IFX Market Report: Wednesday 14th April 2021

EURUSD is trading strong this morning as it attempts to push towards the 1.20 handle. The US Dollar Index (DXY) is down today, sinking to levels not seen since March 22. Also negatively affecting the Dollar could be the halt in usage of the Johnson & Johnson (J&J) COVID-19 vaccine in all 50 states after blood clotting issues. South Africa and EU will also temporarily stop the rollout of the J&J COVID-19 vaccine for the same reasons. The US Food and Drug Administration (FDA) said that 6 cases were detected in more than 6.8M doses of the vaccine. The FDA went on to confirm that one patient died from blood clotting complications, and that “out of an abundance of caution” this vaccine must stop being administered immediately. All 6 cases were found in women aged between 18 and 48, with symptoms appearing 6 to 13 days after vaccination. The United States still leads the world in the number of infections and deaths, with other 577K Americans dead as direct result of COVID-19.

The Pound was a touch softer on Tuesday as the currency struggled to gain any momentum against its peers. GBPUSD opened the session at 1.3741 and closed at 1.3729.

GBPEUR also recorded losses on Tuesday, opening at 1.1553 and closing at 1.1512.

EURUSD was the main mover of yesterday’s session, starting the day at 1.1893 and closing above 1.19 at 1.1925.

On the data front, at 10:00 Industrial Production from the Eurozone is forecasted to come out at -0.9%, with a previous of 0.1%. Then in the afternoon, starting from 15:00, there will be speeches from ECB President Christine Lagarde, BOE’s Haskel, Fed Chair Jerome Powell, and Fed members Williams, Clarida, Bostic and Kaplan.

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