• Markets are trending in a broadly risk-off direction. The US Dollar and Rates continue to advance to new highs, commodities and commodity currencies are broadly weak, and stock markets and cryptocurrencies are falling everywhere. It is hard to see what news could reverse this sentiment before Wednesday’s US CPI (inflation) data release, which the market will be anticipating keenly for a further hint that the pace of inflation may be slowing.
• The Forex market is trending firmly in the direction of the US Dollar, which is hitting a new 2-year high. The British Pound is showing significant weakness as it continues to fall following last Friday’s 18-month low.
• The Cryptocurrency sector continues to decline for the seventh consecutive week, with Bitcoin trading at a 2-month low and Ethereum trading at a 3-month low.

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• Commodity markets mostly fell Friday, excepting the energies sector.
• Friday’s US non-farm payroll data came in a little higher than had been expected, but had little effect on markets.
• Two members of the ECB have spoken about the probability of rate hikes over the near term, with one member stating the first hike should be made in July, and another calling for a total of 3 hikes in 2022.
• There will be a release today of the minutes of the most recent meeting of the Reserve Bank of Australia.
• Daily new coronavirus cases globally fell last week for the seventh consecutive week.
• It is estimated that 65.5% of the world’s population has received at least one dose of a coronavirus vaccination, while approximately 6.5% of the global population is confirmed to have contracted the virus at some time.
• Total confirmed new coronavirus cases worldwide stand at over 517.3 million with an average case fatality rate of 1.21%.
• The rate of new coronavirus infections appears to now be increasing only in China, South Africa, the Solomon Islands, and Taiwan.
• The Chinese state doubles down on its “zero COVID” strategy, with mass testing in Beijing and increased lockdown restrictions in Shanghai. The measures are hurting the Yuan and the Chinese stock market.