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Today’s news headlines:

‘Democrats introduce impeachment article in effort to oust Trump’. Yesterday, House Democrats brought a second article of impeachment against Donald Trump before lawmakers for inciting an insurrection. Today, the Democratic-controlled House will try to convince Vice-President Mike Pence to activate the 25th amendment and strip Trump of his powers. If Pence fails to remove Trump from office, a vote on impeachment is likely to be held on Wednesday, with lawmakers needing two-thirds support from the Senate in order to convict the outgoing President. (Financial Times)

‘UK retailers see little respite from Covid gloom over festive period’. Figures complied by the British Retail Consortium showed that consumer spending was affected over the Christmas period, following the cancellation of festive plans and tighter restrictions on hospitality. In-store sales of non-food items were almost 25% below last year’s level, with declines in footwear, health and beauty and clothing. Meanwhile, BoE policymaker Silvana Tenreyro, warned that people might not rush to spend their pent-up savings when outlets reopen due to heightened uncertainty over jobs and earnings. (Financial Times)

Today's events, rates, and data 

  • Markets were relatively flat overnight and into this morning, as US stocks fell for the first time in five sessions. US and European equity futures are a little lower this morning, although US 10-year Treasury Yields climbed to their highest level since March, signaling increased optimism for the near-term.

Today's events

BRC Retail Sales Monitor: 4.8% vs 7.7% previously
MPC Member Broadbent Speaks: 10.00am
FOMC Member Brainard Speaks: 2.35pm

Interbank rates

GBP/USD: 1.3550
GBP/EUR: 1.1145
EUR/USD: 1.2160
USD/CAD: 1.2750