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Brexit in the frame

Today's news headlines:

‘UK plan to override Brexit deal passes hurdle amid Tory dissent’. A bill which enables ministers to override parts of the Northern Ireland Protocol passed its second round of voting in Parliament yesterday, with MPs voting 295 to 221 in favour. Former Prime Minister Theresa May has been vocal in opposition, condemning the abandonment of the protocol as illegal and insisting Britain’s position in the world would be damaged. Boris Johnson’s government seems intent on backing out of the protocol to re-structure the current terms of trade with the EU and roll back an effective customs border between Northern Ireland and mainland Britain. (Bloomberg)

‘China slashes quarantines in biggest Covid zero shift so far’. Travellers to China now face shorter Covid-19 quarantine times as the government scales back restrictions, cutting isolation times to seven days on arrival. This is a significant reduction with 21 days of quarantine previously required. Vaccinations are expected to increase throughout the year as the National Health Commission set a target to ramp up virus protections among the elderly, potentially allowing China to abandon its zero-Covid policy. (Bloomberg) 


Overnight, Asian stocks gained for the fourth straight session while oil prices strengthened, boosting commodity currencies. European markets open in the green while US stock market futures point higher.


US Wholesale Inventories m/m (May): 1:30PM
European Central Bank President Christine Lagarde speaks: 9:00AM
UK Monetary Policy Committee member Jon Cunliffe speaks: 12:00PM
US House Price Index m/m (April): 2:00PM
US Conference Board Consumer Confidence (June): 3:00PM
US Richmond Manufacturing Index (June): 3:00PM

Interbank rates:

GBP/USD – 1.2283
GBP/EUR – 1.1597
EUR/USD – 1.0594
USD/CAD – 1.2829

The markets are moving. To speak to our team, please call +44 (0)20 3465 8200.