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Faster taper camp growing

Today's news headlines: 

‘Brexit fears hold back US-UK trade deal’. The UK’s threat to unilaterally change post-Brexit trading rules with the EU has caused the US to put the removal of tariffs on UK steel and aluminium on hold. US commerce department officials said talks with the UK on easing metal tariffs couldn’t move ahead following repeated warnings from both Washington and Brussels that changing the accord may threaten peace in Ireland. (Financial Times)
‘Fed’s Mester open to faster taper to win space for rate hike’. Federal Reserve member Loretta Mester said in an interview that she’s ‘very open’ to considering a faster pace of tapering asset purchases, ‘so that if inflation doesn’t move back down significantly next year, we’re in a position to hike if we have to’. Her statement adds weight to the notion of increasing the pace of tapering asset purchases after Fed Chair Jerome Powell used strong economic data and high inflation pressures to back the possibility of wrapping up stimulus withdrawal a few months early. (Bloomberg)


While US equity futures climbed, European equity futures pointed to a red open as investors wait for clarity on the risks posed by the Omicron variant. Oil prices bounced, the US Dollar Index climbed, and bond yields slid early in London’s session.


Eurozone Unemployment (Oct): 10:00AM
US Initial Jobless Claims (Nov): 1:30PM
German Consumer Price Index (Nov): 1:00PM

Interbank rates:

GBP/USD – 1.3285
GBP/EUR – 1.1740
EUR/USD – 1.1316
USD/CAD – 1.2800

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