Daily summary: Fed remains dovish

  • Europe's drug regulator found a possible link between AstraZeneca's COVID-19 vaccine and rare blood clotting issues
  • Fed maintains dovish stance
  • US crude inventories fell more than forecast

Most European indices erased early gains and finished today's session lower after Europe’s drug regulator announced a possible link between the AstraZeneca vaccine and rare blood clotting issues in adults who had received the shot and said it had taken into consideration all available evidence. Meantime, UK's Joint Committee on Vaccination and Immunisation recommended not using AstraZeneca vaccine by people under 30 years of age. On the data front, German services PMI surprised on the upside, while  in both the Euro Area and France services activity fell less than expected. DAX 30 fell 0.24%, CAC 40 finished flat and FTSE100 rose 0.91%. 

US stocks rose slightly with the S&P 500 hovering near its record high as details from the Federal Reserve’s last policy meeting failed to surprise the markets. The Fed minutes have added absolutely nothing that could even be considered as hawkish. The Fed sees rising yields but does not care. After the publication, the indices slightly rebounded. On the data front, US trade deficit reached a record level of 71.1 billion USD in February slightly above analysts projections of a USD 70.5 billion gap.

WTI oil  rose 0.50% and is trading around $59.60 a barrel, while Brent is trading 0.45% higher, slightly above $63.00  as both the EIA and API weekly reports showed US crude oil stockpiles fell more than expected last week. Elsewhere gold fell slightly to $ 1,740.00 / oz, while silver is trading 0.30 % higher around $ 25.00 / oz as both the US dollar and Treasury yields retreated.

GBPUSD- British pound has been trading under pressure during today’s session. Pair broke below the major support at 1.3750 and if current sentiment prevails, downward move may be extended to the 1.3705 handle or even 1.3670 where March lows are located. On the other hand, if buyers will manage to regain control then another upward impulse towars 50 SMA ( green line) could be launched. Source: xStation5

Daily summary: Subdued start to a busy week
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