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Today's news headlines: 

‘Britain’s job market suffers uneven recovery as economy reopens’. UK hiring has improved since the partial re-opening of the hospitality sector on April 12th. The need for staff in pubs and restaurants has outpaced that of other industries such as finance, legal or marketing due to hiring in these areas being more costly. Recent university graduates have also found it much more difficult to find work, with graduate job postings just 60% of their pre-pandemic levels, all the while applications continue to rise. This has led those involved in hiring to look for more experienced candidates that will offer a certainty with the skills they can provide and how they can materially add to a business in such turbulent times. (Financial Times)

‘Germany to loosen Covid restrictions for vaccinated people’. In a bid to get the country moving again, Chancellor Angel Merkel has implemented legislation that will allow those who have been vaccinated to begin visiting hospitality settings and meet with others outside of their household. This divisive strategy could help get the economy moving again, although some have criticised the plan—with young people who are not yet eligible for the vaccine also not able to engage in these activities.  (Financial Times)

Today's events, rates, and data 

  • Last week, UK markets managed to end on a positive note as the FTSE 100 gained 0.12% on Friday. The S&P 500 rose 0.27% yesterday while UK markets were closed. Cable has maintained levels close to $1.39, meanwhile EUR/USD has retreated slightly back below $1.2050.

Today's events

Australia Interest Rate: 0.10% vs 0.10% previously
UK final Manufacturing PMI: 9:00am
FOMC Member Mary Daly Speaks: 6:00pm
New Zealand Employment Change q/q: 11:45pm

Interbank rates

GBP/USD: 1.3884
GBP/EUR: 1.1534
EUR/USD: 1.2033
USD/CAD: 1.2300

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