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London lag

Today's news headlines:

'Joe Biden expected to issue first presidential veto in anti-ESG vote'. The cognitive dissonance between the facade and application of ESG (environmental, social, and governance) investing is helping to draw a battleground for the next election. While it's laudable that mutually beneficial factors, like the environment, be enshrined in capital deployment practices, the 'ESG' tag doesn't accomplish this. What's more, it provides cover for a variety of niche political agendas that can be viewed as 'woke' and easily targeted by demagogue politicians of each stripe. President Biden is expected to use a veto on the Republican bill attempting to dethrone this usage, suggesting Democrats haven't learned from their 2016 loss. (Financial Times)

'London's slowdown to blame for weak UK productivity, says think-tank'. Centre for Cities think-tank has released a report showing that London's productivity – measured as the value of output per hour worked – lagged behind other major hubs, including Paris, Brussels, and New York, since before Brexit. They conclude that bloated property prices and a weak Pound have been a major contributor. (Financial Times)


US two-year yields – those which augur monetary policy most closely – continue to climb towards 5%, the highest level since before the Global Financial Crisis. The Dollar remains fairly steady, trading sideways; the Pound Index has been on the decline for the second session in a row. There was very little of note in yesterday's data releases apart from hawkish comments from FOMC's Neel Kashkari and a finely balanced 'data dependent' message from the BOE's Bailey. Little data is being released today, so we're waiting for central banker comments this afternoon.


JP     Consumer Confidence: 31.1 vs 31.0 last month
EU    CPI Flash Estimate y/y: 10:00 AM
EU    Unemployment Rate: 10:00 AM
US    Unemployment Claims: 1:30 PM
UK    MPC Member Pill Speaks: 3:00 PM
US    FOMC Member Waller Speaks: 9:00 PM
US    FOMC Member Kashkari Speaks: 11:00 PM

Interbank rates*:

GBP/USD – 1.1970
GBP/EUR – 1.1260
EUR/USD – 1.0630
USD/CAD – 1.3620

Please contact your Dealer about any upcoming FX requirements you may have, or call +44 (0)20 3465 8200. 

*Indicative interbank rates taken on the day of writing. Please speak to your Dealer to find out the current rates available for you.