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Down to the wire

Today’s news headlines:

'Biden boosted by Wisconsin and Michigan wins as count drags on’. As we wake this morning, the events of yesterday ring clear, but the outcome is less than certain. Joe Biden, the Democratic challenger, is currently sitting on a lead of 264 electoral votes vs Trumps 214, nearing towards the ultimate goal of 270. Trump came out early to dispute the tally, claiming victory and demanding the Supreme Court stop the counting of remaining votes. Trump is suing in several states in an attempt to challenge the results, but at the moment it seems he won’t have much luck. Counting in Pennsylvania may continue until Friday, which is the deadline for ballot receipts. (Financial Times)

‘Bank of England launches £150bn stimulus to boost consumer spending’. This morning, the Bank of England’s MPC committee voted to increase asset purchases by £150bn, which is more than forecast. The large measure is intended to stimulate consumer spending as the bank forecasts a double dip recession, as a consequence of coronavirus resurgence. Fortunately, the forecast in Q1 of 2021 is brighter, though this is driven by the assumption that coronavirus infections would dissipate early next year and a free trade agreement with the EU would prevail. (Financial Times)

Today's events, rates, and data 

  • The Dollar is softer on the open today and the Pound is back to where it began the week. It’s likely that we won’t have a final decision on the Presidential election outcome until tomorrow, but at the moment voting seems to favour Biden. The Bank of England sounded the alarm on the UK’s negative outlook and expanded their QE package today. The Fed has their turn this evening, though given the election in the background they will likely stick to their refrain ‘more fiscal support is desperately needed’.

Today's events

CH SECO Consumer Climate: -13 vs -12 last month
EU German Factory Orders m/m: 0.5% vs 4.9% last month
UK Asset Purchase Facility: 895bn vs 745bn
UK Official Bank Rate: 0.1% vs 0.1%
UK Construction PMI: 9:30am
EU Retail Sales m/m: 10:00am
US Unemployment Claims: 1:30pm
EU Buba President Weidmann speaking: 3:00pm
US FOMC Statement: 7:00pm
US Fed Press Conference: 7:30pm

Interbank rates:

GBP/USD: 1.3020
GBP/EUR: 1.1080
EUR/USD: 1.1750
USD/CAD: 1.3110

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