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On the edge

Today's news headlines:

'China pushes elderly vaccination as reopening pressure grows'. It seems like China is at a tipping point, with mass protests against the government's zero Covid policy, strategies to try and reopen the country are being formulated. Focusing support toward the elderly seems to be the strategy, with just 40% of those 80 years old and above inoculated with a booster shot. However, efforts to roll out further vaccinations and boosters have been laboured, with many concerned that another surge in cases could overwhelm the country's health system. (Bloomberg) 

'BOE to kick off sales of bonds bought during UK's market mayhem'. The Bank of England will begin offloading the government bonds purchased during the mini-Budget market turmoil this week. The central bank will conduct a demand-led auction to prevent any excess volatility, but strategists are wary of this tactic as the market remains fragile. The next year will see large amounts of gilt supply coming into the market as the BOE unwinds its balance sheet; the question remains if the demand will be there. (Bloomberg) 


Asia shares climbed overnight as China lockdown protests eased, European markets followed suit while US equity futures gained. The Dollar is trading lower this morning as sovereign bond yields trade lower. Oil prices have regained some momentum, as hopes of a fully unlocked China economy grow. 


UK Mortgage Approvals (Oct): 9:30AM
UK Monetary Policy Committee Member Catherine Mann speaks: 12:35PM
Canada GDP MoM (Sep): 1:30PM
US HPI MoM (Sep): 2:00PM
UK Bank of England Governor Andrew Bailey speaks: 3:00PM
US CB Consumer Confidence (Nov): 3:00PM

Interbank rates*:

GBP/USD – 1.2058
GBP/EUR – 1.1611
EUR/USD – 1.0385
USD/CAD – 1.3413 


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.