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Building momentum

Today's news headlines: 

‘UK job postings return to pre-pandemic levels’. The gradual easing of restrictions in the UK has given encouragement to businesses which has helped fuel job creation. Online job vacancies have returned to pre-pandemic levels, with hospitality and retail seeing the most growth thanks to the re-opening of these sectors on 12th April. Both logistics and manufacturing have also seen an uptick in vacancies thanks to strong performance throughout the pandemic. It is expected that the unemployment rate will rise later in the year as the furlough scheme ends, but the pick up in vacancies looks to be a positive sign that could keep the rise in unemployment to a minimum. (Financial Times)

‘Chinese economy grows by a record 18.3% in the first quarter’. The Chinese economy recorded its fastest growth on record over the first quarter of 2021, as the economy grew 18.3%. These levels were mainly achieved by industrial production and consumer spending. The strong recovery that has taken place in China has helped the country’s exports, which have continued to rise every month since June, leading to such a rapid rise in growth. Although inflation still remains low, economists have grown concerned that areas of the economy could overheat later in the year if a similar magnitude in growth is felt each quarter. (Financial Times)

Today's events, rates, and data 

  • The S&P 500 finished 1.11% higher yesterday as positive jobless claims data was released in the US.    Both the FTSE 100 and FTSE 250 continued their climb higher, both rising 0.63% and 0.52% respectively. Cable is down 0.30% in early trading while EUR/USD continues to trade flat around the $1.1960 level.   

Today's events

China GDP q/y: 18.3% vs 6.5% previously
China Unemployment Rate: 5.3% vs 5.5% last month
Eurozone final CPI and Core CPI y/y: 10:00am
MPC Member Jon Cunliffe Speaks: 10:00am
US Preliminary UoM Consumer Sentiment: 3:00pm
Eurozone ECOFIN and Eurogroup Meetings: All day

Interbank rates

GBP/USD: 1.3737
GBP/EUR: 1.1485
EUR/USD: 1.1960
USD/CAD: 1.2524

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