Good Morning Traders! It is Wednesday the 29th of March, a day of varied releases for the EU, with comments from UK's Hunt expected later on.
Here are some things to look out for ahead of today's session.
Sentiment
President Joseph Biden challenged Republicans to create a public budget plan before leaving on Thursday for a two-week Easter break in response to House Speaker Kevin McCarthy's demands that he start negotiations over the debt ceiling.
Authorities are focusing on a trade involving credit default swaps held by Deutsche Bank that they believe sparked a Friday global sell-off. According to those with knowledge of the situation, it was a wager of about €5 million ($5.4 million) on swaps relating to the junior debt of the German bank. These individuals also claimed that regulators have spoken to market participants over the transaction.
After a surge that was significantly aided by hedge funds covering their short positions this month, traders are betting on more gains in the largest bond market in the world.
Oil continued to rise after a report from the industry indicated a significant reduction in US oil stockpiles as an ongoing disagreement prevents deliveries from Turkey.
A representative for the Federal Reserve acknowledged that the internal watchdog has begun a separate investigation into Silicon Valley Bank's failure from the one being led by the Fed's vice chair for supervision.
Docket
2:45 AM ET
French Consumer Confidence
Median Forecast 81 | Prior 82
4:30 AM ET
BoE Consumer Credit
Median Forecast 1.2B | Prior 1.597B
5:30 AM ET
UK FPC Meeting Minutes
Speakers
4:45 AM ET
UK's Chancellor Hunt speaks regarding the budget plan he announced on March 15th.
Best of luck today traders, make it a good one!
