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Sentiment is cautiously bullish into the next US CPI figure, due tomorrow, and the next FOMC decision due Wednesday.
Investors are flocking into call options because no one wants to miss a further rally in stock markets, but no one is sure that the rally will continue given the fact that the Fed has hiked rates at a record speed since last year, leading to the failure of a couple of US regional banks on the way.
Across the Atlantic Ocean, the European Central Bank (ECB) is expected to hike its interest rates by 25bp when it meets on Thursday, while the Bank of Japan (BoJ) is expected to keep its policy rate at the negative territory despite the rising inflation.
The USDJPY remains sold into 140 level but a renewed USD appetite could turn reverse the winds, while the EURUSD has a better chance to temper a potential rise in USD demand, as the ECB will likely sound and act hawkish despite the waning inflation and slowing demand.
In commodities, crude oil slips below the $70pb at the start of the week. Goldman dropped its forecast for Brent crude by almost $10 to $86pb for December.
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