Investors feel the heat before today’s inflation print in the US. All three major indices extended losses yesterday, as the consumer prices in the US are expected to print an advance to the eye-watering level of 8.5% in March, from 7.9% printed a month earlier. And of course, there is a chance that we see a higher print on the back of higher energy and commodity prices, rising wages and rising rents. Bitcoin slipped below the $40K mark as the broad risk selloff tainted on the mood in cryptocurrencies, gold advanced to $1970 per ounce as a broad-based risk selloff benefited to the yellow metal on Monday and crude oil rebounded after extending losses below $93pb. We will dive into the rising correlation between Bitcoin and Nasdaq that places Bitcoin closer to a proxy for Nasdaq than an alternative safe-haven asset like gold. In the FX, the US dollar index consolidates a touch below the 100 mark. The divergence between the more hawkish Fed and the relatively little responsive ECB continues weighing heavily on the EURUSD, although European consumer prices are rising at a pace which is as scary as the US’. The ZEW index due today will confirm how fast the sentiment deteriorates in Germany. An ugly figure could further weigh on the single currency, but we will probably see a floor into the 1.08 level in the EURUSD before Thursday’s ECB decision, just in case the ECB would sound more hawkish.