ICE Brent front-month contract trades now above 76 $/b, combined with an unusual worsening backwardation, below 30 cents at the prompt. The recovery in equity…
The White House has reached a deal with a bi-partisan group of Senators at the Senate on an infrastructure package including $579bn in new spending. This is far from the whole $2.3bn plan announced by Mr. Biden in March. Social spending could be part of another plan that Democrats will try to pass without the support of the Republican party. The equity market reacted positively to the news and reached new record-high levels in the US. The bond market posted no reaction. Fed speakers had no impact either. The USD was slightly down again. The EUR/USD exchange rate is now trading around 1.1940.
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