Morning Express

Posted: Sept. 9, 2021, 2:38 p.m.

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Dollar Index battling at 50-dma showing overhead resistance from breakdown

 

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Gold slips from 50-dma after response to rare major four star support, a line in the sand

 

- ECB Policy decision: held rates steady as expected and reaffirmed will remain at present levels or lower until 2% inflation in sight.

- ECB to slow Pandemic Emergency Purchase Programme (PEPP) at a “moderate pace” and conduct asset purchases with a total envelop of 1.85T Euros until the end of March 2022.

- ECB will leave monthly pace of Asset Purchase Programme (APP) steady at 20B Euros per month.

- ECB President Lagarde holds press conference at 7:30 am CT

- ECB also playing transitory inflation card, “may moderately exceed goal for transitory period”.

- China PPI last night highest since 2008, though CPI was below expectations. However, we all know that PPI is a leading indicator for CPI.

Breaking at 7:20 am CT: China said to curb pressure in rising raw material prices. Will release Oil from Nation Crude Oil Reserves for the first time.

- U.S. Jobless Claims due at 7:30 am CT. Both Initial and Continuing Claims expected at new pandemic lows of 335,000 and 2,744,000. Initial Claims crushed expectations at 310,000.

- Atlanta Fed President Bostic, a 2021 voter known on the hawkish end, said due to weaker data recently to not expect a taper announcement later this month. Gold reacted positively to these comments. However, he still believes the Fed will be able to taper later this year.

- San Francisco Fed President Daly, a 2021 voter and centrist, speaks at 10:05 am CT. Fed Governor Bowman, a slight dove, speaks at noon CT, and NY Fed President Williams speaks at 1:00 pm CT.

- U.S. Treasury auctions $24 billion 30-year Bonds at noon CT. Yesterday’s 10-year auction had solid demand.

- EIA inventory data due at 10:00 am CT. Expectations are -4.612 mb Crude, -3.39 mb Gasoline, and -2.617 mb Distillates

- Private API survey, Crude was light but massive draw of 6.414 mb Gasoline was the highlight

E-mini S&P (September) / NQ (Sept)

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E-mini S&P (September) / NQ (Sept)

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Crude Oil (October)

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Gold (December) / Silver (December)

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