GBP

Sterling has fallen in early trading as post Brexit concerns surface once again. Imports by Ireland from the UK have fallen by 35% in the first five months of 2021, while the number of shipping routes to mainland Europe have doubled. Further friction with Brussels could occur after the home office revealed that almost 60,000.00 EU citizens missed the deadline to apply to live and work in the UK.

EUR

Delta variant concerns have begun to grow in Germany. The country recorded 5578 new cases in the past day, bringing total active cases to 42,900, the highest since the 14th June. Recent German economic data has already caused some concerns and an uptick in Covid cases will only add to those worries. Earlier this week European Central Bank Chief Christine Lagarde warned of the impact a fresh pandemic wave could have on the eurozone economy.

USD

A majority of economists believe the Federal Reserve Bank will announce a plan to taper its bond buying purchases in September, according to poll released by Reuters. This comes after many Federal Reserve Bank officials have recently suggested that the central Bank may start reducing its $120bln monthly purchases of treasuries and mortgage backed securities, sooner rather than later .

Economic Calendar

3.00 pm Michigan Consumer sentiment index