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US Calls for Pause on J&J Vaccine After Clotting Cases - NYT

Real Time News
  • #Bitcoin rose to a fresh all time high this morning around the 63,000 level, breaking above the previous high set around 62,000 in mid March. $BTC https://t.co/sj1fjZb1iw
  • US 10yr Treasury yields and the US Dollar have both headed lower in the immediate aftermath of the CPI print. The $DXY dropped from 92.26 to around the 92.10 level and 10yr yields stepped back from above 1.68% to 1.66%. $USD https://t.co/RFiMWfNckX
  • 🇺🇸 Core Inflation Rate MoM (MAR) Actual: 0.3% Expected: 0.2% Previous: 0.1% https://www.dailyfx.com/economic-calendar#2021-04-13
  • 🇺🇸 Inflation Rate MoM (MAR) Actual: 0.6% Expected: 0.5% Previous: 0.4% https://www.dailyfx.com/economic-calendar#2021-04-13
  • 🇺🇸 Inflation Rate YoY (MAR) Actual: 2.6% Expected: 2.5% Previous: 1.7% https://www.dailyfx.com/economic-calendar#2021-04-13
  • 🇺🇸 Core Inflation Rate YoY (MAR) Actual: 1.6% Expected: 1.5% Previous: 1.3% https://www.dailyfx.com/economic-calendar#2021-04-13
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.49%, while traders in Germany 30 are at opposite extremes with 75.73%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/onTWQ83wu0
  • US 10yr Treasury yields rose to a one week high this morning, briefly testing the 1.70% level before dropping back below 1.68%. The upcoming CPI print may drive another move in Treasury yields. $USD https://t.co/j4vndyVcup
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.08% 🇪🇺EUR: -0.13% 🇳🇿NZD: -0.14% 🇨🇭CHF: -0.28% 🇦🇺AUD: -0.30% 🇨🇦CAD: -0.40% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/QQP2RQRudx
  • Heads Up:🇺🇸 Core Inflation Rate MoM (MAR) due at 12:30 GMT (15min) Expected: 0.2% Previous: 0.1% https://www.dailyfx.com/economic-calendar#2021-04-13
Pound May Weaken on UK CPI, Euro to Look Past PMI Data

Pound May Weaken on UK CPI, Euro to Look Past PMI Data

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Corrected Lower in Overnight Trade, Loonie in the Lead
  • Ruble Bounce on Surprise Russia Interest Rate Hike Unlikely to Last
  • UK CPI May Weigh on British Pound, Euro to Look Past PMI Data

The US Dollar corrected lower in overnight trade having edged higher in the preceding 24 hours. The Canadian Dollar proved best-supported on the session, rising as much as percent, having proven weakest among the majors with a 0.76 percent loss against the greenback yesterday. That decline came against a backdrop of sinking crude oil prices, which BOC Governor Stephen Poloz linked to possibly delaying interest rate hikes in comments made last week. The Japanese Yen outperformed as Asian stocks declined, boosting demand for the haven-linked currency.

The Central Bank of Russia surprised the markets by issuing a surprise 650 basis point interest rate hike. While the outcome sent the initially Ruble higher, gains seem likely to be limited. Russia’s current predicament looks increasingly similar to the country’s 1998 financial crisis. Then too, the central bank tried to fight a falling exchange rate with aggressive interest rate hikes. This proved fruitless, eventually resulting in a sovereign default and RUB devaluation. Fears of the same this time around may prove to fuel risk aversion in the days ahead, driving continued Yen gains while punishing EM and higher-yielding currencies.

November’s UK CPI report headlines the economic calendar in European hours. The benchmark year-on-year inflation rate is expected to tick lower to 1.2 percent, matching the five-year low set in September. A soft result may weigh on Bank of England interest rate hike expectations, pressuring the British Pound downward. Futures pricing reflects bets a 25bps increase in the benchmark lending rate in the fourth quarter of 2015.

The preliminary set of December’s Eurozone PMI figures is likewise due to cross the wires. The region-wide composite index is set to show the pace of manufacturing- and service-sector activity growth modestly accelerated compared with November. On balance, anything shy of a major deviation from consensus forecasts seems unlikely to spur significant Euro volatility considering the limited implications of such an outcome for the near-term ECB policy outlook.

