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Picking up the pace

Today's news headlines: 

‘UK hiring hits fastest rate in 23 years as services boost growth hopes’. UK businesses accelerated their hiring of staff through the month of May, with job placements reaching the quickest pace in 23 years. The KPMG and Recruitment & Employment Confederation index rose to 67.4 from the 50 recorded in April, suggesting that the UK economy is set to bounce back in the second quarter of 2021. Elsewhere, a sharp increase in services data signaled a rise in business activity not seen since May 1997, leading analysts to weigh the impact of better economic conditions on inflationary pressures—as labour shortages could bump against increased consumer demand. (Financial Times)

‘Economists see accelerating US job growth in May payrolls data’. The US is expected to have created 650,000 jobs in the month of May, markedly higher than the 266,000 positions added for the month of April. Today’s Non-Farm employment change data could provide more clarity on the state of the US economic rebound with an easing of labour market conditions. Businesses have already pointed towards a shortage of workers as they try to cope with increased demand. Today’s jobs data comes as the Federal Reserve looks to scale back some of the massive monetary stimulus pumped into the US economy since the outbreak of the pandemic. (Financial Times)

Today's events, rates, and data 

  • The US Dollar index rose overnight. Asian and European equity futures pulled back along with Treasury yields, as markets moved to minor risk-off mode before today’s US jobs data.

Today's events

UK Construction PMI: 9.30am
Eurozone Retail Sales: 10.00am
ECB President Lagarde Speaks: 12.00pm
Fed Chair Powell Speaks: 12.00pm
US Non-Farm Employment Change: 1.30pm
US Average Hourly Earnings: 1.30pm
US Unemployment Rate: 1.30pm
Canada Unemployment Rate: 1.30pm
Canada Employment Change: 1.30pm
Canada Ivey PMI: 3.00pm

Interbank rates

GBP/USD: 1.4105
GBP/EUR: 1.1645
EUR/USD: 1.2110
USD/CAD: 1.2110

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