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Change of pace

Today's news headlines: 

‘ECB pledges to step up pace of stimulus to counter market sell-off’. After the recent bond market sell-off and the sharp rise in treasury yields, the European Central Bank has pledged to accelerate its bond buying over the next quarter. The aim is to combat a tightening in financial conditions if bond yields continue to rise in the short term. As the EU wade through the economic waters muddied by the pandemic, the hope is to prevent a premature rise in inflation knocking the bloc off its growth targets. €1tn remains at the disposal of the ECB, which should keep the EU on course for recovery later in the year. (Financial Times)

‘Ministers plan overhaul of capital market rules to boost City’. The government plan on handing more responsibility to the Financial Conduct Authority, to craft more dynamic financial market regulations. The hope is that effective regulations will be employed rather than the mountains of red tape used by Brussels after the 2008 financial crisis. The main piece of legislation that has been under fire from industry professionals is MiFID II, which has arguably created more problems than solutions. (Financial Times)

Today's events, rates, and data 

  • Yesterday, the S&P 500 continued its steady climb finishing the day above 3,900. In early trading, Cable has fell slightly after testing the $1.40 level. Euro is also trading lower against the Dollar back under the €1.1950 level after a brief rally yesterday.

Today's events

UK GDP m/m: -2.9% vs 1.2% last month.
UK Industrial Production m/m: -1.5% vs 0.2% last month.
UK Manufacturing Production m/m: -2.3% vs 0.3% last month.
Eurozone Industrial Production: m/m: 10:00am
Canada Employment Change: 1:30pm
Canada Employment Rate: 1:30pm
US PPI and Core PPI m/m: 1:30pm
US Preliminary UoM Consumer Sentiment: 3:00pm
US Preliminary UoM Inflation Expectations: 3:00pm

Interbank rates

GBP/USD: 1.3946
GBP/EUR: 1.1678
EUR/USD: 1.1944
USD/CAD: 1.2561

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