Good morning. And what a beautiful morning it is again. Amazing.
The markets continue to be risk off at the moment as the Delta variant gains momentum in the UK. Alongside that is the unknown re the outcome of letting the brakes off in certain parts of the UK. This looks to have caused a move towards the perceived safe haven of the dollar. On the plus side the short term weakness in sterling doesn't look to be too severe at this stage.
Overnight the Chinese rate decision came in as expected at 3.85% so had little impact on global markets.
The economic news continues to be light today with a bit of US housing data out, so all eyes will be on global events around the pandemic rather than scheduled market data releases.
Looking ahead there is some Japanese data out in the early hours although nothing of great importance and that's followed later in the day by Australian and New Zealand data, again in the early hours.
As ever we look forward to keeping you in the loop and look out for our next update.
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Todays Economic Calendar
US: 13:30 Housing Data
US: 21:30 API Weekly Crude Oil Stock
JPN: 00:50 BoJ Monetary Policy Meeting Minutes
UK: 07:00 Public Sector Net Borrowing (Jun)