Keep on fighting

Today’s news headlines:

‘Biden and Trump clash over coronavirus in final debate’. The last Presidential debate ended with a bang, as Biden and Trump exchanged accusations of corruption and debated the President's record on Covid control. The President took aim at Biden’s energy policy which he says would ban fracking, while Biden criticised treatment of illegal immigrants under Trump's tenure. (Financial Times)

‘UK seals first big post-Brexit trade deal with Japan’. Based largely on the EU-Japan trade deal, the UK version leaves out specific agricultural quotas and includes provision for digital trade. Having agreed the deal in little time, this raises the possibility of the UK joining the Trans-Pacific Partnership with Vietnam, Malaysia, and other countries around the Pacific Rim. (Financial Times)

Today's events, rates, and data 

  • Yesterday ended up being a day of depreciation for the trade-weighted Pound, despite the renewed hopes of a Brexit agreement and a new deadline of mid-November. There was little fallout or surprise over the contents of the final Presidential debate. Our focus is on the raft of PMI data out throughout today, which should provide more clarity over the size of the Brexit disruption occurring at home or abroad.

Today's events

UK GfK Consumer Confidence: -31 vs -25 last month
JP National Core CPI y/y: -0.3% vs -0.4% last month
JP Flash Manufacturing PMI: 48.0 vs 47.7 last time
UK Retail Sales m/m: 1.5% vs 0.9% last month
EU French Flash Services PMI: 46.5 vs 47.5 last month
EU French Flash Manufacturing PMI: 51.0 vs 51.2 last month
EU German Flash Services PMI: 8:30am
EU German Flash Manufacturing PMI: 8:30am
EU Flash Services PMI: 9:00am
EU Flash Manufacturing PMI: 9:00am
UK Flash Services PMI: 9:30am
UK Flash Manufacturing PMI: 9:30am
US Flash Services PMI: 2:45pm
US Flash Manufacturing PMI: 2:45pm

Interbank rates:

GBP/USD – 1.3060
GBP/EUR – 1.1060
EUR/USD – 1.1800
USD/CAD – 1.3150