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The ticking clock

Today’s news headlines:

‘Michel Barnier identifies ‘narrow path’ to Brexit trade deal’. The EU’s Chief Negotiator said yesterday that a post-Brexit trade agreement was still possible but would hinge on a breakthrough in negotiations on key issues, including EU fishing rights. With less than three weeks until the UK exits the single market, both sides need to compromise in order to avoid widespread tariffs and EU fishing boats being expelled from UK waters. Mr Barnier has warned that if negotiations drag into Christmas, the two sides will likely have to navigate a short-term, no-deal Brexit, until an agreement can be ratified. (Financial Times)

‘Republicans accept Joe Biden’s victory after Electoral College vote’. The result of November’s US Presidential election has finally been rubber stamped, as Joe Biden formally secured the 270 Electoral College votes required to win the White House. In a break from outgoing President, Donald Trump, senior Republicans acknowledged the result and accepted that the democratic process must be respected. Mr Biden urged the nation to ‘turn the page’ on the election saga as he now seeks to combat the coronavirus pandemic and its economic fallout. (Financial Times)

Today's events, rates, and data 

  • Markets were little moved overnight, with the US Dollar firming on the back of increased safe-haven demand. Sterling gave back some of its early gains from yesterday after London and some surrounding areas were plunged into tier three restrictions.

Today's events

UK Average Earnings Index: 2.7% vs 1.4% previously
UK Claimant Count Change: 64.3k vs -64.1k previously
UK Unemployment rate: 4.9% vs 4.8% previouslyCanada Manufacturing Sales: 1.30pm
US Empire State Manufacturing Index: 1.30pm
US Industrial Production: 2.15pm
Bank of Canada Gov Macklem Speaks: 7.30pm

Interbank rates

GBP/USD: 1.3320
GBP/EUR: 1.0975
EUR/USD: 1.2135
USD/CAD: 1.2765

The markets are moving. To speak to our team, please call +44 (0)20 3465 8200.