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Questions raised

Today's news headlines: 

‘Rise in UK Covid cases casts further doubts over June unlocking’. The Indian variant now accounts for roughly 50% of new coronavirus cases in the UK, which have been on the rise over the last week. Boris Johnson reiterated on Thursday that he has seen nothing in the data to suggest the easing of restrictions will not go ahead on June 21st. However, case rates of 52.8 per 100,000 are beginning to become a concern in the North West of England and it is likely we will see the government act if this figures continue to creep up. (Financial Times)

‘Thaw in UK labour market leaves employers scrambling to recruit staff’. As the UK unlocks areas of the economy each month, businesses are in high demand for staff to meet the influx of demand that has been suppressed over the last year. Areas such as hospitality are finding it notably difficult with European workers leaving at the start of the pandemic and many yet to return, making it harder for companies to find a good pool of staff. The shelter of furlough is also discouraging people from going out and finding work, especially while the support is still available. (Financial Times)

Today's events, rates, and data 

  • Positive jobs data out of the US helped stocks tick higher yesterday, with the Dow Jones rising 0.41% and the S&P 500 up 0.12%. Cable bounced 0.44% on news that interest rates may rise sooner than expected, likely in the latter half of 2022.

Today's events

French Preliminary CPI m/m: 0.3% vs 0.1% last month
US Core PCE Price Index m/m: 1:30pm
US Preliminary Wholesale Inventories m/m: 1:30pm
US Chicago PMI: 2:45pm

Interbank rates

GBP/USD: 1.4191
GBP/EUR: 1.1652
EUR/USD: 1.2177
USD/CAD: 1.2088

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