The Bank of England has announced this morning that they will inject the economy with £150bn extra through quantitative easing to help stimulate economic growth. The central bank kept interest rates at 0.1% which is a record low. In addition, they anticipate the UK economy to contract by 2% in Q4 2020 before making a recovery in 2021. This is leading to a very volatile Pound which is on the backfoot for the time being. Chancellor Sunak will address Parliament at midday to discuss supportive measures for the labour market.

The Euro remains on the back foot at German factory orders for the month of September came out worse than expected at 0.5% compared to 2.0% that was forecast. Germany also posted 19,990 new coronavirus cases which is a new record high. Greece is set to follow in the footsteps of France and Germany by announcing a lockdown starting this Friday.

Yesterday, the Dollar initially strengthened as the presidential election seemed to be closer than first thought. However, over the course of the day the greenback lost strength as Democrat Biden is projected to win a few more battleground states. The final outcome of the vote is yet to be decided with a few states still yet to announce results. President Trump has started legal proceedings already and has already requested recounts in Pennsylvania and Michigan.