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Leaving the chaos behind

Today’s news headlines:

‘Donald Trump concedes election and denounces attack on Capitol for first time’. A mere 65 days post-election, Donald Trump has finally conceded defeat to his Democratic rival Joe Biden. Trump sought to distance himself from Wednesday’s protests in his speech yesterday, as he condemned all those involved in the violent scenes. The announcement came as Democratic leaders pushed to forcibly remove Trump from office for the remainder of his term for inciting violence on the Capitol, whilst several members of his administration have already resigned. The outgoing President urged the American people for calm, shifting focus to rebuilding the ‘greatest economy on earth’. (Financial Times)

‘Hauliers warned to brace for tougher French custom controls’. In what might be the first real disruption since the end of the Brexit transition period, UK hauliers have been told to expect significant delays at the French border from Monday. The warning comes as checks showed that almost all lorries arriving from the UK this week were not compliant with EU trade rules. Meanwhile, concerns continue over the movement of goods across the Irish Sea, with 25% of vehicles transiting the route from Wales to Ireland, not proving border ready. (Financial Times)

Today's events, rates, and data 

  • The US Dollar retraced some of its recent losses yesterday, as markets rejected the 1.2350 EUR/USD handle once again. The pair remains in an upward trend channel for now, pointing towards another move higher in the near-term. Risk sentiment remains positive as equity markets continue their march higher and demand for US Treasuries slips further.

Today's events

German Industrial Production: 0.9% vs 3.4% previously
US Non-Farm Employment Change: 1.30pm
US Unemployment Rate: 1.30pm
US Average Hourly Earnings: 1.30pm
FOMC Member Clarida Speaks: 4.00pm

Interbank rates

GBP/USD: 1.3565
GBP/EUR: 1.1100
EUR/USD: 1.2220
USD/CAD: 1.2700