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Levelling off recovery

Today’s news headlines:

‘Fed official warns US recovery may be "levelling off"'. A senior Federal Reserve official has said that high-frequency data has shown a levelling off in the US economy as a result of the recent spike in infections. Florida, Texas, Arizona, and California have re-imposed lockdown restrictions as cases have recently surged. While recent labour market data has been strong, it is yet to reflect the current surge and lockdown restrictions. (Financial Times)

‘Sunak to unveil £3bn green package as part of coronavirus stimulus’. UK Chancellor, Rishi Sunak, is due to make an announcement on Wednesday in which he will reveal £3bn of spending aimed at helping the UK reach its target of net-zero carbon emissions by 2050. The plan will include £2bn towards a new green homes grant and £1bn for insulating public buildings. Supposedly, the package has to be spent within a year in order for its stimulating impact to be effective for the economy. (Financial Times)

Today's events, rates, and data 

  • The global risk rally that kicked off the week took a breather except for shares in China which have now gained 13% this month. Overnight, The US Dollar index ticked higher while the Euro index fell. Treasury yields moved lower, and oil prices slipped.

Today's events

The Reserve Bank of Australia kept rates on hold at 0.25%
German Industrial Production in May climbed 7.8%, missing the 11.1% forecast
Italian Retail Sales for May at 9:00am

Interbank rates:

GBP/USD: 1.2480
GBP/EUR: 1.1050
EUR/USD: 1.1290
USD/CAD: 1.3575