Summary:

• Bitcoin surges above$7800 mark

• Euro remains virtually unimpressed by the ECB minutes

• SEK sinks after inflation miss

According to ECB minutes from March meeting European central bankers rejected the view that the inflation goal is near in the medium term. Arguments were raised that the greater amount of slack may remain in the economy than it was previously indicated in the projections. Moreover, ECB members expressed concerns over the downside risks connected to trade conflict. Moving to the FX market SEK is the weakest currency in the G10 basket while NZD is the strongest one. Commodities including gold, oil and silver trade lower.

Although many market participants still see the Riksbank hiking interest rates later this year, the odds moved down quite noticeably in the aftermath of the inflation release we got earlier today. As a result, the local krona depreciated appreciably both against the US dollar and the shared currency with the latter breaking above its crucial resistance.

There’s no way to calm the markets these days. Just as the Trade Wars fear have started to abate slightly, new geopolitical risks have emerged. Trump’s response to a supposed chemical attack has been strong, a clear hint that he’s rising stakes with Russia.

Cryptocurrencies have been remarkably calm despite an array of risks coming from the Middle East as well as the ongoing trade row between the US and China. It could mean that they may have become resistant to such kind of risks. On the other hand, they stopped responding to positive reports as well being driven by nothing.

In Italy political uncertainty spurred by the indecisive outcome of the latest elections prevails. The deadlock is much likely to continue as Democratic Party officials said that their group is not interested in forming government with the Five Star Movement.

The US dollar got a slight boost in the aftermath of the Federal Reserve minutes illustrating that members had seen a stronger economic outlook as well as increased confidence regarding reaching its inflation target, and therefore it would imply that “the appropriate path for the federal funds rate over the next few years would likely be slightly steeper than it had previously expected”.