Today's news headlines: 

‘Moderna’s UK vaccine rollout to begin in Wales’. Vaccination rates have begun to tail off in the last few days as expected, but the recruitment of a third vaccine to the UK’s arsenal looks set to boost supplies as early as the third week of April. Over 31 million people have now had the jab, and with the successful procurement of 17 million doses of the Moderna vaccine, the government appears to be on track to have offered all adults a vaccine by the end of July. This news surfaces as tensions mount around the Oxford/AstraZeneca vaccine, with both France and Germany limiting its use on those under 30 after further reports of adverse reactions. (Financial Times) 

‘White House rules out Federal Covid-19 vaccine passports’. The talk of ‘vaccine passports’ has now made its way across to the US. The European Union, and to some extent the UK, appear to be supporters of the idea of a document allowing those vaccinated to attend more high-risk events until restrictions are entirely removed. However, this idea in the US has been met with a notable backlash from Republicans who feel their liberties are at risk. Perhaps more interestingly, the World Health Organisation has not given its support due to the lack of data showing that those who have the vaccine can still transmit the virus. (Financial Times) 

Today's events, rates, and data 

• US markets finished lower yesterday as the S&P 500 broke its positive trend, ending the day down 0.10%, while the US 10-year Treasury Yield marginally retreated to 1.65%. The FTSE 100 finished the day strong, recording a 1.28% gain. Sterling has weakened against the Euro trading at the €1.16 level, while Cable has drifted below $1.38. 

Today's events

French final Services PMI: 8:50AM
German final Services PMI: 8:55AM
UK final Services PMI: 9:30AM
FOMC Member Charles Evans Speaks: 2:00PM
Canada Ivey PMI: 3:00PM
US Crude Oil Inventories: 3:30PM
FOMC Member Thomas Barkin Speaks: 5:00PM
FOMC Meeting Minutes: 7:00PM

Interbank rates

GBP/USD – 1.3791
GBP/EUR – 1.1602
EUR/USD – 1.1871
USD/CAD – 1.2604

The markets are moving. To speak to our team, please call +44 (0)20 3465 8200.