Patience wearing thin

Today's news headlines: 

‘Southern African countries put on UK travel red list over Covid variant’. Six southern African countries will be put back on the UK’s travel red list from Friday, with flights to the countries banned from midday. This comes as a new mutated variant of Coronavirus has begun spreading throughout the southern part of the continent. It's also been identified in Hong Kong, where officials think the variant was carried by a passenger travelling from South Africa. Around 90% of new cases in South Africa are thought to be from this new variant. (Financial Times)

‘Turkish anger grows as Erdogan’s “economic war” hits cost of living’. With the Lira sinking to record lows and the cost of living rising in Turkey, residents are becoming restless with President Recep Tayyip Erdogan. The President’s recent remarks around ‘eating less’ to cope with higher food prices have left people with very little patience for the current ruling party. As opposition parties grow restless, there have been calls to bring forward the planned national elections due to take place in 2023. (Financial Times)


Today

It was a steady day for markets yesterday, with the US markets closed for Thanksgiving; the FTSE 100 gained 0.33% while the Euro Stoxx 600 edged 0.42% higher. Cable has failed to hold support this morning, breaking through the $1.3300 handle. The sell-off in EUR/USD has taken a pause for now, with the pair trading back at the $1.1250 level.

Events

Australia Retail Sales m/m: 4.9% vs 1.3% last month
Switzerland Gross Domestic Product q/q: 1.7% vs 1.8% last month
Eurozone M3 Money Supply y/y: 9:00AM
Monetary Policy Committee member Huw Pill speaks: 1:00PM


Interbank rates:

GBP/USD – 1.3293
GBP/EUR – 1.1806
EUR/USD – 1.1260
USD/CAD – 1.2757

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