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Clear intentions

Today's news headlines: 

‘Brussels squares up to the UK in fight over euro swaps clearing’. London’s €81tn industry for clearing Euro denominated swaps is in the crosshairs of the European Union. Since the start of the year when Britain left the EU, large amounts of trading volume has shifted across the Channel. In the latest bid to achieve greater financial independence and stability, the EU is attempting to divert the clearing of these derivatives from London to Brussels. The European Securities and Markets Authority has been granted greater autonomy in the monitoring of these clearing houses outside the EU, the hope being to encourage more businesses to clear these swaps in the bloc. (Financial Times)

‘Germany will only use AstraZeneca jab on over-60s’. In yet another blow to the EU’s vaccination efforts, German Chancellor Angela Merkel has blocked the AstraZeneca vaccine from use on the under-60s, after a resurfacing of blood clot reports 4-16 days after vaccination. This follows a number of restrictions that are currently placed on the vaccine in the EU, with both France and Sweden limiting it’s use to those above 55. With the current low rate of vaccination and the rise in cases across the continent, it’s difficult to see a turning point where the EU can begin easing restrictions and unlocking the economy. (Financial Times)

Today's events, rates, and data 

  • Bond yields came back into focus yesterday as the US 10-year yield began trading around 1.73%. This helped markets soften as the S&P 500 and the Dow Jones both fell 0.32% and 0.31% respectively. The FTSE 100 has started the day higher, up 0.50% in early trading. Cable continues to hold around the $1.3750 level while also remaining strong against the Euro at €1.17.

Today's events

China Manufacturing PMI: 51.9 vs 50.6 last month.
UK final GDP q/q: 1.3% vs 1.0% previously.
German Unemployment Change: 8:55am
US ADP Non-Farm Employment Change: 1:15pm
Canada GDP m/m: 1:30pm
US Pending Home Sales m/m: 3:00pm
US Crude Oil Inventories: 3:30pm

Interbank rates

GBP/USD: 1.3741
GBP/EUR: 1.1729
EUR/USD: 1.1715
USD/CAD: 1.2616

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