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Greater backing needed

Today's news headlines: 

‘UK to consider relaxing travel restrictions from EU and US’. In another move toward more relaxed travel rules, the UK is looking at Coronavirus travel restrictions from the EU and US with quarantine exemptions expected to broaden. With the introduction of the digital health pass in the EU, travel between countries is expected to improve in the coming months. The move to facilitate easier travel could also enable British expats to return to the UK. Coronavirus infections in the US are somewhat high, but when levels begin to come under control these travel restrictions could start to be lifted. (Financial Times)

‘US vaccine diplomat urges producers to back low-cost jab hubs abroad’. Gayle Smith, the Biden administration’s top Covid diplomat, has urged for support in developing low-cost manufacturing hubs overseas to aid developing countries in their vaccination struggles. The US has currently pledged to purchase 500 million vaccine doses to be donated to poorer countries. $2bn has also been granted to pharmaceutical companies in the developing world, but these funds are rarely used to manage the supply chain; vaccines vials are typically just ‘filled and finished’ by the companies. Manufacturing and distribution are the main goals in providing a consistent vaccine stockpile in the developing world. (Financial Times)

Today's events, rates, and data 

Yesterday, the FTSE 100 closed 0.03% lower, while across the pond the S&P 500 edged 0.24% higher. Cable is trading around $1.38 this morning while GBP/EUR is holding steady above €1.17. US Consumer Confidence data out later today could help provide further confirmation of the recovery.

Today's events

Bank of Japan Governor Haruhiko Kuroda speaks: 8:30AM
Eurozone M3 Money Supply y/y: 9:00AM
UK CBI Realised Sales: 11:00AM
RBA Deputy Governor Guy Debelle speaks: 1:35PM
US CB Consumer Confidence: 3:00PM

Interbank rates:

GBP/USD – 1.3811
GBP/EUR – 1.1710
EUR/USD – 1.1793
USD/CAD – 1.2560

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