Good Morning Traders.
It is Thursday the 18th of May and here is what to look out for.
Sentiment
The dollar rose for the third day in a row, while Treasuries fell, as traders reduced their bets on the Federal Reserve cutting interest rates later this year, while investors became more optimistic that the US is making progress towards a debt ceiling agreement. Data on US jobless claims is expected later in the day, as are speeches by Fed officials.
America's hegemony over the world economy is being eroded by self-inflicted policy wounds, with a potentially dangerous standoff over the debt ceiling casting new doubt on the dollar's dominance in global trade and finance.
Next month, Federal Reserve officials are expected to make the most significant upward revision to the US economic outlook since 2021.
From Friday, a group of seven leaders will convene in the Japanese city of Hiroshima to face a slew of collective challenges.
Docket
08:30 AM ET
US Weekly Initial Jobless Claims
Median Forecast 253K| Prior 264K| Range 275K/232K
10:00 AM ET
US Existing Home Sales for April
Median Forecast 4.3M| Prior 4.44M| Range 4.5M/4.05M
11:30 AM ET
US sells $35 bln4-Week Bills
13:00 PM ET
US sells $15 bln 10-Year TIPS
Speakers
09:05 AM ET
Fed's Jefferson gives a speech on the economic outlook at the National Association of Insurance Commissioners International Insurance Forum in Washington, DC. Text is expected.
09:30 AM ET
Fed's Barr testifies before the Senate Banking Committee in its Semiannual Hearing on Supervision and Regulation. Text is expected.
10:00 AM ET
Fed's Logan gives a speech at the Texas Bankers Association's annual convention in San Antonio, TX. Both text and Q&A are expected.
Good luck!