Today’s news headlines:

‘Italy and Spain introduce sweeping new pandemic measures’. An alarming rise of new virus cases in both countries has caused the Italian and Spanish governments to impose harsh new public health restrictions on citizens. Italy will force all bars and restaurants to close by 6pm, after new cases rose on Sunday by 19,664 in 24 hours, which is a new daily record. Spain has announced a nationwide curfew, from 11pm to 6am. The government also triggered emergency powers after the infection rate rose by almost a third over the past week. (Financial Times)

‘Chinese leadership meets to set policy direction for next 5 years’. The leaders of the Chinese Communist party have begun discussions about setting long-term policy, which is likely to focus on boosting technological self-sufficiency and domestic demand. Beijing has decided not to set an average annual GDP target rate, for the first time since 1986. However, economists expect the goal to be lowered from 6.5% previously to 5% in the next, with less importance placed on the metric. China is also likely to keep advances of its homegrown tech sector inside the nation, especially R&D and expertise taken from foreign companies operating on the mainland. (Financial Times)

Today's events, rates, and data 

• The steep rise in new coronavirus infections in Europe meant that the US Dollar has found support overnight and into this morning, with traders and investors treading carefully. For the Pound, hopes of a Brexit deal has helped to support Sterling around the 1.30 level against the Greenback. Meanwhile, US and European equity futures moved lower to follow stocks in Asia.

Today's events

German Ifo Business Climate: 10.00am
German Buba Monthly Report: 12.00pm
US New Home Sales: 3.00pm

Interbank rates:

GBP/USD: 1.3015
GBP/EUR: 1.0990
EUR/USD: 1.1840
USD/CAD: 1.3170