Two weeks out
Today's news headlines:
‘Johnson to signal return to “normality” on July 19’. As Coronavirus vaccinations continue to grow in the country, Boris Johnson is expected to open up the economy on July 19th. Around 86% have had one dose, and just over 63% have been fully vaccinated, leading the government to believe it's time to return to normality and live with the virus. Mandatory wearing of face coverings is likely to be scrapped, as well as those double jabbed not being required to self-isolate if they come into contact with the virus. (Financial Times)
‘Businesses face financial cliff edge as UK Covid support winds down’. As Covid support begins to wind down this month with furlough and business rates coming to an end, the harsh realities of the pandemic are beginning to show. Businesses have borrowed around £75bn throughout the pandemic, with some in banking calling it a 'debt time bomb' with more economic turmoil to come in the next six to nine months. Despite the country still being under restrictions, support has not been extended. With July 19th fast approaching, it's feared this final unlocking has come too late for some. (Financial Times)
Today's events, rates, and data
US Non-Farm Payrolls data posted a better-than-expected figure last week, showing 850K jobs were added over the month. The S&P 500 finished in the green yet again, gaining 0.75% on Friday. Cable has nudged higher this morning up to $1.3840 while EUR/USD is also making ground, priced around $1.1860 in early trading.
Australia Retail Sales m/m: 0.4% vs 0.1% last month
China Caixin Services PMI: 50.3 vs 55.1 last month
Canada BOC Business Outlook Survey: 3:30PM
OPEC -JMMC Meetings: All day
US Bank Holiday: All day
GBP/USD – 1.3842
GBP/EUR – 1.1666
EUR/USD – 1.1864
USD/CAD – 1.2336
The markets are moving. To speak to our team, please call +44 (0)20 3465 8200.