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Inching closer

Today’s news headlines:

‘Biden leads Trump nationally, in key states in final days’. Democratic Presidential nominee, Joe Biden, has maintained his lead nationally and in key battleground states according to polls released on Sunday. Most importantly, Biden remains well ahead in polling data out of Pennsylvania, a state which holds a whopping 20 electoral college votes. The race is still extremely tight in states like Florida, Ohio and Iowa, leaving President Trump a viable but unlikely path to a shock election win. (Bloomberg)

‘Eurozone economic forecasts slashed as fresh lockdowns imposed’. A fresh wave of coronavirus-related restrictions on the continent will pose a grave threat to the prospect of an economic rebound in the region. The eurozone economy is now expected to shrink by 2.3% in the fourth quarter of 2020. The bloc had previously rebounded from recession in Q2 to 12.7% growth in Q3, albeit output remained well below pre-pandemic levels. Meanwhile, the Bank of England will release UK forecasts later this week, with Q4 output likely to remain static after Britain’s summer rebound came to a halt in August. (Financial Times)

Today's events, rates, and data 

  • It’s largely been the same old story in markets overnight and into this morning, with the US Dollar holding its ground on the US-election uncertainty to come this week. A surge in coronavirus cases globally also continued to weigh on risk sentiment in markets, with oil falling more than 3% on fears of a drought in demand. FTSE 100 Futures drifted lower, but S&P 500 Contracts advanced a little.

Today's events

China Caixin Manufacturing PMI: 53.6 vs 53.0 previously
Eurozone Final Manufacturing PMI: 09.00am
UK Final Manufacturing PMI: 9.30am
Canada Manufacturing PMI: 2.30pm
US ISM Manufacturing PMI: 3.00pm

Interbank rates:

GBP/USD: 1.2905
GBP/EUR: 1.1095
EUR/USD: 1.1625
USD/CAD: 1.3330