Jump in hiring

Today's news headlines: 

‘UK employers start hiring again as UK economy reopens’. As the UK makes its way out of lockdown restrictions, companies have become more optimistic which has in turn helped employment. The unemployment rate fell to 4.9% in the three months leading to February, falling from 5% previously. With more restrictions beginning to ease in the coming months, the hope is that unemployment can continue to fall and with the furlough scheme running through until the end of September, this could create a safety net for individuals if the easing of restrictions gets delayed. (Financial Times)

‘Canada unveils federal budget to end “Covid recession”’. As Canada grapples with a third wave of coronavirus and a lagging vaccination campaign, a pledge of an extra C$101bn over three years has been made by Finance Minister, Chrystia Freeland. This could help facilitate a boost in growth prospects for the latter half of the year, as like many other countries economic growth is the focus. The countries vaccination rate is 24 per 100, well below that of the UK which is currently 61 per 100 people. To combat this sluggish vaccine rollout an extra C$2.2bn has been pledged to ramp up the domestic production of coronavirus vaccines. (Financial Times)

Today's events, rates, and data 

  • Markets fell from all-time highs yesterday, with the S&P 500 falling 0.53% and the Dow Jones ending the day down 0.36%. Cable is testing the $1.40 level this morning after a positive release of employment data. Meanwhile, the Euro has also strengthened against the Dollar in early trading, now above the $1.20 level.

Today's events

German PPI m/m: 0.9% vs 0.7% last month
UK Unemployment Rate: 4.9% vs 5.0% previously
UK Claimant Count Change: 10.1K vs 86.6K last month
New Zealand CPI q/q: 11:45pm

Interbank rates

GBP/USD: 1.3991
GBP/EUR: 1.1608
EUR/USD: 1.2052
USD/CAD: 1.2494

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