Let's get ready to rumble!

Today’s news headlines:

‘Calls grow for national lockdown as Covid cases rise in England’. Latest research from Imperial College suggests the infection rate in the UK is doubling every 9 days, with a R number of 1.56. This places additional pressure on Boris Johnson’s administration to dump their three-tier strategy in favour of a stricter nationwide lockdown. As more regions foresee that they will be in tier three by December, the argument for a general approach becomes more palatable given that it results in clearer communication and arguably better results. (Financial Times)

‘US media companies prepare for messy election night’. The US media has always had a historic role in calling the election, tallying votes as they come often late into the night. This year, given the outcome is unlikely to be known for several weeks, the media are taking a different tack. In this contest they are aiming to reduce fake news and disinformation. The end result is that the official count will be less of a centre piece, and the action is likely to be when either candidate tries to call themselves the winner. (Financial Times)

Today's events, rates, and data 

  • The Dollar’s slow climb over the past several sessions is taking a pause this morning, as Sterling and Euro indices both gain support at their 100 day moving averages. Brent Crude Oil continues its precipitous declines from the low 40’s, breaking below $37 per barrel in the last session. Most of this negativity is due to potential lockdowns throughout Europe and downbeat tech stock outlook. Heading into the final days before the US election sees all eyes focusing on rather worthless polling data, at least in the context of this particular race to the White House.

Today's events

JP House Starts y/y: -9.9% vs -9.1% last month
EU Consumer Spending m/m: -5.1% vs 2.2% last month
UK Nationwide HPI m/m: 0.8% vs 0.9% last month
CH Retail Sales y/y: 0.3% vs 4.0% last month
EU German GDP q/q: 9:00am
EU Unemployment Rate: 10:00am
CA GDP m/m: 12:30pm
US Core PCE Price Index m/m: 12:30pm
US Personal Spending m/m: 12:30pm
US Chicago PMI: 1:45pm
US Revised UoM Consumer Sentiment: 2:00pm

Interbank rates:

GBP/USD: 1.2925
GBP/EUD: 1.1070
EUR/USD: 1.1670
USD/CAD: 1.3320