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The Pound initially had a little boost as the BOE was not as dovish as expected. The new BOE governor confirmed these ideas later, saying that negative rates and YCC weren't discussed.

£1 - worth less today due to BOE announcement

However, soon after the ramp up price reversed and Cable looks to finish over 1% down.

USD was strong across the board today and it remains to be seen if this was just rebalancing or a hint of a risk off move brewing

The next stimulus bill is going to be hotly contested; divisions within the Republicans are brewing and the Democrats are in control of the House.

US Jobless Claims

With US Jobless claims remaining elevated today despite the 're-opening' (1.5mln v's 1.3mln exp, prev 1.5 mln) & the current round of stimulus cheques stopping in July, the market is increasingly concerned that the remaining strength of the US economy, driven by government spending, is going crumble.

weekend risk

0230 : AUD Australian Retail Sales

0700 : GBP UK Retail Sales

1330 : CAD Canadian Retail Sales

1800 : USD Fed Powell speech

Also due: European Council Meeting & BoJ Monetary Policy Meeting Minutes. Not many inputs; the main question mark is whether the market tilts risk off in preparation for the weekend or not.


The Dollar was strong today bu US Yields sold off. Copper jumped early on and gave back all its gains. Oil moved higher but that could be down to the spiking COVID numbers in Saudi Arabia and expectations of more supply side issues.

European equities were lower but US equities have held up surprisingly well. With some major headline risk going into the weekend, it would be a feat for NASDAQ to close at new weekly all-time highs. It would need to fall over 2% tomorrow to move back below the last record weekly close.


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