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Shuffle the pack

Today's news headlines: 

‘Boris Johnson recasts government with big cabinet shake-up’. Boris Johnson shook up his cabinet yesterday by sacking four senior ministers who are thought to have become a liability to the government. Perhaps the highest-profile departure was education secretary Gavin Williamson who has been widely criticised for his handling of GCSE and A-Level results. Dominic Raab was re-appointed from foreign secretary to justice secretary, seen by many in the party as a demotion, after his role in the messy withdrawal from Afghanistan. Johnson reshuffled his cabinet back in February 2020, just after the UK’s formal departure from the European Union. (Financial Times)

‘UAE pledges to expand investment in Britain’. The United Arab Emirates will partner with the UK to invest £10bn over the next five years into UK infrastructure, clean energy, and technology. This marks a new phase of collaboration as Boris Johnson looks to improve economic and trade relationships with the region. It also marks a clear stand from the UAE to diversify its oil-reliant economy while notably investing into the potential replacement of fossil fuels as the transition to zero-carbon heats up. (Financial Times)


The S&P 500 clawed back some of the previous day's losses yesterday, climbing 0.85%. Cable has drifted back towards the $1.38 handle this morning, while EUR/USD is looking for support around $1.18. US Retail Sales out later today could inject some impetus into the market as US 10-year treasury yields hover around 1.30%.


Australia Unemployment Rate: 4.5% vs 4.6% last month
European Central Bank President Christine Lagarde speaks: 1:00PM
Canada ADP Non-Farm Employment Change: 1:30PM
US Retail and Core Retail Sales m/m: 1:30PM
US Philly Fed Manufacturing Index: 1:30PM
US Unemployment Claims: 1:30PM

Interbank rates:

GBP/USD – 1.3826
GBP/EUR – 1.1711
EUR/USD – 1.1804
USD/CAD – 1.2638

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