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Plans change

Today's news headlines: 

‘UK scientists set to recommend new curbs on AstraZeneca vaccine’. Declining coronavirus infection rates in the UK are a positive sign that restrictions are on track to be eased. However, those under 40 are being considered for an alternative to the AstraZeneca vaccine, as risks from the jab are starting to outweigh its benefits. Some countries across Europe banned the jab after reports of blood clots and other severe side effects. Recent studies suggest 2/3 of those that experience these side affects are under 60, highlighting the concern of offering the vaccine to the younger portion of the population. (Financial Times)

‘Older workers hit harder in pandemic’. Young people have faced employment challenges as a result of the pandemic, however more over 50’s are experiencing sustained layoffs, which has kept redundancy rates elevated since last October. When compared with other age groups, the redundancy rate for the over 50’s has stayed high since December at 9.7 per thousand, with the next highest being 7.7 per thousand in the 16-24 bracket. Job losses have forced some to early retirement while others have opted to find other sources of income. However, the risk of longer-term unemployment is real. (Financial Times)

Today's events, rates, and data 

  • The Bank of England raised their growth target yesterday to 7.25% for 2021 which helped the FTSE 100 finish 0.52% higher at the close. Much of this growth optimism appears to be priced into Cable, with the pair moving little after the announcement, continuing to trade close to the $1.39 level.

Today's events

China Caixin Services PMI: 56.3 vs 54.3 last month
New Zealand Inflation Expectations q/q: 2.05% vs 1.89% previously
ECB President Christine Lagarde Speaks: 11:00am
MPC Member Ben Broadbent Speaks: 12:15pm
Canada Unemployment Rate: 1:30pm
US Non-Farm Employment Change: 1:30pm

Interbank rates

GBP/USD: 1.3898
GBP/EUR: 1.1529
EUR/USD: 1.2054
USD/CAD: 1.2176

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