Good morning, Traders!
It is Thursday the 7th of September, and here are some things to look out for today.
Sentiment
The dollar continued to rise this morning, testing its highest level since March, after Wednesday's ISM survey showed better-than-expected service-sector activity, raising market expectations for further Fed tightening.
The euro fell as German industrial output fell for the third month in a row, and the onshore yuan fell to its lowest level since 2007. The focus shifts to the slew of Fed speakers scheduled for Thursday.
The United States and the European Union are working on an agreement that would impose new tariffs on excess steel production from China and other countries, as well as put a Trump-era trade conflict behind them.
According to analysts, a model of US consumption that takes into account sentiment, as well as income, wealth, and interest rates, suggests that spending should have already dropped enough to tip the economy into recession.
Docket
8:30 AM ET
US Weekly Jobless Claims
Initial Claims - Median Forecast: 234K | Prior: 228K | Range: 245K / 225K
Continued Claims - Median Forecast: 1.719M | Prior: 1.725M | Range: 1.745M / 1.7M
11:00 AM ET
Weekly EIA Inventories
Crude Oil Inventories - Median Forecast: -2M| Prior: -10.584M | Range: -1.357M / -4M
11:30 AM ET
US sells $80 bln 4-Week Bills
Speakers
10:00 AM ET
Fed's Harker speaks about the future of fintech. Speech is at the Philadelphia Fed's seventh annual Fintech Conference
11:45 AM ET
Fed's Goolsbee delivers welcome remarks at the bank's Fourth Annual Career Pathways in Economics and Related Fields Conference.
Text: No.
Q&A: No.
3:30 PM ET
Fed's Williams participates in a moderated discussion at the Bloomberg Market Forum.
Text: No.
Q&A: Yes, from a moderator.
3:45 PM ET
Fed's Bostic speaks on the economic outlook in a moderated conversation with Broward College president Gregory Haile.
Livestream: No.
Audience Q&A: Yes.
Embargoed text: No
4:55 PM ET
Fed's Bowman speaks on a panel at Philadelphia Fed's annual fintech conference. The subject is the future of money and consumer protection.
Text: No.
Q&A: Yes, from a moderator.
Good luck!
