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- The USD initially found some support after a higher-than-expected CPI print for March, but price action swiftly reversed and the USD slipped against most others in G10 ahead of the close.
- Much attention was paid to the decision that the US would pause the rollout of the J&J vaccine on blood-clotting concerns, prompting some equity selling and JPY strength in early US hours. JPY remained strong into the US close, narrowing the gap with the April lows at Y109.00.
- GBP found another headwind following news that Bank of England Chief Economist and MPC member Haldane is due to step down from his role after the June MPC meeting.
- Haldane had been one of the more hawkish members of the BoE rate-setting committee, raising the risk that the Bank could adopt a more active approach later this year. EUR/GBP broke to new April highs in response, with the 50-dma undercutting as firm support going forward.
- Focus Wednesday turns to US import/export price indices and Australia's Westpac consumer confidence data. Central bank speak picks up further, with ECB's de Guindos, Panetta and Lagarde due to speak as well as Fed's Powell & Clarida and BoE's Haskel.