- Riksbank's Jansson saying a cut was very likely at their March decision
- NZD is the strongest and EUR is the weakest
- UK lenders expect supply and demand for mortgages to pick up
- BNP Paribas joins other banks to amend Fed cuts to two this year
- Morgan Stanley upgraded Chinese GDP to 4.8% vs 4.2% prior
- China took countermeasures against two US enterprises for arms sales to Taiwan
- What's priced in for major central banks
- Implied volatility levels for today
- JPMorgan downgrades view of emerging market currencies
- Italian industrial output YY (Feb) -3.1% vs -3.4% prior
- Israeli war council meets tonight amid anticipation of Hamas' response to proposals
- UBS expects the Fed to start cutting in September
- Risk sentiment trades more cautious as we start the session
- Quick look at today's calendar
- Norwegian GDP Mainland (Feb) -0.2% vs 0.1% expected
- BoC poised for June easing according to Monex
- Apple warns users of mercenary spyware attack in 91 countries
- ING says chances of June cut quashed by yesterday’s CPI
- BoE's Greene says inflation persistence a greater threat in the UK than the US
Markets have traded mostly cautiously as we wait for the ECB policy decision and the US PPI data.
Equities: We've seen continued pressure in equity futures with downside seen across US, EMEA and Asia-Pac equity futures.
Commodities: Trades mixed with energy lower, precious metals higher, and base metals mixed with iron higher but copper lower.
Bonds: Pressure in the bond market continues, pushing yields higher across the board. Focus will be on the incoming US PPI data which feeds into PCE data.
FX: Currencies have not followed the cautious risk tone as the high beta AUD and NZD have been leading the pack to the upside, while the JPY and EUR have been the underperformers.
