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It’s looking like a blue sweep

Today’s news headlines:

‘Democrat Raphael Warnock wins Senate race in Georgia’. Democratic Pastor Raphael Warnock, of the Martin Luther King Jr’s Ebenezer Baptist Church in Atlanta, has declared victory in one of the two key senate seat run-off races in Georgia. Jon Ossoff, the other Democrat, also seems to have a solid lead, which suggests there could be a marginal Democrat majority in the Senate once you consider incoming Vice President Kamala Harris holds the tie breaking vote for the 50/50 split house. (Financial House)

‘Diehard Trump Republicans on collision course with US business’. The business community which has helped fund a number of the rogue Senators supporting Donald Trump’s seditious attempt to steal the election, are under fire this morning. The attempt is being bankrolled by some of corporate America's most influential names, causing 'outrage' among a group which usually spans the political spectrum. A group of 180 business leaders have said Trump's attempt is ‘counter to the essential tenets of our democracy’, while the US Chamber of Commerce has said it ‘undermines our democracy and the rule of law’. (Financial Times)

Today's events, rates, and data 

  • While the Dollar continued its slow and steady depreciation in yesterday’s session, the Pound only regained a fraction of the loss sustained during Monday’s trading. The trade-weighted EUR is near the top of its 3-year range and nudging ever higher. The mood has been cautious over the past several days due to continuation of geopolitical risk, such as Hong Kong police forces rounding up political opposition and Trump signing executive orders to ban business with Chinese software companies.

Today's events

UK BRC Shop Price Index y/y: -1.8% vs -1.8% last month                         
CN Caixin Services PMI: 56.3 vs 57.8
JP Consumer Confidence: 31.8 vs 33.7
EU Spanish Services PMI: 48 vs 39.5 last month
EU Italian Services PMI: 8:45am
EU French Services PMI: 8:50am
EU German Services PMI: 8:55am
EU Final Services PMI: 9:00am
UK Final Services PMI: 9:30am
US ADP Non-Farm Employment Change: 1:15pm
UK BoE Gov Bailey speaking: 2:00pm
US Final Services PMI: 2:45pm
US FOMC Meeting Minutes: 7:00pm

Interbank rates

GBP/USD: 1.3630
GBP/EUR: 1.1060
EUR/USD: 1.2325
USD/CAD: 1.2665