Is nothing sacred?
Today’s news headlines:
‘Johnson to announce 10 PM pub curfew across England’. Only recently, the Prime Minister was attempting to coax people back to work, despite public health official scepticism. Well, now it seems he is reversing course and introducing new lockdown measures: pubs and restaurants must close by 10 PM. Only this morning, the government asked people to work from home if possible. (Financial Times)
‘Donald Trump steps up fight over Supreme Court nominee’. On Friday, legendary Supreme Court Judge Ruth Bader Ginsburg died. With less than 90 days to the election, President Trump wants to appoint a replacement to the seat, angering the entire Democratic Party for contradicting a previous position taken by the Republican Party. (Financial Times)
Today's events, rates, and data
Yesterday we saw a rebound in the Dollar, resulting in losses for the Pound and Euro respectively. The sentiment seems to be risk-off as investors flee risk assets and drive oil lower. There was little of note from Federal Reserve speakers yesterday, except that Chair Jay Powell highlighted that economic activity is far below pre-pandemic levels. A few more central bankers will be speaking today.
UK Bank of England Governor Andrew Bailey speaks: 8:30 AM
UK CBI Industrial Orders Expectations: 11:00 AM
EU Consumer Confidence: 3:00 PM
US Existing Home Sales: 3:00 PM
US Richmond Manufacturing Index: 3:00 PM
US Federal Reserve Chairman Jerome Powell testifies: 3:30 PM
GBP/USD – 1.2760
GBP/EUR – 1.0875
EUR/USD – 1.1730
USD/CAD – 1.3340