Daily Market Update 21/09/2021

Markets

GBP

Sterling is well-bid against most majors overnight. Defence Secretary Ben Wallace has launched an investigation into a data breach involving the email addresses of dozens of Afghan interpreters who worked for British forces. More than 250 people seeking relocation to the UK – many of whom are in hiding – were mistakenly copied into an email from the Ministry of Defence. Boris Johnson is due to meet with US President Joe Biden on Tuesday at the White House, amidst the diplomatic victories for ending the US travel ban from November and the AUKUS submarine alliance. Johnson claimed that Dutch PM Mark Rutte offered to mediate talks on the Northern Ireland protocol between the UK and EU, despite Dutch diplomat denying the claim.

EUR

The euro is higher against the dollar and lower against sterling in early morning trade. The EU’s top leaders on Monday bluntly accused U.S. President Joe Biden of disloyalty to the transatlantic alliance, and demanded he explain why he misled France and other European partners in forging a new strategic tie-up with the U.K. and Australia in the Indo-Pacific. Greece’s pandemic-battered economy will bounce back even more quickly than its government projects and could return to pre-crisis levels this year, according to Bank of Greece Governor Yannis Stournaras. The strong rebound, coupled with Athens’ commitment to structural reforms, should pave the way for the European Central Bank to continue to buy Greek debt under its asset purchases programs.

USD

The dollar is lower most major currencies overnight. The US Covid-19 death toll surpasses the 1918 Spanish flu death toll, as the US health care system fails to deal with a resurgent Delta variant. Hospitalisations and severe illness caused by Covid-19 among largely unvaccinated people in the Southern and Mid-West United States. This has driven the rolling weekly average of daily Covid-19 deaths to about 1,900 – the highest level since December 2020. President Biden intends to increase to 125,000 the number of refugees who can enter the United States in the fiscal year beginning Oct. 1, the State Department announced on Monday. The policy is unlikely to affect the situation of Afghans and Haitians, arguably in most need of asylum.

Ballinger & Co. Morning Report–21st September 2021



Today’s Rates

GBP>EUR – 1.1664

GBP>USD – 1.3686

EUR>USD – 1.1733

GBP>CAD – 1.7457

GBP>AUD – 1.8801

GBP>SEK – 11.853

GBP>AED – 5.0279

GBP>HKD – 10.652

GBP>ZAR – 20.148

GBP>CHF – 1.2675

Today’s Calendar           

·       USD      Building Permits (MoM)(Aug)

·       USD      Housing Starts (MoM)(Aug)

Today’s Highlights

·       Forex Today: Dollar retreats as Evergrande scare eases, cryptos remain depressed, Fed tensions rise

·       EUR/USD Forecast: Dead-cat bounce? Why Evergrande may return to haunt markets soon

·       AUD/USD sticks to intraday gains near 0.7275-80 region, upside seems limited

·       ECB’s de Guindos: Inflation could peak around November at around 3.4-3.5%

(https://frank-exchange.com/)

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