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News Recap: PM Johnson outlined that there is no need to delay the reopening of the UK.

Asian markets traded mixed though only partially benefitted from last Friday’s rebound on Wall Street where the major indices gained as weaker than expected US industrial production and Retail Sales data supported the narrative for further Fed accommodation and support.

UK Focus

In the UK, PM Johnson outlined that there is no need to delay the reopening and announced the acceleration of second doses to over 50s which will be eight weeks after the first dose. The Prime Minister also noted that they have seen more clusters of the Indian variant and noted that though the variant appears to be more transmissible there is no evidence to suggest that the vaccines are less effective. Health Minister Hancock mentioned that the government will decide on the 14th of June as to whether the final lifting of the Covid-19 restrictions will go ahead as scheduled on June 21st. This comes as the number of those fully vaccinated crossed 20mln.

WTI Crude

WTI crude traded indecisively last week as prices approached key weekly resistance at $66.50. News flow for the commodity has been somewhat light following on from the resumption of the Colonial Pipeline Stateside. Ongoing Covid-19 concerns in Asia continue to remain a driver for the energy complex. Gold prices remained firm last week and extended on its advances to above the $1,850 handle for the first time since mid-February. The precious metal continued to remain unfazed by the slight recovery in the greenback this morning but has since given up some of those gains as participants prepare for the US session.

Cryptocurrency

Cryptoassets tumbled lower to start the week following a number of recent comments from Elon Musk. The initial move began after Tesla announced that payments via Bitcoin will be put on hold due to environmental concerns. Since then, the Cryptoasset has plummeted to 3 month lows and currently trades at support around $45,000. Ethereum was also dragged lower despite its strong bullish rally year to date. The altcoin has dipped below the $3,200 mark on a number of occasions following its break above the $4,500 handle.

Here is a breakdown of the high impact data releases this week.

Thursday

02:30 Employment Change & Unemployment Rate. Markets to watch: AUD Crosses 

Friday

08:30 German Flash Manufacturing and Services PMI. Markets to watch: EUR Crosses


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