The rebuild begins

Today's news headlines: 

‘Draghi plans €220bn overhaul of Italy’s economy’. As the country continues to struggle with the coronavirus pandemic, Prime Minister Mario Draghi is planning to reshape the Italian economy with the hope that growth can be kickstarted later this year. Plans include the development of a high-speed rail network and more green energy projects. The legal system is another area that will look to be improved through the digitalisation of administration. With almost double the average case time in Italy when compared with France and Germany, the digitalisation should help speed up cases that previously deterred investors from entering the country. (Financial Times)

‘Slovakia urges EU to allocate more vaccines to needy states’. The EU has managed to secure a significant amount of coronavirus vaccine doses over the last month, which has helped countries like Germany reach around 500 thousand vaccinations a day. However, distribution of these vaccines have been uneven across the group, with Eastern European countries vaccination rates diverging from the average in the bloc. Slovakian Prime Minister Eduard Heger has since warned that immunity from the virus will not be possible if the disparity in vaccination rates becomes larger. (Financial Times)

Today's events, rates, and data 

  • Yesterday, US markets managed to recover some losses experienced at the start of the week, with both the S&P 500 and Dow Jones climbing 0.93%. UK markets were a little tame with news of rising infection rates in India, the FTSE 100 rose 0.52% and the FTSE 250 fell 0.1%. Sterling continues to hold strength against the Dollar and Euro with few major movements over the last day.   

Today's events

Eurozone Monetary Policy Statement: 12:45pm
ECB Press Conference: 1:30pm
US Unemployment Claims: 1:30pm
Eurozone Consumer Confidence: 3:00pm

Interbank rates

GBP/USD: 1.3937
GBP/EUR: 1.1577
EUR/USD: 1.2038
USD/CAD: 1.2486

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