What's coming up today

The euro is at the highs of the day, up 33 pips to 1.1628 as the continent continues to grapple with the energy crisis.

This note from 11 years ago -- citing Vladimir Putin -- was doing the round on the weekend as Germany pledged to shut down coal-fired power plants.

putin firewood

OPEC is meeting today at 1300 GMT after the JMMC. There's some talk of more production but at most I expect some jawboning around adding more in November. At the end of the day though, OPEC likes higher oil prices.

Here's the latest leak:

In terms of economic data, the US factory orders report fro August is due at 1400 GMT. It also includes revisions to durable goods orders. Despite all the issues around supply chains, it's tough to glean it from this report.

Meanwhile, the cover of Barron's this week is a sign to some that we're at the peak of the logistics crunch:


The Fed news over the weekend was that the Fed's Clarida sold bonds and bought equities on the eve of Powell's speech in late February where he highlighted potential rate cuts ahead of the pandemic.

There's certainly been some teeth gnashing but the Fed says it was all pre-scheduled. If that's the case, then it's simply unfortunate timing. I'll reserve judgement until there are more details.

We get a farewell speech from Rosengren at 1400 GMT with Bullard (why couldn't it have been him trading?) speaking at the same time.