Today's news headlines:
‘UK sets a collision course with EU under plans to redraw Brexit deal’. The UK plans to shake up the original trading arrangement between itself and Northern Ireland, to remove checks on the Irish Sea Border. The current agreement means any goods made in the UK must follow EU customs rules to pass into NI, but Boris Johnson plans to change the protocol. The Conservative Party has emphasised that these barriers will discourage trade with NI and leave it in a so-called ‘regulatory orbit’. (Financial Times)
‘Border checks cut on people returning from green and amber list countries’. Returning passengers from green and amber list countries will no longer be subject to extensive checks of Covid paperwork, according to the ISU. The onus will instead be placed on passengers to have tested negative and brought the required paperwork. This mirrors the overall shift in the government of placing more responsibility on people. Labour MPs have criticised the move expressing their disappointment with the Tory party's incompetence at the border. (Financial Times)
Today's events, rates, and data
US markets bounced back yesterday as the Dow Jones finished 1.62% higher and the S&P 500 climbed 1.52%. The FTSE 100 also moved 0.54% higher. Cable is trading just above $1.36 this morning while GBP/EUR has moved back above €1.1550.
Australia Retail Sales m/m: -1.8% vs 0.4% last month
UK Public Sector Net Borrowing: 22.0B vs 19.9B last month
China CB Leading Index m/m: 2:00PM
US Crude Oil Inventories: 3:30PM
GBP/USD – 1.3597
GBP/EUR – 1.1559
EUR/USD – 1.1762
USD/CAD – 1.2726
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