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BLOCK, Green June Call Fly


Russia 1Q21 GDP Prints Above Expectations

FOREX: Dollar on the march as EUR, GBP dogged by growth fears
-USD was comfortably the best performer in G10 Monday, as markets shied away
from FX tied to slowing economies: GBP was particularly weak as Q4 GDP missed
expectations with the accompanying industrial and manufacturing production
numbers painting a bleak picture. Further woes stemming from Spanish political
instability pulled the rug from under the EUR, prompting EUR/USD bears to set
sight on 2018 lows of $1.1216. The USD strength was felt far and wide, lifting
USD/JPY through strong resistance above the Y110 handle, allowing the pair to
trade north of the Y110.36 50-dma for the first time since early December.
-NOK was the poorest performer in G10, however, as inflation numbers came up
short: January CPI fell 0.5% m/m and slowed to 3.1% y/y, calling into question
the Norges Bank's signalling for a March rate hike. NOK/SEK corrected back below
the 1.0670 100-dma on the news.
-Speeches from BoE's Carney and Fed's Powell are the highlights Tuesday, as well
as ECB's Lane, who was formally nominated to take the ECB Chief Econ role.
Datapoints from Europe and the US are few and far between.