The Morning Hark - 8 Dec 2023
Today’s focus... USDJPY continued to get excited. All eyes on US payrolls. Bumper week ahead.
Welcome to the new home of The Morning Hark, now available as a standalone newsletter.
If you haven’t upgraded yet, subscribe now for just $6 to continue receiving our daily comprehensive morning briefing for little more than the price of a single cup of coffee.
Alternatively, subscribe to a HarksterPRO subscription for just $24/month to keep reading all our newsletters.
The Morning Hark will gradually move behind a paywall over the next week with limited free content. From December 11th, we will only send the newsletter to paid subscribers.
Overnight Highlights
Prices are at 7.00 GMT/2.00 EST, with changes reflecting movement from midnight GMT
Just a quick heads up to next week for what is a bumper week of data.
Fed, BoE, ECB and Norges rate decisions. US inflation report as well as Norway and Sweden’s. UK labour report and GDP. Aussie payrolls. US retail sales. Flash PMIs and much more. Stay tuned for all the news and previews with HarksterPRO and TMH.
Oil - Oil found some wings again! Brent and Crude February futures currently up two percent at 75.60 and 70.80 respectively. Sentiment still remains fairly gloomy though with the Saudis and Russians “encouraging” other members of OPEC+ to join the voluntary cuts with little success, higher oil builds in the US and a weakening demand side. The rebound overnight looks to be more about a weaker USD and some position readjustment ahead of today’s NFP print rather than anything structural.
EQ - Asian equity markets off smalls overnight with the Hang Seng and Nikkei futures currently at 16,360 and 32,225 respectively. The Nikkei remains under pressure with yields rising in Japan post Ueda’s comments.
The US indices flat in Asia with the S&P currently at 4590 whilst the Nasdaq is at 16,015. Both indices holding onto their gains sparked by a sharp rally in Alphabet on the back of its successful launch of its new AI model.
Gold - Ditto from yesterday…….Gold, as we said yesterday, is back to its nailed to the wall status. Feb futures at 2045, as we opened yesterday. Play the range until we see a decisive move back below 2000 or 2085.