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Taper time

Today's news headlines: 

‘Powell Says Fed Taper Could Start ‘Soon’ and End Around Mid-2022’. Last night, Jerome Powell signalled that the Federal Reserve might start to reduce asset purchases at the central bank’s next meeting in November. More Fed officials now anticipate the raising of interest rates at some point in 2022, but Powell made it clear that the end of the taper will not necessarily mean the beginning of rate hikes. Markets are still pricing in the first rate hike for early 2023, with traders expecting a slightly more aggressive path once increases begin. (Bloomberg)

‘Boris Johnson claims diplomatic successes in meeting Joe Biden’. UK Prime Minister Boris Johnson made headway in trans-Atlantic relations this week after his most recent visit to the White House. The US announced on Monday that it would lift the travel ban on the UK for people who were fully vaccinated against covid-19 from November. US President Joe Biden also announced that the US would double its pledge to global climate finance after Johnson urged leaders from the world's richest nations to deliver on their pledge of $100bn in annual aid. Meanwhile, Johnson conceded that a US/UK trade deal was some way off after the Biden administration made it clear that the deal isn't a legislative priority. (Financial Times)


Markets were mostly higher overnight, with Asian stocks rising along with US and UK index futures. Traders are continuing to monitor the status of Evergrande, with the focus shifting to today’s due payment on a US Dollar note. Major currencies whipsawed around the Fed meeting before landing pretty much unchanged.


German flash Services & Manufacturing PMIs: 8:30AM
European flash Services & Manufacturing PMIs: 9:00AM
UK flash Services & Manufacturing PMIs: 9:30AM
BoE Official Rate: 12:00PM
BoE Monetary Policy Summary: 12:00PM
BoE Asset Purchase Facility: 12:00PM
Canada Retail and Core Retail Sales: 1:30PM
US Flash Services & Manufacturing PMI: 2:45PM

Interbank rates:

GBP/US - 1.3650
GBP/EUR - 1.1650
EUR/USD - 1.1715
USD/CAD - 1.2720

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