Number 10 has even said there is “no point” in taking things further unless the EU is willing to talk. Almost as if we are at a stalemate as the UK continues its hold of “we will leave without a deal if necessary” and the EU’s stance of “we are willing to discuss options further” but no side seems to take a step further.
The constant threat of a deal or no deal scenario has come to be common play so much that talks from either side mentioning a harsh outcome seems to have little effect on the market. As seen by last week’s slow movement with Mondays opening against the EUR at 1.10301 and Fridays close of similar levels. Only against the dollar the pound saw movement with a fall of Mondays open, 1.30345 to Fridays close of around 1.2930.
Noticeable news flows this week, CPI year on year is being release Wednesday. Thursday, we have a talk from BOE gov Bailey speaking at 10:25 and later in the day we have MPC member Ramsden speaking at 3:00.
With France now releasing figures of their “second wave” of 30,000 new Covid19 cases the euro seems to have taken a bit of a bit hit. This along with the disappointing outcome, or should I said no outcome, from the summit. The euro has lost ground against the pound and dollar last week.
Lots of late new releases this week from Europe as we see French Flash Services PMI followed by manufacturing PMI, also German Flash Manufacturing PMI and Services PMI.
The Green Back has had better days as its very stagnant last week. Usually in times of panic the dollar usually sees investors flock to the safe haven but with how the pandemic has been affecting the US market, its left some investors feeling a little lost, with all major markets, in fact the whole world, still seeing a knock on effect of Covid19 its left a lot of people in limbo with what to attract to next. Even with gold as the start of the pandemic seeing gold at its bottom in June go from 1677.77 all the way up to 2075.32 in its peak, but as the pandemic continues and we see the lasting effect it is having gold has withered back down to 1900 levels.
A lot of the UK is going into its “tier 3” lock down as places such as Lancaster are put on to the highest Covid alert. Boris even mentioning he may have to “Step in” with Manchester as cases skyrocket. Manchester Mayor Andy Burnham over last weekend wrote a letter to Boris Johnson asking him to “end the deadlock” currently over Manchester but as rates jump MPs have asked for a new approach to handling the ongoing pandemic.
China has GDP quarterly figures released on Monday; this is likely to see the greater scope of Covid19’s effect.
AUD has a MPC (monetary policy committee) meeting on Tuesday. This happens 11 times a year 2 weeks after cash rates figures are released.
Canada has CPI monthly figures released on Wednesday, followed by its core retail sales month on month.
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