 Okay, very good morning everyone. Hope you're doing well. In order to practice what I preach, this briefing is not going to take long because there's not a lot going on. So I definitely want to convey the idea that when it comes to monitoring, aggregating the news that sometimes there is just not a lot of new information that's relevant really for the market open and that today is kind of one of those days, so I'll keep it keep it relatively brief but looking at the charts this morning things are basically flat The Dixie's unchanged oil is unchanged Equity index futures are broadly flat So if anything a lot of Consolidation happening at the moment particularly with the US indices after the rally that we saw on Easter Monday With the slightly lighter just general volumes with UK and Europe out of the market So then coming back yesterday didn't really add too much in the way of a great deal There's certainly not in the way of any new real Fundamental catalysts in on a macro sense Volumes on US exchanges actually slipped below 10 billion shares for the first time this year Yesterday, so from that perspective one of the quietest days we've had so far of the year Asia then overnight Not too exciting Mixed to flat so again not a great deal to comment on a few things that have just happened as I've switched the record button just to be aware of In the currency pair seeing a bit of a divergence at the moment Euro-dollar or positive dynamics and the pound were negative. I'm just speaking to a couple of other analysts They're noting a technical break in euro sterling Again, nothing from a fundamental news catalyst perspective much more technically driven this morning But you're a dollar here just having a bit of a break out of what was the restrictive area of upside? Resistance both late in the US session and the Asia pack session It's a euro dollar just having a push-up through to the 119 handle Whereas on the downside cable continues to decline having gone through the low that we saw from yesterday evening UK time and the 138 handle this morning Otherwise elsewhere. T-notes have just broken as well a short term double top That was seen just before the close kind of really towards the back end of the US session And so some further upside there might contribute as we have been seeing of late then further the kind in yields A softer dollar to support that euro move Generally as well that yield backing off as we were commenting on yesterday Which is in step we've been seeing some dollar weakness has been supportive of some of the commodities and gold Which was flat just a few minutes ago It's just seen bit of an upward move there with the 10-year just breaking out a little bit movement in the in rates market But overall as I said very quiet Overall not too much to to really comment on so I'll get straight to it and a quick update on the Covid vaccine situation and this is one of the major headlines coming out on Bloomberg this morning Madonna COVID-19 vaccine being rolled out in the UK for the first time still gonna be I believe it's about two more weeks before it Actually does get officially rolled out with a ministered or available to be administered and it's going to be focused in Wales specifically But what's happening here is that this announcement has come where the vaccine from Madonna's going to be with us two weeks earlier than expected Now I guess the the question mark there is that is that positive? Is that going to help make any real definitive change to the vaccine speed? In terms of the program for the UK and consequently couldn't have any impact and the answer to that is no not really To give it a bit of context This is what we're looking at at the moment and so as we've as we you guys I'm sure I'm probably aware the basket of vaccine orders from the UK is heavily tilted on AstraZeneca Of which we we've talked about many times before if you actually look at it Madonna is the smallest orders right down here at the bottom at 17 million and and as to what we could expect for manufacturing and supply Kind of timeline with we're talking hundreds of thousands of shots to get this thing up and running so In a sense, then it's fairly Inconsequential in terms of really moving the needle on the road map Which the government has still said that they're looking to do which is the final kind of reopening of the four-step plan on 21st of June and then more broader nationwide inoculation by a month or so thereafter In context as well what what we have had of course in the in the UK as announced a few weeks ago is Supply issues with the main Astra drug and obviously that's really important because that is the key one to facilitate the rollout program in the UK Now why does that happen? Well lots of supply issues coming by way of India and serum and that that batch of five million But then new production coming out and so forth So a lot of what's been happening is a halt to new first shot Being administered and therefore then what we're seeing is a convergence if not a change of second Doses on the seven-day average exceeding now the first shots and Without Astra being available in terms of their vaccine We've had a various infantry and still supply of the fires of my end tech drug And those people are coming due for their 12 week second shot then and that's what they've been receiving So a lot of what's been happening has been more focused on Second shots while we await then to get first shots underway in the coming coming weeks So overall the Madonna news certainly is a it's a positive thing to hear from a from a COVID Kind of health crisis point of view from a markets