Sunak unveils further support

Today’s news headlines:

  • ‘US Senate approves $2tn stimulus deal to fight coronavirus fallout’  After days of indecision, the Republican controlled Senate passed a more rounded stimulus package due to Democrat objections.  Some measures include expansion of jobless benefits, direct money transfers to low income earners and $150bn aid to hospital.  The bill now goes to Democrat controlled House of Representatives.  (Financial Times)

  • ‘Sunak set to unveil coronavirus support for self-employed’  The Chancellor of the Exchequer is set to announce a support package aimed at the five million self-employed people in the UK.  Criticism of this approach has focused on the large proportion of professional high earners in this category (lawyers, etc) but the conservative base have applied pressure from the top down.  (Financial Times)

Today's events, rates, and data 

  • The US Dollar continues to ease away from historic highs for the third straight session and riskier currencies like Sterling and Euro are taking careful steps higher.  All eyes remain focused on fiscal support measures while estimates for viral peak come into greater relief.  Startling economic data points are expected to make a more regular appearance but then again that is unlikely to change most people’s perspective of the status quo.

Today's events

German Retails Sales   Actual -0.3%  versus 1.1% last month

UK Monetary Policy Statement               12:00PM
US Unemployment Claims                      12:30PM

Interbank rates:

GBPUSD – 1.1920
GBPEUR – 1.0910
EURUSD – 1.0935