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Greenback Strengthening, Fed Beige Book and Earnings In Focus

EMERGING MARKETS
  • House Republicans are planning to vote next week on a bill that would raise the US debt ceiling and enact deep cuts to US spending, with conservatives demanding additional changes and President Joe Biden and other Democratic leaders refusing to offer concessions in exchange.
  • The Bank of England was given further evidence of the sticky prices across the UK economy, with inflation again above its own expectations in March, despite falling to 10.1% year-on-year from 10.4%, data released by the Office for National Statistics on Wednesday showed.
  • USD/JPY traded through the overnight highs alongside the European open to briefly trade above the Y135.00 handle. A modest wave of USD strength accompanied a return higher for US Tsy yields, as the 10y touched 3.63% - a new April high - alongside tighter implied Fed pricing.
  • The Fed Beige Book release rounds off central bank comms, scheduled at 1900BST/1400ET. Earnings remain a focus, with Wednesday highlights including US Bancorp, Morgan Stanley, Tesla and IBM.
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