The tale of the sore loser

Today’s news headlines:

‘Joe Biden says ‘no doubt’ he will be next US President’. With the Democratic candidate within reaching distance of being elected the new US President, Donald Trump again claimed that the Democrats were trying to ‘steal’ the election by counting illegal votes. Trump’s lead in Pennsylvania and Georgia dwindled, with most of the remaining uncounted ballots expected to favour the Democrats. Victory in either of these states, combined with holding his lead in Arizona, will hand the White House to Biden. Meanwhile, Trump’s team continues to mount legal challenges against the vote count in a number of swing states. (Financial Times)

‘Rishi Sunak extends UK furlough scheme to end of March’. The UK’s Chancellor made an abrupt policy change yesterday, choosing to extend the government’s hugely expansive furlough scheme until March for those unable to work. The new package of support was made in conjunction with the Bank of England, who expanded their QE programme with the purchase of a further £150bn of government bonds. The announcement was welcomed by businesses, with the CBI lobby group saying that the scheme would give companies the certainty and stability to safeguard jobs until March. (Financial Times)

Today's events, rates, and data 

  • Risk-sentiment took another leg higher yesterday and overnight as investors bet that Joe Biden will become the next US President. The US Dollar Index has now fallen over 2% since election night to hit its lowest point in two-years, whilst the S&P 500 has gained over 7% since the start of the week.

Today's events

New Zealand Inflation Expectations: 1.59% vs 1.43% previously
German Industrial Production: 1.6% vs 0.5% previously
Canada Employment Change: 1.30pm
Canada Unemployment Rate: 1.30pm
US Average Hourly Earnings: 1.30pm
US Non-Farm Employment Change: 1.30pm
US Unemployment Rate: 1.30pm

Interbank rates:

GBP/USD: 1.3150
GBP/EUR: 1.1100
EUR/USD: 1.1850
USD/CAD: 1.3050

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