IFX Market Report: Wednesday 10th November 2021

Sterling had an uneventful session on Tuesday, trading rather flat against the Euro and US Dollar. Capping any gains for the Pound is the high number of COVID-19 cases and deaths in the UK. On Tuesday, the UK recorded 262 COVID-19 related deaths and 33,117 cases in the last 24 hours – making the total figure of people who have died with COVID-19 142,124. This is in spite of the fact that over 50,000,000 Brits have had their first COVID-19 jab.

This increase in cases and deaths comes at a time when over 100,000 NHS workers could potentially lose their jobs if they do not agree to get fully vaccinated. Health Secretary Sajid Javid said in a Commons statement that there was no doubt health and social care staff “carry a unique responsibility” in the important work that they do but all NHS staff must be fully protected against the virus if “we” are to “avoid preventable harm”.

GBPUSD opened Tuesday at 1.3565 and struggled as the session unfolded. Cable finally finished the day at 1.3648.

GBPEUR also recorded a loss yesterday. The pair opened at 1.1705 but was unable to maintain that position and closed at 1.1692.

On the data front, at 07:00 this morning Germany released its Inflation Rate for October. The reading hit forecast coming in at 4.5% with a previous of 4.1%. In the afternoon, MPC member Silvana Tenreyro will be speaking at 13:30. Tenreyro last week voted against a rate hike so it will be interesting to see what she has to say on the matter now that the meeting has passed. Lastly, from the US the latest weekly Jobs report will also be released.

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