Whilst the VIX is sitting on the yearly low, other markets are more volatile. Wheat rallied to fresh highs, posting a 2+ standard deviation move to the upside and Bitcoin opens above $70k for the first time in a couple of months whilst USDJPY nudges higher, 156.30. Asian shares paused after seven days of gains, with Li Auto Inc. leading losses in the MSCI Asia Pacific index after the company’s first-quarter vehicle sales missed estimates and generally investors seem to be awaiting Nvidia results, Wednesday.
Tensions in the Mid-East are likely to increase further after the death of the Iranian President but overnight Spot gold fell 0.5% to $2,412.51 an ounce after Sunday's rally, West Texas Intermediate crude fell 0.6% to $79.32 a barrel, and the yield on 10-year Treasuries was little changed at 4.44%.
On the data front today, we have the Eurozone Trade Balance and Current Account at 9am, Hungarian Interest Rate decision at 1pm, Canadian CPi at 13.30 and Speeches from Fed’s Thomas Barkin, Christopher Waller, John Williams, Raphael Bostic, Susan Collins, Loretta Mester. All we want to know is when are they going to cut rates and this comes after the Bank of England’s outgoing deputy governor, Ben Broadbent said yesterday, that a first reduction in borrowing costs could come as soon as next month...
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