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Clinching victory

Today's news headlines: 

‘Key US inflation measure posts biggest jump since 1990s’. The US Core Personal Consumption Expenditure Index jumped 4.1% in October, seeing the largest year-over-year increase for almost 20 years. This measure is closely watched by the Federal Reserve and it appears the recent decision to begin winding down asset purchases is justified. Flexibility in the speed of the taper was emphasised in last night’s Federal Open Market Committee minutes, with quicker tightening a possibility as inflation climbs. (Financial Times)

‘Olaf Scholz to become German chancellor after clinching coalition deal’. After almost two months of negotiations, Olaf Scholz will be Germany’s new Chancellor as part of a coalition of the Social Democrats, Greens, and Liberals. The newly formed government has set climate change, public investment, and workers’ rights as its headline agenda to bring about the biggest modernisation of Germany in 100 years. The most immediate change will be the rise in the minimum wage from €9.60 to €12.00. (Financial Times)


Asian indices finished mostly higher overnight, with the Nikkei 225 rising 0.67%. The S&P 500 managed to gain 0.23% yesterday amid a slew of data including declining unemployment claims and rising inflation. EUR/USD briefly drifted below the $1.12 level overnight, reversing this trend in early trade.


German final Gross Domestic Product q/q: 1.7% vs 1.8% previously
German Gfk Consumer Climate: -1.6 vs 1.0 last month
European Central Bank President Christine Lagarde speaks: 1:30PM
Monetary Policy Committee member Jonathan Haskel speaks: 2:05PM
Bank of England Governor Andrew Bailey speaks: 5:00PM
Japan Tokyo Core Consumer Price Index y/y: 11:30PM
US Bank Holiday: All Day

Interbank rates:

GBP/USD – 1.3349
GBP/EUR – 1.1902
EUR/USD – 1.1215
USD/CAD – 1.2642

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