What you need to know on Wednesday, April 14:
Markets seesawed between risk-aversion and risk-appetite. The sentiment was sour ahead of Wall Street’s opening, following news that the US FDA paused the application of the Johnson & Johnson coronavirus vaccine due to at least six cases of severe blood clots related to the shot. Stocks plummeted, providing temporary support to the greenback.
Financial markets changed course after upbeat US inflation figures. The US March Consumer Price Index jumped to 2.6% YoY, while the core reading hit 1.6%, spurring risk appetite. Wall Street trimmed intraday losses, resulting and the dollar edged lower.
US Treasury yields also came under pressure, with the yield on the 10-year note down to 1.62%.
In Europe, the German ZEW Survey showed that the Economic Sentiment contracted in April, but the shared currency got to advance to a fresh 3-week high against the greenback.
In the UK, the February Goods Trade Balance posted a deficit of £-16.442 billion, worse than anticipated, while the monthly Gross Domestic Product printed at 0.4% for February, better than the previous -2.2% but worse than the 0.6% expected. Industrial Production in the country fell by 3.5% YoY, better than the -4.4% expected, while Manufacturing Production decreased by 4.2% YoY vs the -5.1% anticipated. The pound managed to post a modest intraday advance.
Bank of England Chief Economist Andy Haldane announced he would quit his position and step down from the Monetary Policy Committee after June’s meeting to become the Chief Executive of the Royal Society for Arts, Manufactures and Commerce.
The Organization of the Petroleum Exporting Countries raised its forecast for global oil demand growth in 2021 to 5.95 million barrels per day from 5.89 million previously. Crude oil prices were marginally higher, with WTI ending the day at $60.00 a barrel.
Gold recovered the lost ground, with spot ending the day at $ 1,745 a troy ounce, its highest for the week.
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