Market Comment - 15th October 2021

Posted by Stuart PritchardOctober 15, 2021

Good morning,

Interesting news out this morning from the Transport Minister.

The rules on the number of deliveries overseas lorry drivers can make in the UK are set to be relaxed in a bid to tackle supply chain problems in the run-up to Christmas.

Drivers from the EU can currently only make two pick-ups or drop-offs each week.

Ministers want the rules relaxed to allow them to make unlimited deliveries or collections within a 14 day period.

It is hoped the changes will happen by December - but UK drivers fear they might lose work to cheaper EU rivals.

The UK's lorry driver shortage - due to a combination of Covid, Brexit and other factors - has affected petrol stations, supermarkets and left containers piled up at Felixstowe Port unable to be moved.

Retailers have also warned there could be shortages of items such as toys at Christmas, with shoppers urged to buy gifts early.

This news created a quick spike in the strength of the Pound against all the majors such as the Euro, Dollar, Yen and Swedish Krona.

Today's news focuses on US data with Retail Sales and the Michigan Consumer Sentiment Index out later. This could have an effect on the Dollar rate through the day.

In the early hours of Monday there's also big Chinese data out with their GDP numbers being issue.

As ever we look forward to keeping you in the loop and look out for our next update.

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Today’s Economic Calendar

US: 13:30 Retail Sales

US: 15:00 Michigan Consumer Sentiment Index

CNA: 03:00 Monday GDP data

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