Today's news headlines: 

‘US backs plans to suspend Covid vaccine patents during pandemic’. Large pharmaceutical companies have recently moved to secure intellectual property rights on the coronavirus vaccines they have created. This could prevent other smaller sized companies from creating an identical vaccine which can then be sold to governments looking to procure more doses. However, with the backing of the Joe Biden administration, this effort has been blocked to ensure people across the globe can continue to be vaccinated without the potential for supplies to be limited if only a select few can develop the vaccines. (Financial Times)

‘UK retailers propose mediation to tackle £3bn in rent arrears’. The pandemic has hit businesses hard, with retailers owing nearly £3bn in commercial rent. Eviction protection is due to run out in June and with arrears so high there is a growing call for legal protections to extend for another six months to allow businesses to begin trading again and pay off the arrears along with it. Many of these retailers have reached an initial agreement to continue trading however, over a fifth are still unsure of their futures. (Financial Times)

Today's events, rates, and data 

• The FTSE closed 1.68% higher yesterday buoyed by the mining sector. US markets were relatively subdued with the S&P 500 gaining 0.07%. No real change in the growth outlook has kept Cable steady over the last week and with the Bank of England due to meet today, we could see some movement.

Today's events

UK final Services PMI: 9:30am
UK BOE Monetary Policy Report: 12:00pm
ECB President Christine Lagarde Speaks: 12:15pm
US Unemployment Claims: 1:30pm
FOMC Member John Williams Speaks: 2:00pm
FOMC Member Raphael Bostic Speaks: 6:00pm

Interbank rates

GBP/USD: 1.3899
GBP/EUR: 1.1575
EUR/USD: 1.2009
USD/CAD: 1.2259

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