Little on the agenda to start the new week
Just a reminder to wind the clocks forward as daylight savings hit Europe over the weekend, so timings will shift to being an hour earlier than the previous cycle.
Liquidation fears are keeping the risk environment more measured for the time being, with US futures settling lower (S&P 500 futures -0.6%, Nasdaq futures -0.7%, Dow futures -0.4%) though Asia is largely holding the line for the time being.
The Nikkei is up a little over 1% while Chinese equities are observing much calm upon the lunch break as well. Meanwhile, FX is also keeping the peace with the dollar steadier but trading in relatively narrow ranges ahead of European morning trade.
EUR/USD continues to keep pressured below 1.1800 but is trading within a 23 pips range so far today with the low coming at 1.1775. The supposed risk jitters also isn't translating much to the likes of the aussie, as AUD/USD keeps in a 24 pips range around 0.7630.
The news on the Ever Given being refloated is percolating to oil prices, with WTI down $1 to $59.90. That will be one to watch with the market still tossing up between the Suez Canal news, supply and demand dynamics, and the OPEC+ meeting in April.
Looking ahead, economic data will take a back seat as the market will also start to put some focus on month-end and quarter-end flows this week.
0800 GMT - SNB total sight deposits w.e. 26 March
Your weekly check of the deposits kept at the SNB by Swiss banks. This data is a proxy for FX interventions.
0830 GMT - UK February mortgage approvals, consumer credit data
Prior release can be found here. The UK housing market is still running hot (slightly cooler than the end of last year though) in the overall picture and with the stamp duty holiday extended, that is likely to continue to be the case this year. Credit conditions though aren't as robust and are likely to stay weaker as the recovery drags on.
That's all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.
