Daily Market Update 10/09/2021

Markets

GBP

Sterling is stronger versus most major currencies this morning. Restrictions imposed during the coronavirus pandemic preventing businesses serving winding-up petitions against debtors will ease from the end of September, the UK government said on Thursday. Companies can start using the legal instrument to pursue unpaid bills from next month but only for debts of more than £10,000 compared with the pre-pandemic threshold of £750. Elsewhere, FCA and PRA wrote to banks ordering them to conduct a full financial crime risk assessment of their trade finance businesses.

EUR

The euro is higher against the dollar and lower against the pound overnight. After a two-day meeting of its governing council, the ECB said on Thursday it had decided to move to “a moderately lower pace” in its €1.85tn pandemic emergency purchase programme from the €80bn-a-month level it has run at since March. Christine Lagarde said “the lady isn’t tapering” to reassure bond investors. Germany’s ruling centre-right has stepped up its election campaign rhetoric against opponent Olaf Scholz, attacking the frontrunner to succeed Angela Merkel as chancellor over his policies on Europe.

USD

The dollar is weaker against most majors in the early morning trade. Democrats have included a provision in their $3.5 trillion healthcare, education and climate bill that would require companies without retirement plans to automatically enroll workers in individual retirement accounts. The Justice Department sued Texas Thursday to block a new state law banning most abortions, saying it was enacted “in open defiance of the Constitution.” Joe Biden has held his second call with Chinese leader Xi Jinping since becoming president in an effort to break an impasse in the Sino-US relationship after previous top-level meetings produced little progress.

Ballinger & Co. Morning Report–10th September 2021

Today’s Rates

GBP>EUR – 1.1715

GBP>USD – 1.3883

EUR>USD – 1.1849

GBP>CAD – 1.7495

GBP>AUD – 1.8748

GBP>SEK – 11.932

GBP>AED – 5.0981

GBP>HKD – 10.792

GBP>ZAR – 19.551

GBP>CHF – 1.2712

Today’s Calendar           

·       EUR      ECB’s President Lagarde speech

·       CAD      Unemployment Rate(Aug)

·       CAD      Net Change in Employment(Aug) 

Today’s Highlights

·       Forex Today: Dollar sheds further ground amidst risk-on mood

·       EUR/USD stays firmer above 1.1800 as risk-on mood weigh on USD, ECB’s Lagarde eyed

·       GBP/USD rallies past 1.3850 on upbeat UK Industrial Production, weak greenback

·       Canadian Jobs Preview: Employment sector improves but uncertainty prevails

  (https://frank-exchange.com/)

This document has been prepared solely for information and is not intended as an Inducement concerning the purchase or sale of any financial instrument. By its nature market analysis represents the personal view of the author and no warranty can be, or is, offered as to the accuracy of any such analysis, or that predictions provided in any such analysis will prove to be correct. Should you rely on any analysis, information or report provided as part of the Service it does so entirely at its own risk, and Frank eXchange Limited/Manor House Foreign eXchange Limited accepts no responsibility or liability for any loss or damage you may suffer as a result. Information and opinions have been obtained from sources believed to be reliable, but no representation is made as to their accuracy. No copy of this document can be taken without prior written permission.

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