Brexit hurdles

Today’s news headlines:

‘Boris Johnson faces Brexit bill defeat at pivotal moment’. Members of the House of Lords are expected to block Boris Johnson’s plan to contravene international law by voting to throw out six clauses of the government’s Internal Market Bill. The vote on November 9th will likely take place during the final UK-EU trade negotiations. Talks are set to move from London to Brussels from Thursday this week. Meanwhile, prospective US President, Joe Biden, has already commented that the bill would undermine the Northern Ireland peace process, and that he would never sign a trade deal with the UK unless other key clauses were removed. (Financial Times)

‘US coronavirus deaths rise to summer outbreak levels’. Health authorities in the hard-hit state of Wisconsin confirmed that one-day fatalities reached a new high of 64, the highest there since the pandemic began. The US also hit a record high of daily infections last week, along with a rapid increase in hospitalisations. The latest wave has become more prevalent in rural areas that tend to have elderly populations along with less robust healthcare. Meanwhile, President Trump’s campaign trail has been filled with seemingly false claims that a jump in coronavirus cases has not led to more fatalities. (Financial Times)

Today's events, rates, and data 

  • The Euro dipped overnight, losing over 0.5% against the Greenback. This is thought to be over fears of a surge in coronavirus cases, and a media report that the French government are leaning towards a new national lockdown. The S&P 500 fell for a second straight day yesterday and European shares closed sharply lower, over fears that a resurgence of the pandemic would curb business activity. Today, European and US equity futures are pointing to further losses as the spectre of new global restrictions kick in.

Today's events

Australian CPI: 1.6% vs -1.9% previously
German Import Prices: 0.3% vs 0.1% previously
Canada BOC Monetary Policy Report: 2.00pm
Canada BOC Rate Statement: 2.00pm
Canada BOC Press Conference: 3.15pm

Interbank rates:

GBP/USD: 1.3030
GBP/EUR: 1.1070
EUR/USD: 1.1770
USD/CAD: 1.3205