Oil price spills over COVID recovery concerns

Wednesday 24th March 2021Market sentiment has switched in the last 24 hours, with concerns that the economic recovery from COVID-19 might be slower than anticipated. The airline industry will feel some of the hurt, with European summer holidays likely to be off the agenda for most Brits. Janet Yellen and Jerome Powell were also guarded in their comments about the pace of recovery in the US, when they spoke to the House Financial Services Committee. The New Zealand dollar was the currency hit the hardest. NAB’s David de Garis says much of the fall is to do with government measures to try and restrict house price inflation, moving demand from investors to home buyers. Watch the PMIs tonight for signs of a widening gap between the European and UK economies, as Britain takes the jab many times faster than their cousins over the channel.

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