Exposing pandemic failures

Today’s news headlines:

‘Harris hits at Trump Covid-19 record in Biden ticket debut’. Joe Biden’s choice of running mate has resulted in a great deal of head-scratching and speculation, but Kamala Harris, the former prosecutor, is already down to business. She has used her first public appearance as Joe Biden’s Vice President pick to assail the President’s handling of the coronavirus pandemic; the US leads the world in virus deaths, and tens of millions are unemployed. (Financial Times)

‘Train companies seek bailout for station retail tenants’. Most UK retailers have watched their revenues evaporate during the pandemic, but those in rail stations have had no help from the government on rents. Businesses have reported that they have been asked to pay full rent in stations under both private and government-controlled, highlight further government confusion and poorly considered financial support of businesses throughout the coronavirus saga. (Financial Times)

Today's events, rates, and data 

  • We experienced another surge in equities overnight, with the familiar Dollar-sold and equities-bought dynamic. Of course, this is juxtaposed against crude failing to push above $45 per barrel, gold breaking records on a daily basis, and rather stark Fed speaker commentary about the likely pace of economic expansion in the coming year. It’s a quiet economic calendar too, so the focus seems to be on politics.

Today's events

UK RICS House Price Balance                                                    
12% vs -13% last month
AU Unemployment Rate                                                             
7.5% vs 7.4% last month
US Unemployment Claims: 1:30 PM
AU RBA Governor Philip Lowe speaking: 12:30 AM

Interbank rates:

GBP/USD – 1.3065
GBP/EUR – 1.1050
EUR/USD – 1.1825
USD/CAD – 1.3240