Time to adapt

Today's news headlines: 

‘Rare blood clots from AstraZeneca vaccine mostly affect younger people’. After countries such as Denmark and Norway opted to ditch the AstraZeneca vaccine, the UK health regulator has found that blood clots have a higher incidence rate in those under 40. We will likely see a shift in the vaccines used on the younger population, with Pfizer or Moderna being the alternative options currently available. The number of second doses administered in the UK is improving everyday, with 14 million people now fully inoculated. The fresh orders for the Pfizer and Moderna jabs and the scale back of the AstraZeneca shot should not affect vaccination rates heavily, meaning the UK should still be on track to fully relax restrictions in June. (Financial Times)

‘Ministers push for “default” flexible working with new UK advisory group’. Working from home might be here to stay with many companies opting to take a flexible approach to office hours. Now the consensus seems to be that flexible working should be the default option for companies. However, there is concern for independent businesses—such as sandwich shops and independent retailers—who rely on commuters to make their living. The concern is that if large numbers of workers chose to continue working from home, the lack in demand will cause them to struggle. (Financial Times)

Today's events, rates, and data 

  • Big tech earnings lifted markets yesterday with the S&P 500 closing 0.68% higher. UK markets were relatively uninspiring as the FTSE 100 finished the day 0.03% lower. Cable is flat in early trading after gaining 0.09% yesterday.

Today's events

China Caixin Manufacturing PMI: 51.9 vs 50.6
French Consumer Spending m/m: -1.1% vs 0.3% last month
German Preliminary GDP q/q: 9:00am
Eurozone Unemployment Rate: 10:00am
Canada GDP m/m: 1:30pm
US Core PCE Price Index m/m: 1:30pm

Interbank rates

GBP/USD: 1.3940
GBP/EUR: 1.1509
EUR/USD: 1.2113
USD/CAD: 1.2275

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