Today’s news headlines:

‘China’s economy expands at faster rate than before coronavirus’. The Chinese economy expanded at a rate of 6.5% in the fourth quarter of 2020, which was far ahead of the performance of other big countries and outstrips pre-pandemic growth. Strong industrial production continued to drive the domestic recovery, underlining a rapid turnaround in fortunes for the world’s second largest economy. China’s economy has been showing other signs of strength, with the Renminbi strengthened below 6.5 against the Dollar, and the Chinese stock market topping levels not seen since the global financial crisis. (Financial Times)

‘Biden to unwind Trump agenda with raft of executive orders’. Joe Biden is set for a busy first few days as US President, as he looks to reverse some of Donald Trump’s most controversial policies. Biden will put into force actions that'll help address the significant challenges that the country faces, in addition to sending a message of unity and progress following from the Trump era. The incoming White House Chief of Staff, Ron Klain, has said that Mr Biden will send a ‘message of getting things done’, and indicated that Biden will work to achieve bipartisan support in both the Congress and Senate. (Financial Times)

Today's events, rates, and data 

• The US Dollar edged higher heading into this week, although today is expected to be quieter due to the US observing Martin Luther King Jr day. US and European equity index futures point lower this morning, whilst benchmarks in Asia rose on positive Chinese data.

Today's events

China GDP: 6.5% vs 4.9% previously
China Industrial Production: 7.3% vs 7.0% previously
German Buba Monthly Report: 11.00am
BoE Gov Bailey Speaks: 1.30pm

Interbank rates

GBP/USD: 1.3535
GBP/EUR: 1.1210
EUR/USD: 1.2070
USD/CAD: 1.2795