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Making progress

Today's news headlines: 

‘EU and UK edge towards accord on trade rules for Northern Ireland’. Officials from both sides of the negotiating table have made progress on how to resolve post-Brexit trade issues in Northern Ireland. The Northern Ireland protocol—which governs the flow of trade between Great Britain and the region—has proved difficult to implement, but EU diplomats cited UK engagement in the technical talks as reason for renewed hopes. Recent discussions have taken place against the backdrop of violence in Northern Ireland, involving both unionist and nationalist sides, with Downing Street denying that they have refused a crisis summit proposal from Dublin. (Financial Times)

‘Jay Powell says US economy is at an ‘inflection point’’. The Federal Reserve Chairman struck an upbeat tone on the US economic recovery as he spoke on CBS’s 60 minutes programme. Powell said that the US economy had reached an ‘inflection point’ where growth and hiring are set to accelerate, whilst the ongoing vaccination campaign is crucial in helping to avoid new surges of Covid-19. Recently published minutes from the latest Fed meeting made it clear that the central bank has no intention of scaling back its ultra-supportive policy until substantial progress is made on inflation and employment numbers. (Financial Times)

Today's events, rates, and data 

  • Asian stocks fell overnight, along with US and European equity futures, as investors weigh up positive sentiment from Jerome Powell against ongoing risks from the pandemic. Currencies have remained relatively flat since market open, with the direction of G10 FX still largely playing second-fiddle to the bond yield story.

Today's events

Eurozone Retail Sales: 10.00am
MPC Member Tenreyro Speaks: 2.00pm
Canada BOC Business Outlook Survey: 3.30pm
US 10y Bond Auction: 6.00pm

Interbank rates

GBP/USD: 1.3710
GBP/EUR: 1.1530
EUR/USD: 1.1885
USD/CAD: 1.2560
The markets are moving. To speak to our team, please call +44 (0)20 3465 8200.