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Tapering to come

Today's news headlines: 

‘Fed officials wrangle over speedier withdrawal of pandemic-era stimulus’. The Federal Reserve has had vigorous debates over the last month on whether pandemic-related quantitative easing should be dialled back faster. Top officials have indicated that tapering is likely to take centre stage, as signs of the US economic recovery have increased amid impressive vaccination rates. The dot plot also looks to have improved, with forecasts of the first rate hike to take place in 2023, earlier than predicted in March. (Financial Times)

‘Crypto groups shelter in Singapore as global regulators crack down’. Attracted by favourable regulatory rules, many cryptocurrency companies such as Binance and Gemini have opted to increase their presence in the country. With China and the UK restricting Binance in some way, moving operations to a location with less red tape has allowed for a boost to headcount, with almost 200 vacancies opening for the firm since the re-location. (Financial Times)

Today's events, rates, and data 

  • The S&P 500 finished 0.34% higher yesterday, as the Federal Reserve hinted at potential monetary policy tapering to come in the next few months. The FTSE 100 also closed 0.71% higher, while the FTSE 250 managed gains of 0.33%. Cable has retreated somewhat over the last day, falling below $1.3775.

Today's events

UK RICS House Price Balance: 83% vs 82% last month
Japan Bank Lending y/y: 1.4% vs 2.8% last month
US Unemployment Claims: 1:30PM
US Crude Oil Inventories: 4:00PM
US Consumer Credit m/m: 8:00PM​​​​​​​

Interbank rates:
GBP/USD – 1.3772
GBP/EUR – 1.1680
EUR/USD – 1.1794
USD/CAD – 1.2533

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