Good Morning Traders! It is Wednesday the 5th of April, with the week swiftly underway we have our composite and services PMI day for Germany, the UK and France notably.
That aside, here are some other things to take note of ahead of today's session.
Sentiment
The decision by the Australian central bank to leave interest rates steady this week does not indicate that the cycle of policy tightening has come to an end. Governor Philip Lowe reaffirmed his steadfast commitment to getting inflation back to the desired range of 2-3%.
President of the Federal Reserve Bank of Cleveland Loretta Nester stated that in order to combat inflation, policymakers should raise their benchmark rate beyond 5% this year and maintain it there for a while. The precise amount should depend on how quickly price pressures subside.
According to a research by S3, short sellers have increased their negative bets against Toronto-Dominion Bank in recent weeks and now have around $3.7 billion at risk against Canada's second-largest lender. This puts TD in front of companies like France's BNP and BofA and is the most among banking institutions worldwide.
Oil prices increased as evidence of significant US inventory reductions helped to sustain the rise started by an unexpected OPEC+ supply cut.
Docket
2:00 AM ET
German Industrial Orders MoM
Median Forecast 0.3% |Prior 1.0% | Range 1.4%/-1.0%
3:50 AM ET
French S&P Services PMI
Median Forecast 55.5 |Prior 55.5
3:55 AM ET
German S&P Composite PMI
Median Forecast 52.6 |Prior 52.6 | Range 52.6/52.6
German S&P Services PMI
Median Forecast 53.9 | Prior 53.9 | Range 53.9/53.8
4:00 AM ET
Eurozone S&P Composite Final PMI
Median Forecast 54.1| Prior 54.1 | Range 54.1/51.9
4:30 AM ET
UK S&P Composite PMI Final
Median Forecast 52.2 | Prior 52.2 | Range 52.3/52.0
UK S&P Services PMI Final
Median Forecast 52.8 | Prior 52.8 | Range 52.8/52.6
Speakers
5:15 AM ET
BoE's Tenreyro Speaks
ECB's Vujcic and Vasle Speak
Good Luck Today Traders!
