Daily Alert – Friday 9th April 2021: Indecisive sentiment rules the week

Mark NugentApril 2021, Daily Alert

Daily Alert – Friday 9th April 2021: Indecisive sentiment rules the week

Risk sentiment was almost solidly indecisive, apart from Tuesday when we saw a move to risk-off, and even then the sentiment was driven by bond yields dropping rather than equity movements.

It was steady-as-she-goes from Central Banks as revealed by meeting minutes produced by the Fed and ECB and a statement from the Reserve Bank of Australia.

Equities are essentially static around all-time highs. Oil drops a touch as OPEC increases production from May. GOLD is flat at support.

Midweek, the GBP’s bull run was brought to a screeching halt as the AstraZeneca vaccine was associated with a very small instance of blood clotting in some younger people. The EUR rose as vaccination efforts in the EU finally seem to be making some headway with (poor) vaccination targets now forecast to be achieved ahead of schedule. The JPY meandered upwards. Commodity currencies were erratic. The USD took a turn down as the US 10-year yield began to consolidate.

I could not find an opportunity to trade in this shortened week.

Have a great weekend and I’ll be back on Monday.

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