Operation save summer
Today’s news headlines:
‘Ministers target June 22 for reopening of England’s pubs and restaurants’. Half a dozen government ministers, including Rishi Sunak, have named themselves the 'save summer six' as they seek to accelerate the reopening of the hospitality sector of the economy. Prime Minister Boris Johnson is fearful that up to 3.5m jobs in the sector could be lost unless it starts to reopen, despite scientists warning that a resurgence of the coronavirus is possible. (Financial Times)
‘China’s exports drop off as global slowdown hits economy’. New data suggests a mixed performance for the Chinese economy in May as strong business activity at home contrasted with the cooling of foreign demand for Chinese goods. The renewed spread of the coronavirus has caused a 1 percent dip in demand from China’s main South-East trading partners, while exports to the US and Europe fell by 11 percent and 1 percent respectively in the first five months of 2020. (Financial Times)
Today's events, rates, and data
The US Dollar begins the week on the back foot once again as the world looks towards continued economic recovery from the coronavirus. The Aussie and Kiwi Dollars rose to their strongest levels since January after Chinese data showed a smaller-than-expected fall in exports. A rally for oil also boosted sentiment as WTI breached the $40-a-barrel level.
German Industrial Production: -17.9% vs -8.9% previously
ECB President Lagarde Speaks: 2.45pm