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Shine Comes Off Sterling as Vaccine Rollout Falters

FOREX
  • GBP traded poorly, reversing the recent spell of strength and dragging GBP/USD off 1.3919 and back below the 1.3853 50-dma.
  • Reversal in GBP follows continued concerns over an expected slowdown in the UK's vaccine rollout, as a supply crunch results in a marked slowdown of those receiving first doses. Nonetheless, UK PM Johnson has maintained that the lockdown easing schedule is currently on track.
  • After a decent start, retracing the Monday losses, the dollar faltered in NY hours, keeping the USD Index oscillating on either side of the 200-dma.
  • SEK was the strongest performer alongside CHF and EUR, while GBP, CAD and NZD were the weakest.
  • Focus Wednesday turns to final revisions to March PMI data from across the Eurozone, UK, Australia and the US. US trade balance and the FOMC minutes from their latest rate-setting meeting also cross. Fed's Evans, Kaplan, Barkin & Daly all speak.
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