point of view It doesn't really make a great deal of difference and we were expecting this to come at around this point anyway In other vaccine related news University of Oxford has said that it's paused a small UK trial testing COVID-19 vaccine It develops with Astra in children and teenagers as it awaits for more data on rare blood clotting issues in adults who receive the shot Had a great deal of time to read in more detail into that story, but Putting two and two together. I would really get too Nervous about that announcement. I'll probably say that's normal procedure if anything just given the ongoing review It's happening for the shots in regards to some of the knock-on conditions that have happened after receiving that that particular vaccine And then elsewhere in the US President Biden has come out last night It says he wants all American adults to be eligible for the coronavirus vaccine by April 19th Which is basically two weeks earlier than his previous goals So the US continued to get more and more kind of ambitious with their targets going forward A few other things to be aware of On geopolitical front and we can talk mainly about oil now oil has unchanged this morning But Iran have said that nuclear talks in Vienna Aimed at restoring its 2015 nuclear deal with world powers have been constructive They were talking yesterday But they have stuck to their demand for the US first to remove all sanctions for any real progress to be possible So it's kind of one of those where it's good that they're talking, but nothing's happening at this point So there's nothing really there's no meaningful impact for price for the time being as we've kind of said before in previous briefings This Iran negotiation is not going to happen quickly. It's going to be over many months So I wouldn't be looking for any definitive kind of action on the back of this And then we had the API trees last night crude was a draw of two point six one eight million cushing 84,000 draw gasoline and build a four point five five three million and we'll be looking out for the DOEs later Remember it was only a holiday in mainland Europe UK or on Easter Monday So the US schedule for the infantry is completely as per normal So it'd be 330 London time. We'll get the DOEs this afternoon And on that point then just having a quick look at the calendar It's a fairly quiet calendar again. This week is quite quiet overall. And so looking for this morning We do get the Service PMI numbers coming out of Europe and the UK, but these are final March readings. So Not expect to be to market moving if at all Then looking into the afternoon Excuse me There's no major 130s coming out in the US We've got CAD trade balance. So then we look to the oil infantry's at 330 and then the FMC minutes on today at 7 o'clock and I've not really read a great deal about people talking about the FMC minutes and a lot of the time That says it all in the sense that it's probably not really that important And I can understand that the last meeting that we had if you remember just a few weeks ago Did include the summary of economic projections where everyone was looking for any movement in that dot-plot Which we didn't see where we saw rates then committed to the fact that they're going to rise still through 2023 Rates markets nonetheless have continued to bring forward their anticipated first rate increase now into the end of 2022 nonetheless given some of the really strong economic data. We've had out the US But what new information we're going to get out the minutes probably none at all really and so hence the reason why it's it's Most likely going to be a Feddy dull event typically when they release the projections if you think about it We're getting clear indications about their latest vision about what the future looks like for unemployment for growth for PCE for rates in terms of federal funds rate forecast. So It's not like We're we were short of any information to then have the clearest possible Understanding of where the feds heads were at at the time So the minutes unlikely really to unveil much in a way of anything new I would say But one thing we do have is a couple of Fed speakers no happening this afternoon In particular the two that I'd look out for really is feds Evans and feds Barkin Both of which are voting members and generally have a neutral disposition in terms of where they sit on the hawk-dub spectrum Evans is speaking on current economic conditions and monetary policy at 2 o'clock London time and then Barkin is speaking at 5 p.m London time Daily who is a voter and also neutral speaking on climate change and equality is also as a side point talking about the economy and Mary daily will be speaking at at 6 p.m. London time as well All right, and that is it as I said I was going to keep it brief. So I'll stick to my word Any questions at all? I was talking to some former students in Bahrain actually last night And they said that they still watch the briefing every day So I'm going to give those guys a shout out to the kinds in in Bahrain Thanks for joining me last night But otherwise for everyone else have a good day ahead again market conditions are very quiet And I've not really looked at the the charts too much from a technical perspective But certainly when markets are quiet from a fundamental news point of view I definitely would be putting a more of an emphasis on the technical setups of charts across assets as a As a almost a more weighted component for market direction today and with that good luck See you later, and then I'll see the others in the in the discord ruin out by live. Take care