Bolstering supplies

Today's news headlines: 

‘UK to roll out Moderna coronavirus vaccine in April’. In what looks like a move to combat weaker vaccine supplies in April, the UK has opted to recruit a third vaccine to boost it's inoculation arsenal. This comes as the UK reached yet another milestone over the weekend, with 30 million people having now received their first dose of a vaccine. The nation is fast approaching the first phase of reopening the economy on 12th April as non-essential retail looks set to open. If the current rate of vaccination continues, it's likely that the targets set out in Boris Johnson's road map will be met and full lifting of restrictions will take place as scheduled on 21st June. (Financial Times)

‘Suez Canal ship “near” to being refloated in boost for global trade’. After almost a week, the run aground Evergreen container ship blocking the Suez Canal is nearly afloat. This is big news as the canal accounts for roughly 12% of world trade and has caused around $10bn worth of goods to be held up each day. News of the ship potentially being freed has sent oil prices lower overnight with Brent Crude down 2% this morning. As supply chains continue to be impacted by the coronavirus pandemic, the hope is that this vital trade channel will be freed to prevent any further bleed on an already wounded economy. (Financial Times)

Today's events, rates, and data 

  • Markets finished last week on a positive note as the S&P 500 rose 1.66% on Friday after a cooling of inflation fears. Major currencies are trading flat this morning with Cable holding around the $1.3750 level. Sterling is also holding strength against the Euro trading just below €1.17. News of progress in the Suez Canal incident has sent oil 2% lower this morning.

Today's events

UK M4 Money Supply m/m: 9:30am
UK Mortgage Approvals: 9:30am
FOMC Member Christopher Waller Speaks: 4:00pm

Interbank rates

GBP/USD: 1.3763
GBP/EUR: 1.1684
EUR/USD: 1.1775
USD/CAD: 1.2621


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