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Dragging their feet

Today’s news headlines:

‘Johnson ready to force Brexit crisis with no-deal ultimatum’. UK Prime Minister Boris Johnson will attempt to force EU officials into a moment of crisis, amid claims in London that officials in Brussels are dragging their feet in the negotiations. The official line out of the EU is that the UK needs to make more concessions to achieve a breakthrough in negotiations. Downing Street has declined to say whether Johnson would pull out of talks. However, the British PM is expected to make a statement today where he will emphasize a no-deal end to proceedings in January. Brexit headline tennis is set to carry on next week as talks continue. (Financial Times)

‘New US jobless claims rise to almost 900,000’. Weekly jobless claims in the US rose last week to almost 900k. The figure is thought to substantiate concerns that the labour markets comeback has stalled, as politicians continue to clash over a new stimulus deal ahead of the election. The unemployment figure is made up of thousands of recent layoffs from major employers in the airline, retail, and hospitality sectors. Meanwhile, Steven Mnuchin and Nancy Pelosi continue their latest round of negotiations over new stimulus measures, with a pre-election deal looking increasingly unlikely. (Financial Times)

Today's events, rates, and data 

  • The Dollar rose along with the Yen yesterday and in overnight trading, as the world’s reserve currency heads for a weekly gain. As coronavirus cases surge globally, fresh COVID-19 restrictions have been announced in the UK and across Europe. This morning, S&P 500 Futures traded flat, while European futures gained.

Today's events

Day 1 IMF Meetings: All day
Canada Manufacturing Sales: 1.30pm
US Core Retail Sales: 1.30pm
US Retail Sales: 1.30pm
US Industrial Production: 2.15pm
Prelim UoM Consumer Sentiment: 3.00pm

Interbank rates:

GBP/USD: 1.2885
GBP/EUR: 1.1020
EUR/USD: 1.1695
USD/CAD: 1.3230