Analysts at BBH point out that the US reports industrial production and manufacturing output for March today and will be key economic releases for the day.
“February's strong gains (1.1% and 1.2% respectively) are unlikely to be duplicated. The risk is on the downside of the median forecasts for 0.3% and 0.1% respectively. Housing starts should bounce back from the 7.0% decline in February. Permits may stabilize after falling 5.7%. At least five Fed officials speak today. Most have spoken recently, and only one governor (Quarles) speaks today. Consequently, the market impact may be minor.”
“President Trump will reportedly not push forward with new Russia sanctions. This contradicts weekend comments from UN Ambassador Haley that new sanctions "will go directly to any sort of companies that were dealing with equipment related to Assad and chemical weapons use." Report suggests no further US sanctions will be seen without a “triggering event.” Whilst this news has helped Russian assets stabilize, we are skeptical that a sustained rally can take place.”
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