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Unprecedented intervention

Unprecedented intervention

UK manufacturing growth hits 13-month low in March

  • US will draw down 180 million barrels over six months, in unprecedented government intervention in oil markets following Russia’s invasion of Ukraine. Crude prices fell about 4% on the news
  • British manufacturing expanded in March at the weakest pace in 13 months and price pressures, which had previously shown some signs of moderating, worsened, a survey showed
  • The dollar extended a rebound versus major peers, also resuming its rally against the yen, ahead of a key US jobs report that could cement the potential for a 50 basis-point Federal Reserve interest rate hike
  • WTI/USD dove 5.9%
  • BTC/USD plummeted 2.9%
  • XAU/USD gained 0.5%

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