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Russia 1Q21 GDP Prints Above Expectations

Respects Monday's Range


EUR/JPY slipped at the start to the week, despite printing a fresh one-week high. The rate dipped into the WMR fix and established itself below neutral levels thereafter.

  • RTRS reported on Monday that the EU has finalised its second deal with Pfizer for the supply of a further 300mn doses of the Covid-19 vaccine.
  • German Health Min Spahn signalled the need to leave the current coronavirus restrictions in place for now, even as the contagion rate is "coming down in an encouraging way." Cll'r Merkel meets with state premiers this Wednesday to discuss Covid-19 strategy.
  • Mario Draghi told Italian lawmakers that he would make the common EZ budget his priority, should he become the next PM.
  • EUR/JPY trades at Y126.79, little changed on the day. A fall through the 50-EMA at Y126.04 would shift focus to Jan 27 low of Y125.60. On the topside, focus moves to Jan 29 high of Y127.34 and a break here would expose Jan 7/Mar 1, 2019 highs of Y127.49/50.
  • German trade balance & Italian industrial output and comments from ECB's Visco & Lane take focus in the EZ today.
MNI London Bureau | +44 203-865-3806 |