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Prepare for liftoff

Today's news headlines: 

‘BoE Officials Double Down on Signals of an Imminent Rate Hike’. Last week, Bank of England officials made it clear that UK interest rate hikes are set to begin earlier than originally predicted, with November’s meeting mooted as a possible ‘liftoff date’. Of the more hawkish Monetary Policy Committee members, Michael Saunders suggested that investors were right to bring forward bets on rate hikes due to the recent surge in consumer prices. Economists widely expect the BoE to consider jobs data before deciding whether to lift rates; BoE Governor Andrew Bailey commented that he doesn’t expect further increases in unemployment following the end of the government’s furlough program last month. (Bloomberg)

‘U.S. Payrolls Growth Misses Big Again With Smallest Gain of Year’. The pace of US jobs growth slowed again in September, complicating the equation for Federal Reserve officials who are considering whether to scale back monetary support before the end of the year. Nonfarm payrolls increased 194k last month, with unemployment falling and average hourly earnings increasing, however, the headline jobs number came in well below the median prediction of 500k. The Fed may now choose to delay its plan to begin tapering asset purchases by year-end, with Chair Jerome Powell looking for substantial further progress in the labour market before adjusting policy. (Bloomberg)


Asian stocks rose overnight, boosted by gains for both Chinese and Japanese tech companies, while crude oil soared above $80 a barrel following a global energy crunch. In currencies, the Pound found a boost off MPC members’ hawkish comments, taking GBP/EUR above the 1.18 handle for the first time since August.


US Holiday: All Day
Canada Holiday: All Day
Italian Industrial Production m/m: 9.00AM
Federal Open Market Committee member Charles Evans speaks: 11.00PM

Interbank rates:

GBP/USD — 1.3669
GBP/EUR — 1.1799
EUR/USD — 1.1584
USD/CAD — 1.2451

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