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What's the plan?

Today’s news headlines:

  • ‘Boris Johnson draws criticism over return to work guidance’  Disorganised and contradictory government guidance on a return to work has draw a rush of criticism from worker unions and employers.  The presence of make-shift advice, like home-made masks, begins to suggest the government lacks a fundamental strategy for dealing with the next stage of this crisis.  (Financial Times)

  • ‘German employers slash jobs as coronavirus lay-offs mount’  Almost one in five German businesses have laid off workers in April and more than 10m workers in have applied for a government scheme in which they receive two thirds of their salary from the state.  (Financial Times)

Today's events, rates, and data 

  • Overnight there was little movement on the FX front; markets are continuing last week’s slow roll towards higher equity valuations.  Very little data until tomorrow so the expectation is for a muted sessions, however, a few late day Fed member speeches have the potential for movement, if they chose to expand upon the chairman’s recent pronouncement of support.

Today's events

US CPI                                 1:30PM
Fed Member Harker             3:00PM
Fed Member Quarles           3:00PM
Fed Member Mester            10:00PM

Interbank rates:

GBPUSD: 1.2335

GBPEUR: 1.1400

EURUSD: 1.0820