EU bans Russian Coal imports; Russia suspended from UN Human Rights Council; Consensus on ECB to continue with normalisation.
April 8, 2022
GBP/USD 1.3047 GBP/EUR 1.2007 EUR/USD 1.0866 USD/CAD 1.2586 EUR/CHF 1.0161 EUR/SEK 10.2764 EUR/NOK 9.5452 EUR/DKK 7.4375 USD/ILS 3.2236 AUD/USD 0.7464 NZD/USD 0.6860 USD/SGD 1.3631 USD/JPY 124.09 USD/CNH 6.3682 USD/INR 75.8863 EUR/ILS 3.5027 GBP/ILS 4.2055 USD/ZAR 14.7305
UK companies have hired permanent employees at the slowest rate in a year through March, despite starting salaries rising the fastest pace on record.
Queues are mounting at Dover following an outage of the UK’s post-Brexit IT system.
GBPUSD trades down -0.24% and EURGBP trades up 0.1% in a weak early session for the pound. The FTSE has opened up 0.85%.EUR
The consensus of economists sees the ECB will continue with its policy normalisation. The ECB is seen ending net bond-buying in July, paving the way for their first rate-hike in a decade, due at the end of 2022. The EU has banned Russian coal imports, in its first step against Russian energy commodities.
Emmanuel Macron’s election lead is weakening according to polls. The runoff has Macron winning with an advantage of 52% to 48%, a margin that has significantly narrowed over the last month.
EURUSD trades lower by 0.2%, European equities have opened higher with the STOXX 600 up 1.34%.USD
US Congress voted overwhelmingly to strip Russia of its normal trade status and ban imports on gas, coal and oil. This comes as the UN voted to suspend Russia from the UN Human Rights Council, following allegations of war crimes across Ukraine.
Ketanji Brown Jackson has become the first Black Women on the U.S. Supreme Court, with the Senate confirming Biden’s first nominee.
The DXY trades higher by 0.2% and the S&P500 closed up 0.43% yesterday, in a day that saw marginal gains for US equities.ASIA/PACIFIC
Sri Lanka is set to hike rates by 1% following central bank turmoil, as the former central bank chief quit alongside the cabinet amid protests. The RBI is expected to keep rates at current levels although it is anticipated that they will raise their inflation outlook.
Japan posted a bigger than expected current-account surplus in Feb. Meanwhile the RBA is keeping a close eye on rising mortgage debt, focusing on high debt-to-income lending, as they may struggle with rising costs.ILS
USDILS trades lower by 0.11% intraday, hovering around 3.23 as we print.Data & Events
ECB Several speakers throughout the day.
IT – Feb. Retail Sales.
RU – March CPI, 4Q GDP
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