employment report. After reaching a high of $1824.31/oz on Wednesday, it closed at $1813.80. Currently it is trading in a tight range and around $1813.15, close to the intraday low of $1812.01 which followed a high of $1816.54. The USD index is also flat during the APAC session.
- Since bullion is unchanged so far today it remains close to the bear trigger at $1804.90, the February 28 low. It continues to approach the 100-day simple moving average.
- Later today the Fed’s Barr speaks on crypto. The data calendar is light with US jobless claims and February Challenger job cuts. The main focus over the rest of the week is February US payrolls on Friday, which are expected to rise a solid 225k with the unemployment rate steady at 3.4%.
OIL: Crude Trading Sideways Ahead Of Key US Jobs Data
Oil prices fell around a percent on Wednesday as Fed Chairman Powell’s hawkish comments continued to impact the market. During APAC trading they are in a very narrow range and maintaining yesterday’s losses. WTI is around $76.65/bbl between the intraday high of $76.75 and the low of $76.41. Brent is about $82.68. The USD index is also flat during the APAC session.
- Both Brent and WTI broke through their 50- and 100-day simple moving averages during Wednesday’s sell off. Both are back above their Mar 3 lows but the break lower opened up key short-term support of $80.25 and $73.80 respectively.
- The decline in EIA inventories in the latest week hasn’t provided any support to crude. The market continues to juggle optimism regarding greater demand, especially from China, and increased concerns of a US recession with Russian supply an uncertain variable.
- Powell mentioned during his comments to the House that China’s reopening could increase commodity prices such as oil, but wouldn’t be material for US inflation.
- Later today the Fed’s Barr speaks on crypto. The data calendar is light with US jobless claims and February Challenger job cuts. The main focus over is February US payrolls on Friday, which are expected to rise a solid 225k with the unemployment rate steady at 3.4%.
FOREX: Greenback Pressured In Asia
The USD is weaker in Asia-Pac today, BBDXY is down ~0.1%, as US treasury yields tick marginally lower.
- USD/JPY sits at ¥136.75/85, ~0.4% firmer today. The downtick in US yields is boosting the yen. The final read of Q4 GDP figures were weaker than expected this morning with QoQ growth of 0.1% vs 0.8% exp.
- AUD/USD is ~0.3% firmer, last printing at $0.6610/15. The next upside target for bulls is the low from 1 March at $0.6695.
- Kiwi is also firmer, NZD/USD prints at $0.6125/30. Card Spending in NZ fell 1.7% m/m in February after the Jan print was revised upwards to 3.4%. Levels of spending remain historically high and well above pre-pandemic levels.
- EUR and GBP are benefiting from the offer in the USD, however moves have been limited and they sit ~0.1% firmer.
- Cross asset wise; S&P500 futures are ~0.1% lower although they were down as much as 0.3%. Hang Seng is ~0.3% firmer.
- There is a thin data calendar in Europe today. Further out we have Challenger Job Cuts and Initial Jobless Claims, elsewhere, comments from Fed VC Barr will cross.
FX OPTIONS: Expiries for Mar09 NY cut 1000ET (Source DTCC)
- EUR/USD: $1.0500(E1.1bln), $1.0530-50(E1.1bln), $1.0570-75(E1.1bln), $1.0585(E504mln), $1.0600(E1.7bln), $1.0635-50(E2.6bln)
- USD/JPY: Y136.50-55($1.0bln), Y137.00-10($1.5bln), Y138.00($810mln)
- GBP/USD: $1.1940-50(Gbp690mln)
- EUR/GBP: Gbp0.8915(E738mln), Gbp0.8950(E684mln)
- AUD/USD: $0.6755(A$570mln), $0.6785-00(A$1.3bln)
- USD/CAD: C$1.3500($1.1bln), C$1.3875($605mln)
- USD/CNY: Cny6.9000($1.3bln)
UP TODAY (TIMES GMT/LOCAL)
|09/03/2023||0700/0800||**||SE||Private Sector Production|
|09/03/2023||1330/0830||**||US||WASDE Weekly Import/Export|
|09/03/2023||1500/1000||US||Fed Vice Chair Michael Barr|
|09/03/2023||1530/1030||**||US||Natural Gas Stocks|
|09/03/2023||1630/1130||**||US||US Bill 04 Week Treasury Auction Result|
|09/03/2023||1630/1130||*||US||US Bill 08 Week Treasury Auction Result|
|09/03/2023||1800/1300||***||US||US Treasury Auction Result for 30 Year Bond|
|09/03/2023||1840/1340||CA||BOC's Rogers "Economic Progress Report" speech|