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Oxford Vaccine Questioned, Keeping EU Rollout Lumpy

FOREX
  • The USD was mixed ahead of the Fed's Wednesday rate decision, with the USD index creeping very slightly higher, but failing to make any progress beyond Friday's high.
  • Vaccine politics became a market focus as the session progress, with Germany, France and Spain adding their names to the list of countries to pause the rollout of the AstraZeneca COVID vaccine. The EMA issues their ruling decision Tuesday, but have already reiterated that the benefits outweigh the risks.
  • Scandi currencies underperformed, with both NOK and SEK among the poorest performers in G10 for relatively idiosyncratic reasons. Firstly, Swedish CPI came in well below expectations, with prices rising just 0.3% on the month vs. Exp. 0.6%.
  • In Norway, concerning COVID virus figures are emerging from Oslo, in which the reproduction rate has risen to 1.5 - prompting the authorities to introduce the strictest measures since the beginning of the pandemic.
  • Focus Tuesday turns to Germany's March ZEW survey, US retail sales and import/export price indices. Market moves could be muted, however, with all focus on Wednesday's Fed decision.
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