While a marginally upbeat result is unlikely to moderate the markets’ overtly dovish view of the European monetary authority, a somewhat softer result will almost certainly not hasten the arrival of additional accommodation. Indeed, Mario Draghi and company have seemingly made it plain that they intend to wait at least through the end of the first quarter to assess the efficacy of existing easing before delivering added support (potentially in the form of “sovereign QE”).

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Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

22:30

AUD

ANZ Roy Morgan Weekly Consumer Conf

110.2

-

110.4

0:30

AUD

RBA Publishes Minutes from December Meeting

-

-

-

1:35

JPY

Markit/JMMA Manufacturing PMI (DEC P)

52.1

-

52.0

1:45

CNY

HSBC Manufacturing PMI (DEC P)

49.5

49.8

50.0

2:00

CNY

Foreign Direct Investment (YoY)

0.7%

1.1%

1.3%

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

7:00

EUR

EU 25 New Car Registrations (NOV)

-

6.5%

Low

8:00

EUR

Markit France Manufacturing PMI (DEC P)

48.6

48.4

Low

8:00

EUR

Markit France Services PMI (DEC P)

48.5

47.9

Low

8:00

EUR

Markit France Composite PMI (DEC P)

48.3

47.9

Low

8:30

EUR

Markit/BME Germany Composite PMI (DEC P)

52.3

51.7

Medium

8:30

EUR

Markit Germany Services PMI (DEC P)

52.5

52.1

Medium

8:30

EUR

Markit/BME Germany Manufacturing PMI (DEC P)

50.3

49.5

Medium

9:00

EUR

Markit Eurozone Services PMI (DEC P)

51.5

51.1

Medium

9:00

EUR

Markit Eurozone Composite PMI (DEC P)

51.5

51.1

Medium

9:00

EUR

Markit Eurozone Manufacturing PMI (DEC P)

50.5

50.1

Medium

9:30

GBP

RPI (MoM) (NOV)

0.0%

0.0%

Low

9:30

GBP

RPI (YoY) (NOV)

2.2%

2.3%

Low

9:30

GBP

RPI ex Mort Int Payments (YoY) (NOV)

2.3%

2.4%

Low

9:30

GBP

PPI Input n.s.a. (MoM) (NOV)

-1.5%

-1.5%

Low

9:30

GBP

PPI Input n.s.a. (YoY) (NOV)

-9.2%

-8.4%

Low

9:30

GBP

PPI Output n.s.a. (MoM) (NOV)

-0.3%

-0.3%

Low

9:30

GBP

PPI Output n.s.a. (YoY) (NOV)

-0.6%

-0.5%

Low

9:30

GBP

PPI Output Core n.s.a. (MoM) (NOV)

0.0%

0.1%

Low

9:30

GBP

PPI Output Core n.s.a. (YoY) (NOV)

1.0%

0.9%

Low

9:30

GBP

CPI (MoM) (NOV)

0.0%

0.1%

High

9:30

GBP

CPI (YoY) (NOV)

1.2%

1.3%

High

9:30

GBP

Core CPI (YoY) (NOV)

1.5%

1.5%

High

9:30

GBP

ONS House Prices (YoY) (OCT)

11.4%

12.1%

Low

10:00

EUR

German ZEW Survey (Current Situation) (DEC)

5.0

3.3

Medium

10:00

EUR

German ZEW Survey (Econ Sentiment) (DEC)

20.0

11.5

Medium

10:00

EUR

Eurozone ZEW Survey (Econ Sentiment) (DEC)

-

11.0

Medium

10:00

EUR

Eurozone Trade Balance s.a. (€) (OCT)

18.4B

17.7B

Low

10:00

EUR

Eurozone Trade Balance (€) (OCT)

21.0B

18.5B

Low

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EURUSD

1.2307

1.2376

1.2407

1.2445

1.2476

1.2514

1.2583

GBPUSD

1.5372

1.5517

1.5578

1.5662

1.5723

1.5807

1.5952

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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