During the initial words of the speech, US President Biden praised his administration during the initial two months of fighting the
pandemic and promised vaccines for all American adults by May 01. The
Democratic leader also praised the $1.9 trillion American Rescue Plan
but hints at worries over the US jobs.
Even so, the markets arent too active. The recent lack of reaction to the key speech could be traced to the latest passage of the US $1.9
trillion stimulus and a lack of any hints for the recently chatters $2.5
infrastructure plan. Also, the pre-event update from the White House
already conveying most highlights dimmed the importance of the event.
Even so, market sentiment remains positive as the US on the road to recovery from the pandemic times. Also favoring the mood could be the
Novavax update suggesting strong results while trying to tame the UK
covid variants.
Alternatively, AstraZeneca‘s fears to fall short of vaccine deliveries to the European Union (EU) and the US actions to disappoint
Huawei suppliers join Australia’s dislike for Hong Kong conditions to
challenge the risk-on mood.
Against this backdrop, US 10-year Treasury yields and S&P 500 Futures print mild gains whereas stocks in Asia-Pacific track Wall
Streets uptrend by the press time.
Having witnessed the initial market reaction to US President Bidens prime-time speech, gold traders should keep eyes on the vaccine
and unlock newsahead of the US Michigan Consumer Sentiment figures for
March, expected 78.5 versus 76.8 prior.
