Good Morning Traders! This Tuesday is yet another quiet session for Europe, where we get UK CBI Orders and comments from Fed's Barkin.

Here is what to expect.


By raising funding costs in the offshore market and fighting back once more with a stronger-than-expected reference rate for the controlled currency, China is extending two lines of currency defence to maintain the yuan. In response to the recent liquidity crunch, the one-month offshore yuan interbank interest rate in Hong Kong, also known as CNH Hibor, rises to its highest level since 2018. Wall Street believes the yuan still has potential to decline despite Beijing's efforts to stabilise it.

In response to pressure from rising interest rates around the world, Japan's 10-year government bond yield hit a fresh nine-year high on Tuesday.

The US bond-market selloff resumed Monday, driving 10-year yields to a 16-year high, as the persistently resilient economy has investors positioning for interest rates to remain elevated even after the Federal Reserve winds up its hikes.

Italy's ambitions to lower its deficit may be put on hold after the country's economy unexpectedly contracted; this would allow the government to keep funding election pledges like additional tax cuts. According to persons acquainted with the situation who spoke on the condition of anonymity because conversations are ongoing, Italy may not fulfil its deficit predictions of 4.5% of GDP this year and 3.7% in 2024.


02:00 AM ET
Norwegian Mainland GDP MoM
Median Forecast 0.2% | Prior 0.5%

06:00 AM ET
UK CBI Orders
Median Forecast -12 | Prior -9


07:30 AM ET
Fed's Barkin Speaks


Good Luck Today Traders!