The Fed driven North American equity rallied carriedthrough to Asia and Europe; but US equities are currently suggesting a flat open. Small changes in FX since yesterday’s NA close conceals thatseveral currencies are at extremes. In addition there was a material USDrally after yesterday’s Fed decision; with an additional weight on EURbeing the draft agreement on the single resolution mechanism (SRM)whose details were released just after 3pm EST‐ see EUR section. Today,Fed Fisher (voting, hawk) speaks but it is not policy related (there are nopolicy Fed speeches scheduled until January). Initial jobless claims, PhilyFed and existing home sales will all be important inputs into Fed induceddata watching markets.
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Scotiabank