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That's enough of that

Today’s news headlines:

‘Trump halts stimulus talks, spurning Powell and roiling markets’. Hours after the Federal Reserve Chairman Jerome Powell delivered his strongest call for more government spending, President Trump announced the end of talks with House Democrats on the new fiscal stimulus package. Trump said that he’d pass a major bill immediately if he is re-elected to the White House this autumn. The announcement caused stocks to tumble, with the S&P 500 closing down around 1.4% after earlier rising on Powell’s comments. Meanwhile, Trump’s election opponent, Joe Biden, accused the President of not making a genuine effort to reach an agreement. (Bloomberg)

‘Macron on the spot with Brexit talks snagged on French red line’. According to officials close to the EU-UK trade talks, the French President is standing firm on his demand to retain the same rights to British waters that France enjoys today, fuelling tensions between the two sides. As talks enter a critical few weeks, figures on both sides of the table have voiced their doubts on whether a deal can be struck. Meanwhile, Boris Johnson has said that he wants to know that there will be a deal by October 15th or he will walk away from the negotiations. (Bloomberg)

Today's events, rates, and data 

  • Despite Trump walking away from the negotiating table on fiscal support, his late-night Tweet urging more economic relief prompted a mild recovery for markets. The Dollar index rallied after the sell-off on Wall St as the close inverse relationship between stocks and the Greenback continued.

Today's events

German Industrial Production: -0.2% vs 1.4% previously
ECB President Lagarde speaks: 1.10pm
FOMC meeting minutes: 7.00pm

Interbank rates:

GBP/USD: 1.2915
GBP/EUR: 1.0985
EUR/USD: 1.1755
USD/CAD: 1.3295