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A new dawn

Today’s news headlines:

‘Biden signals return to normality on first day as President’. US President Joe Biden wasted no time on his first day in office, as he moved to reverse some of Donald Trump’s most controversial policies. Mr Biden signed a slew of executive orders targeting immigration, the environment, and racial injustices, most notably to bringing the US back into the Paris climate accord. Biden also gained overwhelming approval for his new Director of National Intelligence Avril Haines, and addressed his administration staff, calling for a return to decency. Biden is expected to hold his first call with a foreign leader on Friday, when he will speak to Canadian Prime Minister Justin Trudeau. (Financial Times)

‘BOE’s Bailey says economy will adapt to new lockdown’. In comments yesterday, Bank of England Governor Andrew Bailey, said that the UK’s economy was learning to adapt to lockdowns, with the effect of restrictions ‘diminishing somewhat’. BoE policymakers are still debating the best course of action over the next few months, whether to add more monetary stimulus or further explore negative interest rates. Policymakers are due to update their forecasts after the February 4th meeting, the first time since the UK’s departure from the EU’s single market. (Bloomberg)

Today's events, rates, and data 

  • Sterling climbed significantly against its major trading peers yesterday and overnight, with the fast pace of the vaccine rollout fueling hopes for quicker than expected economic recovery. The Pound crossed both the 1.37 interbank level against the US Dollar, and the 1.13 level against the Euro after December’s inflation figures were stronger than expected. Elsewhere, risk-on sentiment dominates, with US and European equity futures in positive territory this morning.

Today's events

Aussie Unemployment Rate: 6.6% vs 6.8% previously
Aussie Employment Change: 50.0k vs 90.0k previously
BoE Credit Conditions Survey: 9.30am
UK CBI Industrial Order Expectations: 11.00am
EU Monetary Policy Statement/Refinancing Rate: 12.45pm
Canada ADP Non-Farm Employment Change: 1.30pm
ECB Press Conference: 1.30pm
Philly Fed Manufacturing Index: 1.30pm
US Weekly Jobless Claims: 1.30pm

Interbank rates

GBP/USD: 1.3700
GBP/EUR: 1.1300
EUR/USD: 1.2130
USD/CAD: 1.2625