· Dollar looks for next catalyst as economic data keep bulls in control
The dollar was largely steady on Monday as investors soaked up last week’s strong U.S. employment report and looked ahead to data on the U.S. services sector for affirmation of a solid economic rebound from the coronavirus shock.
The greenback posted its best quarter against major currencies in almost three years in January-March thanks to an improving U.S. economy and rising Treasury yields.
The U.S. currency is likely to build on those gains as investors look for ways to bet on a global economic recovery from the worst of the coronavirus pandemic, analysts said.
The dollar was last quoted at 110.62 yen, not far from its strongest level in a year.
Against the euro, the dollar traded at $1.1760, which is close to a five-month high.
The British pound held steady at $1.3826.
The dollar rose to 0.9430 Swiss franc.
The U.S. economy created more jobs than expected in March, data showed on Friday. However, there was scant reaction in currencies as most major stock and bond markets were closed for Easter holidays.
Trading was subdued on Monday in Asia as financial markets in Australia, New Zealand, China, and Hong Kong are also closed, although the bias is for the dollar to strengthen further, analysts said.
The dollar index against a basket of six major currencies was little changed at 93.015,
Dollar short positions in the currency market fell last week to the lowest since June last year, U.S. Commodity Futures Trading Commision data showed - another positive sign for the greenback.
· Johnson pushes COVID-19 tests for all to help reopen UK economy
Everyone in England will be urged to take a coronavirus test twice a week as a new system of COVID-19 passports is assessed for wide-scale use, under Prime Minister Boris Johnson’s plan to reopen the economy after lockdown.
Free test kits will be made available through local pharmacies, community centers and home delivery services, when the new regime goes live on April 9.
· China pushes vaccine on bankers and colleges to catch up with U.S.
China is ramping up its COVID-19 vaccination push, aiming to be twice as fast as the US by pressuring Communist Party members, bank workers and college staff to get shots, as the lagging rollout threatens to undermine the advantage it secured by effectively wiping out the virus.
· China reports biggest daily COVID-19 case jump in over two months
China reported its biggest daily jump in new COVID-19 cases in more than two months, as a city on the border with Myanmar in southwestern Yunnan province accounted for all new local cases.
· India's daily virus cases breach 100,000; politicians still hold huge rallies
India reported a record rise in COVID-19 infections on Monday, becoming the second country after the United States to post more than 100,000 new cases in a day, as politicians stage massive election rallies raising fears of further spreading the virus.
· Australia sets national record for Covid-19 vaccinations in a day
Australia says it has given nearly 80,000 people a virus vaccination to set a new single-day high, boosted by strong stockpiles.
A record 79,283 people received an initial dose on Thursday, the latest day that such data is available, Health Minister Greg Hunt told a press briefing on Sunday.
· AstraZeneca Covid vaccine will be Thailand’s ‘principal’ shot, says health minister
The coronavirus shot developed by AstraZeneca and the University of Oxford will be Thailand’s “principal vaccine,” said Anutin Charnvirakul, Thai deputy prime minister and public health minister.
More than 150,000 people have been inoculated with the AstraZeneca vaccine and the percentage of people who developed side effects “is considered very low,” said Anutin.
Renewed safety concerns around the AstraZeneca-Oxford shot led countries including Germany and Netherlands to halt the use of the vaccine for people under 60.
· Tourism first! Island of Phuket in mass vaccination drive ahead of the rest of Thailand
In Thailand, it’s the all-important tourism sector that has jumped to the head of the COVID-19 vaccination line, with the country’s most popular resort island embarking on a mass inoculation programme two months ahead of the rest of the country.
· Japan's central bank kicks off experiments on issuing digital currency
The Bank of Japan (BOJ) began experiments on Monday to study the feasibility of issuing its own digital currency, joining efforts by other central banks that are aiming to match the innovation in the field achieved by the private sector.
· India's factory activity falls to 7-month low to 55.4 on COVID-19 resurgence
· Philippine president's aide warns of 'unwanted hostilities' over Chinese boats
Territorial "incursions" by hundreds of Chinese vessels in the South China Sea are straining ties between Manila and Beijing, and could lead to "unwanted hostilities", an aide to President Rodrigo Duterte's said on Monday.
· Oil Price Fundamental Weekly Forecast – OPEC+ Gradual Output Increase, Demand Recovery Issues Equal Headwinds
U.S. West Texas Intermediate and international-benchmark Brent crude oil futures finished higher last week in a mostly choppy trade. The market was poised to finish lower for the week until OPEC and its allies made an announcement that may have shook a few of the weaker shorts out of their positions.
Earlier in the week, the catalysts weighing on prices were the restarting of traffic on the Suez Canal after a huge ship blocking the landmark was freed earlier in the week, mixed U.S. inventories data, a stronger U.S. Dollar, fear of increasing supply from Iran and concern over a weakening demand recovery due to a global coronavirus uptick.
Last week, May WTI crude oil futures settled at $61.45, up $0.48 or +0.79% and June Brent crude oil futures finished at $64.86, up $0.43 or +0.66%.
· OPEC+ Plans to Increase Oil Output by Over 2 Million bpd from May to July
Reference: CNBC, Reuters, MiamiHerald, FXEmpire
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