Not over yet

Today's news headlines: 

‘Single Covid vaccine dose cuts risk of household transmission “up to half”’. As the UK nears 34 million first doses of the vaccine being administered, further evidence that transmission can be prevented has surfaced. Research conducted by Public Health England has found that after three weeks of receiving either the Oxford/AstraZeneca or Pfizer/BioNTech jab if the individual became infected with Covid the odds of passing the virus on were cut by around 40-50%. Assuming the second dose boosts these odds further, a full easing of restrictions in June could be likely, with second doses increasing day by day. (Financial Times)

‘After a blistering start, Biden’s vaccine rollout faces new hurdles’. The US now has 232 million people with at least the first dose of the vaccine, and with an average of 3.4 million jabs a day at the beginning of April the turnaround of the campaign has been impressive. However, a flatline in the rate of vaccinations is starting to appear. President Biden now faces the challenge of winning over those reluctant to take the jab. Around only 70% of US citizens say they would be willing to be vaccinated—compared to 94% in the UK—leaving Biden with a gap that needs to be addressed if he’s to achieve the full vaccination plan he desires. (Financial Times)

Today's events, rates, and data 

  • US markets closed relatively flat again yesterday ahead of earnings, with the S&P 500 ending the session 0.02% lower. Focus will shift to the Federal Reserve later today, as the FOMC statement is released along with any interest rate decision. Currencies are relatively flat this morning, with Cable softening slightly down 0.29% in early trading.  

Today's events

Australian CPI q/q: 0.6% vs 0.9% previously
Canada Retail and Core Retail Sales m/m: 1:30pm
ECB President Christine Lagarde Speaks: 3:00pm
US FOMC Statement: 7:00pm

Interbank rates

GBP/USD: 1.3872
GBP/EUR: 1.1499
EUR/USD: 1.2066
USD/CAD: 1.2406

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