Today's news headlines: 

‘UK officials “anxious” over spread of variant found in India, Johnson warns’. As the UK’s vaccination campaign begins to facilitate a re-opening of the economy, the threat of new variants could jeopardise this is. The variant found in India doesn’t look likely to hinder Boris plan for the UK’s full re-opening on June 21st, although scientists are concerned and are monitoring the transmissibility of the strain. For now, only small pockets of the variant have been identified but the worry is if these grow to be significant then infections could start to creep up yet again. (Financial Times)

‘Longer gap between Pfizer jabs boosts antibody response in elderly’. The UK’s decision to delay second doses of the coronavirus vaccine appears to be being proved correct. Those who had their second dose 12 weeks after the first were found to have 3.5 times more neutralising antibodies, compared with those given the first and second doses just 21 days apart. This strategy has helped the UK deliver almost 36 million first doses and nearly 19 million second doses to date. (Financial Times)

Today's events, rates, and data 

• Yesterday, the FTSE 100 finished the day down 0.59% as inflationary fears continued to find their way into markets. The S&P 500 ended the day 1.22% higher after positive unemployment claims were published.

Today's events

US Retail and Core Retail Sales m/m: 1:30pm
US Industrial Production m/m: 2:15pm
US Preliminary UoM Consumer Sentiment: 3:00pm

Interbank rates

GBP/USD: 1.4064
GBP/EUR: 1.1619
EUR/USD: 1.2106
USD/CAD: 1.2152

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