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No Regional Data Places Focus On Fed's Waller

LATAM
  • Another session with no major Latin American data releases. In focus on Tuesday, an appearance from Fed's Waller should prove key, with markets very aware of the notable market impact he had when speaking on Fed policy back in December. Waller speaks on the economic outlook and Fed policy at 1600GMT/1100ET at the Brookings Institute.
  • USD: The dollar has been dominant ahead of the NY crossover, rising against all others in G10 and this strength equally evident versus general EM FX. Moves were initially triggered by a range breakout for European equities, as the cash open saw the Eurostoxx future break below the YTD low - triggering a flight from risk across cross-asset markets. This put the USD Index at the best level in a month, briefly topping the 50-dma resistance at 103.231. USD/CNH made for a standout chart, with USD/CNH breaking higher to print new multi-month highs on both greenback strength, and reports that China are considering fresh stimulus spending failed to prop the currency.
  • ECB: The European Central Bank is likely to start lowering borrowing costs this year but the exact timing will depend on data, according to Governing Council member Francois Villeroy de Galhau. “Expect very probably a rate cut this year but the question of a season is a premature one,” the Bank of France chief told Bloomberg Television.
  • US: A commanding victory in the first-in-the-nation Iowa caucuses has cemented former President Donald Trump's frontrunner status for the Republican 2024 presidential nomination. Trump won 51.0% of caucus-goer's votes, compared to 21.2% for Florida Governor Ron DeSantis - a surprise second place performance - and 19.1% for former South Carolina Governor Nikki Haley.
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