Daily Market Update 10/11/2021

Main Headlines:

Pfizer has asked the US Food and Drug Administration to expand authorisation of its Covid-19 booster shot to all adults in a move to address concerns about waning immunity for vaccinated people ahead of the winter. The US pharma company said on Tuesday its request was based on results from a late-stage trial involving more than 10,000 participants, which demonstrated a booster dose was 95 per cent effective against symptomatic Covid-19. The application will be reviewed by the FDA just months after a similar request by Pfizer and its partner BioNTech sparked a contentious debate among officials over whether boosters were needed by all Americans at a time when vaccination rates in the developing world were very low.

U.K. Prime Minister Boris Johnson will drop into the COP26 climate conference on Wednesday in an attempt to raise the temperature on negotiators, following the publication of the “cover report” which details the successes and failures of the summit on Tuesday evening. That document will shape the coming years of global climate discussions. With the two-week talks due to close on Friday, Johnson will enter various negotiating rooms on Wednesday to take stock of the talks and send a message to ministers and negotiators to “dig deep,” Johnson will meet with U.N. Secretary-General António Guterres on Wednesday as the pair look to shove the talks forward.



Sterling is higher against the euro and lower against the dollar in overnight trade. Ireland’s Deputy PM, Tanaiste Leo Varadkar stated no-one wanted to see the Trade and Cooperation Agreement in jeopardy, but that Ireland had begun to “dust down” contingency preparations in case London acts unilaterally to suspend some parts of the so-called Northern Ireland protocol, fuelling concerns that disagreements over Brexit may spark an EU-UK trade war. Health Secretary, Sajid Javid, confirmed on Tuesday that it will become compulsory for frontline NHS staff in England to be fully vaccinated against Covid-19, setting a deadline for the beginning of April to give 103,000 unvaccinated workers time to get both jabs.


The euro is lower against most majors overnight. In France, three people thought to be linked to the suspect who stabbed a police officer in Cannes on Monday have also been arrested and taken into custody. Emmanuel Macron announced new vaccination requirements Tuesday as coronavirus cases start to rise across France again, including tying so-called vaccine passports for entering certain spaces to booster shots for those aged 65 and older. The European Parliament is set to approve a resolution condemning Poland’s near-total ban on abortion on Thursday against a backdrop of street protests in response to the restrictions. Backed by a wide coalition of political groups, including the centre-right European People’s Party, the resolution is almost guaranteed to succeed.


The dollar is well-bid against most majors in early morning trade. The US Department of Justice is preparing to launch a crackdown on corporate crime with the first cases expected within weeks, according to senior DOJ official John Carlin, after the Biden administration pledged to take a tougher stance on white collar crime. Democratic party members of the US Congress attending the COP26 climate summit in Glasgow, led by Nancy Pelosi, attempted to inject a positive tone into talks that remain stymied by a lack of US political capital. The House Speaker told the summit that Washington remains poised to pass “the most ambitious and consequential” climate legislation of all time, President Biden’s $1.75 trillion “Build Back Better” package. A failure to do so before COP26 has cast a shadow over US participation in Glasgow.

Ballinger & Co. Morning Report–10th November 2021

Today’s Rates

GBP>EUR – 1.1693

GBP>USD – 1.3520

EUR>USD – 1.1563

GBP>CAD – 1.6807

GBP>AUD – 1.8366

GBP>SEK – 11.646

GBP>AED – 4.9651

GBP>HKD – 10.530

GBP>ZAR – 20.471

GBP>CHF – 1.2345

  Today’s Calendar    

·       USD    Consumer Price Index ex Food & Energy (MoM)(Oct)

·       USD    Consumer Price Index ex Food & Energy (YoY)(Oct) 

  Today’s Highlights

·       Forex Today: Majors trade in familiar ranges ahead of US inflation data

·       EUR/USD Forecast: Will euro break out of range on US CPI data?

·       GBP/USD extends slide toward 1.3500 on renewed dollar strength

·       GBP/JPY holds above 153.00, upside potential seems limited amid Brexit woes


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.


Looking for a money transfer service? Request for a call today!

Leave a Reply

Your email address will not be published. Required fields are marked *