The race is on

Today’s news headlines:

‘Democrats make Biden’s nomination official in virtual roll call’. With the blessing of the party’s past and future stars, Joe Biden was officially nominated as the Democratic Presidential candidate yesterday. Speakers on the night tore into Trump for his inaction on Russian election interference and his record on social media. Today, the event will hear from Biden’s Vice-Presidential candidate, Kamala Harris, and on Thursday, Biden will close the convention by delivering his acceptance speech. (Bloomberg)

‘UK inflation hots up as culture and recreation prices climb’. The UK’s consumer-led inflation picked up by more than forecast last month, following an increase in prices in the recreation and culture industry. Clothing, petrol, and furniture and household goods contributed significantly to the rise in consumer prices, but the largest increase was in culture and recreation, a category that includes computer games. This suggests a shift in consumer habits caused by the coronavirus pandemic. (Financial Times)

Today's events, rates, and data 

  • Asian stocks nudged higher after the S&P 500 hit both a record intraday high and a record closing high, eclipsing February’s pre-Covid rally. Meanwhile, the US Dollar stalled as it continues to be weighed down by the uncertain US economic recovery and an elusive agreement on the latest US fiscal stimulus package.

Today's events

UK CPI: 1.0% vs 0.6% previously
UK Core CPI: 1.8% vs 1.4% previously
Eurozone Final CPI and Core CPI: 10.00am
Canada CPI and Core CPI: 1.30pm
US Crude Oil Inventories: 3.30pm
US FOMC Meeting Minutes: 7.00pmUS Building Permits: 1.30pm
US Housing Starts:1.30pm

Interbank rates:

GBP/USD: 1.3240
GBP/EUR: 1.1095
EUR/USD: 1.1930
USD/CAD: 1.3162