Daily Alert – Wednesday 6th December 2023: Markets see 150bp cuts in Eurozone
In the Eurozone, markets are now pricing in 150 basis-points of rate cuts for 2024. The Euro continues to fall, but I can’t catch a break in terms of finding a well-behaved counter-currency with which to trade. But I will continue to monitor the situation every day and when the setup presents itself, I shall pounce.
US ADP Employment Change missed to the downside by a good margin, lessening the chance of further Fed rate cuts.
OPEC+ seems to have completely mismanaged their meeting and communications from last Thursday. There is widespread doubt that the cartel can deliver the additional 1 million barrels-per-day of cuts announced at that meeting. WTI has fallen to a level not seen since June.
I’ll be back tomorrow.
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