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Back to work

Today's news headlines: 

‘UK inflation jumps to 2.1% and tops BoE target’. Headline UK CPI rose to 2.1% in the year to May, driven by clothing, fuel and hospitality spending as coronavirus restrictions eased for the third time. The rate is now above the central bank's 2.0% inflation target; however, it's expected that these effects must last for any change in monetary policy to occur. Governor Andrew Bailey has emphasised the willingness to act by raising interest rates from all-time lows of 0.1% if the effects of inflation appear to be persistent. (Financial Times) 

‘Global banks adopt markedly different back-to-work policies’. As normality begins to return across the world, getting staff back into the office is becoming the focus. Many of the top banks have varying approaches, with Goldman Sachs not wasting time to bring employees into the office in London with a June return, while Bank of America has opted for a September start. Standard Chartered looks to be offering the most flexibility, allowing staff to agree with managers their office days along with ‘near home’ working to avoid the commute. (Financial Times) 

Today's events, rates, and data 

  • Weak US Retail Sales data knocked market confidence yesterday, helping the S&P 500 finish 0.2% lower on the day. Elsewhere, UK unemployment fell in April, leading to a 0.36% rise in the FTSE 100 yesterday. Cable has fallen below $1.41 ahead of the Fed meetings later today, while EUR/USD remains muted around $1.2125. 

Today's events

UK CPI y/y: 2.1% vs 1.5% last month
Canada CPI m/m: 1:30PM
US Crude Oil Inventories: 3:30PM
FOMC Economic Projections: 7:00PM
US Federal Funds Rate: 7:00PM
Bank of Canada Governor Tiff Macklem speaks: 11:30PM
New Zealand GDP q/q: 11:45PM

Interbank rates

GBP/USD – 1.4096
GBP/EUR – 1.1617
EUR/USD – 1.2131
USD/CAD – 1.2178

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