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Empty promises

Today's news headlines: 

‘Irish minster warns EU could ditch entire Brexit deal’. According to some reports suggesting the UK is pushing for a deal beyond what should be expected, the entire Brexit agreement with the EU could be under threat. The Northern Ireland protocol continues to be a sticking point in discussions as the region was left in the single market following the UK leaving the EU. Brussels have offered to simplify Irish Sea custom checks, but the UK’s view is that the proposed scale back isn’t nearly enough. (Financial Times)

‘US set to wrap up COP26 with little to show on climate’. The COP26 summit is reaching its final few days and the US has yet to pass any key climate legislation despite Joe Biden managing to push through the most recent infrastructure bill. Activists have expressed their disappointment with the US for failing to make any major commitments. Pressure is building on Biden to push through yet another hefty fiscal package, the $1.75tn social security package, which involves around $550bn of environmental support. (Financial Times)


The S&P 500 closed 0.37% higher on Friday after better-than-expected Non-Farm Payrolls data, while European stocks also pushed to new highs. Cable has settled around the $1.3480 level in early trading after reaching its lowest levels since October 1st last week.


Eurozone Sentix Investor Confidence: 9:30AM
Federal Open Market Committee member Richard Clarida speaks: 2:00PM
US Federal Reserve Chairman Jerome Powell speaks: 3:30PM
Bank of England Governor Andrew Bailey speaks: 5:00PM
FOMC member Michelle Bowman speaks: 5:00PM
FOMC member Charles Evans speaks: 6:50PM
FOMC Financial Stability Report: 9:00PM

Interbank rates:

GBP/USD – 1.3480
GBP/EUR – 1.1661
EUR/USD – 1.1559
USD/CAD – 1.2446

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