On Thursday, the Euro appears to have risen towards $1.2000, its highest level since March 11. Economic data released earlier confirmed that inflation in Germany and France rose at the fastest pace in more than a year in March, while Italy's inflation rate reached its highest level since May 2019.
European Central Bank Vice President Luis de Guindos said Wednesday during a hearing of the European Parliament's monetary affairs committee that the central bank will act on any "damaging" increase in borrowing costs until the coronavirus pandemic is over. De Guindos added that broad economic activity should pick up strongly in the second half of this year thanks to vaccinations, easing of restrictions and support for monetary and fiscal policy both in the eurozone and globally. At the same time, uncertainty remains high and the recovery is expected to be fragile, with GDP not reaching pre-crisis levels until the second quarter of 2022.
Better forecasts for oil demand
In the oil market, we saw a spike in the price, which oscillated around one-month highs, with WTI crude oil at $63.2 per barrel and Brent crude at $66.7 per barrel. A factor that may have boosted prices was news that the International Energy Agency and the Organization of the Petroleum Exporting Countries raised their oil demand forecasts for 2021 by 230,000 and 100,000 barrels per day, respectively. The EIA and API also reported a larger-than-expected decline in crude oil inventories last week.
Investors remain cautious, however, due to rising disease rates, particularly in some European countries and India, and slow vaccination campaigns.
U.S. health authorities have recommended halting Johnson & Johnson's vaccine against the virus over concerns about blood clots. That, in turn, could extend vaccination in the U.S. by about two months.
Coinbase strong debut
US index futures seem to be rising slightly today. Sentiment may be supported by better-than-expected first-quarter data and earnings from major banks, as well as Fed Chairman Jerome Powell's Wednesday statement that the central bank will hold off on interest rate hikes until the labor market fully recovers and inflation reaches 2 percent.
Yesterday took place the successful debut of the largest US cryptocurrency exchange Coinbase. The company finished trading with a capitalization of $87.38 billion. This means that Coinbase is valued higher than $74 billion worth of cryptocurrencies. CME Group (the largest contracts and options exchange in the world) or Intercontinental Exchange, the largest operator of stock exchanges in the world, worth $65 billion.
Daniel Kostecki, główny analityk Conotoxia Ltd. (usługa Forex Cinkciarz.pl)
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