Daily Market Update 05/10/2021

Main Headlines:

As centrist Democrats in Congress have worked to block or strip out major provisions of President Biden’s $3.5 trillion social safety net and climate plan, a string of online ads has popped up in their states and districts, lavishing praise on them. Pharmaceutical groups and other business interests are funding a lobbying campaign aimed at broadening the infrastructure bill and pushing through its enactment. Business groups are working in overdrive to fight large swaths of it, such as raising taxes on the wealthy and corporations; expanding Medicare to cover dental, hearing and vision services; and proposed taxes and fees to cut down on carbon emissions.

As part of the Pandora Papers investigations by the International Consortium of Investigative Journalists, the secret owners of more than 1,500 UK properties bought using offshore firms have been uncovered by a BBC investigation. The details are featured in the Pandora Papers leak of offshore financial documents and list property with an estimated value in excess of £4bn.The owners include high-profile foreign politicians, individuals accused of corruption and UK political donors. Ministers say they will bring in a new law when they have parliamentary time. Successive Conservative governments have pledged to introduce legislation making it compulsory to name those owning property via foreign companies in a bid to stamp out money-laundering.




Sterling is well-bid against most majors overnight. Home Secretary Priti Patel will unveil the new Criminal Disruption Prevention Orders at the Conservative conference. Courts will be given new powers to stop activists attending demonstrations, after weeks of disruption to Britain’s motorways by climate protesters. A Tory source said the laws would target disruptive activists or those likely to commit crime. Meanwhile, the Justice Secretary Dominic Raab will vow to increase the electronic tagging of offenders. The measures to be unveiled by Ms Patel come in response to a campaign by climate activists to block major road arteries, including the M1, M4 and M25. The campaign by Insulate Britain has been running for over three weeks and has led to more than 300 arrests. The group want the government to insulate all UK homes by 2030 to help cut carbon emissions.


The euro is lower against most majors in early morning trade. Michel Barnier’s presidential bid in France received a fresh boost as conservative Les Républicains decided last week to pick their presidential runner in an internal party convention, rather than holding an open primary allowing any French voter to choose — potentially good news for Barnier who has been polling behind competitors. Romanian PM Florin Citu is set to be toppled in a no-confidence vote, intensifying political tensions that have already dragged the currency to a record low. Citu fell out with his main coalition partner after holding power for less than a year. Also today, the nation’s central bank will probably hold its key rate at 1.25%, but a growing minority of economists predicts the first increase since 2018.


The dollar is higher against the euro but lower against sterling in early morning trade. The Biden administration began defining its China trade policy Monday, saying it aims to launch new talks with Beijing but will keep existing tariffs in place, while also restoring the ability of U.S. importers to seek exemptions from those levies. The Fed’s internal watchdog will open an investigation into trading activity by senior U.S. central bank officials following revelations about transactions in 2020. The Office of Inspector General will look at whether the trading was in compliance with ethics rules and the law. The Fed’s efforts on trading so far have not satisfied critics.

Ballinger & Co. Morning Report–05th October 2021

Today’s Rates

GBP>EUR – 1.1742

GBP>USD – 1.3621

EUR>USD – 1.1600

GBP>CAD – 1.7165

GBP>AUD – 1.8723

GBP>SEK – 11.899

GBP>AED – 5.0029

GBP>HKD – 10.602

GBP>ZAR – 20.498

GBP>CHF – 1.2617

Today’s Calendar       

·       USD      ISM Services PMI(Sep)

·       EUR      ECB’s President Lagarde speech

Today’s Highlights

·       Forex Today: Energy, Facebook issues drive flight to dollar, US data, debt-ceiling headlines eyed

·       EUR/USD Forecast: Turnaround Tuesday? Only to the downside as long list of issues only grows

·       GBP/USD drops below 1.3600 on Brexit woes, firmer dollar

·       Weak September does not spell the end for the equity rally – UBS


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