Daily digest market movers: Markets ready for BoJ
- Vladimir Putin has secured another term as Russian President on Sunday. Despite comments from Putin that peace talks with Ukraine will not take place, China has said it wants to start peace talks.
- The BoJ is expected to steer its policy rate away from negative rates for the first time in decades. Markets seem to be broadly anticipating the move, with Japanese equity markets rallying over 2% ahead of the meeting overnight on Tuesday.
- The People’s Bank of China (PBoC) made a surprise stronger USD/CNY fixing on Monday at 7.0943 while 7.1993 was expected. This comes after analysts thought the PBoC was letting loose on its stronger fixing after a surprise weaker exchange rate on Friday. Currency markets are not really reacting to the fixing.
- Monday’s US data calendar kicks off at 14:00 GMT with the NAHB Housing Market Index for March. February was in contraction at 48, and the same reading is expected for March.
- The US Treasury Department will allot a 3-month and a 6-month bill at 15:30 GMT.
- Equities are opening the week in the green across the board. Special notice for the Japanese Nikkei and Topix, both up over 2% for this Monday.
- According to the CME Group’s FedWatch Tool, expectations for a Fed pause in the March 20 meeting are at 99%, while chances of a rate cut stand at 1%.
- The benchmark 10-year US Treasury Note trades around 4.30%, continuing its ascent from last week.
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