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The ball's in your court

Today’s news headlines:

‘Barnier hints he is ready to address UK’s red line on European court’. Although ‘serious divergences remain’ between the two sides, Michel Barnier hinted that he is ready to accept Britain’s demands relating to the European Court of Justice in Brexit talks. The comments support Mr Barnier’s claim that his negotiating mandate is sufficient for him to broker a deal, but the Frenchman also insisted that the UK addresses EU concerns if a solution is to be found. Both sides have recently called for rapid progress, with the EU citing that a deal needs to be in place by the October if it is to be ratified in time. (Financial Times)

‘Sunak damps hopes of big UK tax cuts’. The UK’s Chancellor of the Exchequer will focus on jobs in next week’s statement instead of big tax cuts, as he looks for households to help aid the economic recovery. Mr Sunak’s announcement will mark a shift in strategy from the support phase, where the government used all tools at its disposal to avoid an economic catastrophe, to a stimulus phase, where it now expects households and companies to go out and spend as they normally would in the height of summer. (Financial Times)

Today's events, rates, and data 

  • Global stocks edged higher yesterday after strong US employment data boosted hopes that the world’s largest economy is set for a quick recovery once the latest resurgence of virus cases is controlled. Currencies stayed relatively static overnight heading into today’s US public holiday. The Dollar remains supported by cautious investors who are waiting for the US’s second wave to subside.

Today's events

UK GfK Consumer Confidence: -27 vs -30 previously
Aussie Retail Sales: 16.9% vs 16.3% previously
Chinese Caixin Services PMI: 58.4 vs 55.0 previously 
Eurozone Final Services PMI: 9.00am
UK Final Services PMI: 9.30am

Interbank rates:

GBP/USD: 1.2480
GBP/EUR: 1.1105
EUR/USD: 1.1235
USD/CAD: 1.3555