Today's news headlines: 

‘UK consumer confidence climbs after rapid vaccine rollout’. The UK’s consumer confidence index, measured by research company GfK, has risen to an 11-month high prompting hopes of a rebound in consumer spending once restrictions are lifted. The index, which climbed from -28 to -23, is measured by how people view the state of their personal finances and wider economic prospects. ING economist James Smith commented that there was ‘little doubt’ of ‘pent-up demand waiting to be unleashed once the economy reopens on a sustained basis’ following a rise in household savings during the pandemic. (Financial Times)

‘US offers to join negotiations on Iran’s nuclear programme’. Joe Biden’s promise to roll-back Trumpian era policies continued yesterday as the President’s administration offered to attend joint talks with Iran on its nuclear programme. The 2015 accord—no longer observed by the US or Iran—put limits on the Iranian nuclear programme in exchange for sanctions relief. US and European officials want to avert the possibility of Tehran limiting access to weapons inspectors, but Biden faces domestic resistance from those who are concerned that the White House will be too lenient on Iran. (Financial Times)

Today's events, rates, and data 

• Markets focus has shifted decidedly to the recent US bond sell-off, prompting fears over the true strength of the stock market. Investors are now scrambling to find the tipping point whereby rising yields will affect the immediate market outlook. The Dollar remains susceptible to selling pressure, with Sterling hovering around a three-year high against the Greenback.

Today's events

UK Retail Sales: -8.2% vs 0.4% previously
French Flash Services & Manufacturing PMI: 8.15am
German Flash Services & Manufacturing PMI: 8.30am
Eurozone Flash Services & Manufacturing PMI: 9.00am
UK Flash Services & Manufacturing PMI: 9.30am
FOMC Member Barkin Speaks: 1.00pm
Canada Retail & Core Retail Sales: 1.30pm
US Flash Services & Manufacturing PMI: 2.45pm

Interbank rates

GBP/USD: 1.3985
GBP/EUR: 1.1545
EUR/USD: 1.2115
USD/CAD: 1.2680