US plan to impose new tariffs on $3.1 billion of exports from the EU and UK. United States Trade Representative revealed on Wednesday the Trump administration may impose new tariffs on goods coming from the European Union and the United Kingdom. The new tariffs include on European exports like olives, beer, gin and trucks, while also increasing duties on other products including aircraft, cheese, and yoghurt.
Eurozone, Germany, Australia, and UK manufacturing and service PMI reported a noticeable rebound in recent months, suggesting the economic recovery from the "COVID" pandemic is on the way.
Global markets started the week on a bearish note, amid fears over a resurgence of coronavirus cases. The World Health Organization reported a record increase in global coronavirus cases on Sunday, with more than 183 thousand cases in a 24-hour period. Brazil led with nearly 55,000 new cases, followed by the United States with more than 36,000 and India with about 15,000 new cases.
Moving ahead today the investors look forward to the updates from European leaders meeting and Quadruple witching - when large derivatives positions rollover as futures and options expire in what is called ‘quadruple witching’, which happens once a quarter.
The British pound down on Thursday ahead of Bank of England monetary policy decision later today. The market participants expect the central bank will announce an increase in its asset purchase program by at least GBP 100 billion.