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Global Currencies in shambles
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Global Currencies in Shambles

Wait, why on earth is Bitcoin rallying? Well…China has made a historic move in the global de-dollarization trend by settling its first liquefied natural gas (LNG) trade in yuan. Let’s not forget, these deals have been settles in the US dollar since 1973! This is a significant step for China to reduce its reliance on the US dollar in international trade. The LNG & financial industries will undoubtedly be impacted by this move, with potential changes in pricing and contracts. Furthermore, it could influence other countries to follow suit and shift away from the dollar. As China continues to assert its economic power, we may see further developments in this trend that could have far-reaching implications for global finance.

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Pre-market

Futures as of 8:45 AM EST

Index Levels

Catalysts

EU: Economic sentiment and employment expectations came in marginally lower in the EU and the euro area for March
USA: US 4Q Final GDP +2.6% Vs Prelim GDP +2.7%
4Q Consumer Spending +1.0% Vs Prelim +1.4%
4Q Final PCE Price Index +3.7% Vs Prelim +3.7%
Fed Barkin speaks at 11:45 AM EST.
CHINA: NBS Manufacturing PMI.
Roku to cut 6% of staff ($ROKU $NFLX)
Google says Microsoft cloud practices are anti-competitive ($GOOGL $MSFT)
Ford in $4.5 Billion deal with China’s Zhejiang Huyaou Cobalt for EV materials ($F)
Oil companies will bid for offshore blocks to store CO2 under the US golf south of Texas. Companies bidding are Chevron, Exxon and BP, the biggest bidder is current Chevron ($CVX $XOM $BP)

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