It’s January tenth and that’s about the time of year when the turn-of-the-year flows dry up and we can get back to the business of trading fundamentals. Unfortunately, there aren’t many fundamentals coming today.
The lone economic indicators coming up today are US wholesale sales (10 am ET) and the EIA weekly oil storage report (10:30 am). On the speakers’ calendar, the Fed’s Williams talks at 3:15 pm ET on the economic outlook for 2024, so that’s sure to touch on monetary policy.
Before that, we will hear from the Bank of England’s Bailey at 10:15 am as cable continues to bounce around.
Another notable event comes at 1 pm with a US 10-year note auction. The on-the-run notes are trading down 3 bps to 3.98% so eyes will be on 4%.
Finally, it’s bitcoin ETF approval today. Yesterday’s SEC SNAFU sets the tone for an interesting reaction. So far today, bitcoin is down slightly to $45,200.
Eight reasons why a bitcoin ETF will be a ‘sell the fact’ trade