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Daily Market Commentary 31st March 2021

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Markets experienced mixed trading overnight, with equities coming off highs, while sentiment appears to be on the rise. US Banking Stocks have been damaged by the fallout surrounding banks exposure to failing hedge funds, while economic recovery stocks have been boosted as the vaccine roll-out continues. US 10 Year Bond Yields continued to creep higher, pushing up to 1.722%, lending more support for the US Dollar. The EUR slipped to 1.1700, while the Yen traded 110.25.

Trade exposed commodity currencies also drifted in the face of the rising reserve, with the AUD slipping back to 0.7590, while the NZD fell back to 0.6970. US markets are trading in a shortened trading week, due to Easter, which culminates in the ‘triple witching’ end to the March quarter. This will cause volatility in markets, looking to the Non Farm Payrolls number in the US, for recovery prospects.

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