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Delivering much-needed support

Today’s news headlines:

‘Fed pleads anew for stimulus, and markets start to give up hope’. A slew of Federal Reserve officials have stressed that additional fiscal stimulus is needed to sustain the US’s economic recovery from the coronavirus. Chicago Fed President, Charles Evans, signalled concern that the stimulus he pencilled won’t be forthcoming. At the same time, Boston Fed President Rosengren suggested it might take another wave of infections to prompt action. Their comments, along with similar remarks from Loretta Mester and Jerome Powell, contributed to another fall in stocks as the S&P 500 fell for the fifth time in six days. (Bloomberg)

‘Sunak scraps Budget to focus on jobs and business support’. The UK’s Chancellor sensationally scrapped the autumn Budget yesterday, instead choosing to focus on new emergency coronavirus schemes to support jobs and businesses. His move comes as the UK economy heads towards a bleak virus-affected winter. His plan is expected to include a new scheme to subsidise the wages of people in part-time work and an extension of four loan schemes aimed at averting business closures. (Financial Times)

Today's events, rates, and data 

  • The US Dollar gained as US stocks fell despite a number of worrying comments from Federal Reserve officials over the state of the recovery. The Dollar could continue to rise due to its safe-haven appeal after new coronavirus cases across Europe spiked, with investors abandoning their bearish bets on the Greenback.

Today's events

Swiss National Bank monetary policy assessment and policy rate announcement: 8.30am
European Central Bank Economic Bulletin: 9.00am
German ifo Business Climate: 9.00am
US Weekly Jobless Claims:1.30pm
Bank of England Governor Andrew Bailey speaks: 3.00pm
Federal Reserve Chair Jerome Powell testifies: 3.00pm
US Treasury Secretary Steven Mnuchin speaks: 3.00pm

Interbank rates:

GBP/USD: 1.2695
GBP/EUR: 1.0895
EUR/USD: 1.1655
USD/CAD: 1.3410