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Not out of the woods yet

Today's news headlines: 

‘Brussels to curb banks’ use of “cross-border” permissions to access EU’. The EU is planning to clamp down on measures that allow non-EU businesses access to the single market through ‘cross-border’ transactions. Many banks in the US, Switzerland, and Asia have been able to service their EU clients without major interference, but the restructuring of current directives is an attempt to gain more control over financial services activities. It could be yet another blow to the UK post-Brexit if lenders have this safety net removed. (Financial Times)

‘European protests against Covid-19 curbs spread to Brussels’. The introduction of enhanced Coronavirus restrictions across Europe has brought a divisive response, with protests and rioting cropping up across the continent. Austria is set to enter a full national lockdown today while restrictions for the unvaccinated come into force for citizens in the Netherlands, Germany, and Greece. In Belgium, around 35,000 people took to the street to protest close to the EU headquarters in Brussels. (Financial Times)


Stocks finished mostly in the red on Friday as rising Coronavirus cases and fresh restrictions in Europe knocked sentiment; the S&P 500 closed 0.14% lower while the Euro Stoxx 600 was down 0.33%. Cable failed to hold the $1.3500 level at the end of the week, trading around $1.3430 this morning, while GBP/EUR continues to march higher above €1.1900.


Eurozone Consumer Confidence: 3:00PM
US Existing Home Sales: 3:00PM
New Zealand Retail and Core Retail Sales q/q: 9:45PM
Australia flash Manufacturing and Services PMIs: 10:00PM

Interbank rates:

GBP/USD – 1.3433
GBP/EUR – 1.1919
EUR/USD – 1.1271
USD/CAD – 1.2642

The markets are moving. To speak to our team, please call +44 (0)20 3465 8200.