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Adaptability is key

Today's news headlines: 

‘Fed official open to more than 3 US rate rises this year’. Another Federal Reserve official has voiced their support for interest rates beginning to rise in March. Patrick Harker, President of the Philadelphia Fed, has suggested that three interest rate hikes aren’t off the table if inflation continues on its current trajectory, which hit a 40-year high of 7% yesterday. Harker voiced his support for a reduction in the central bank’s balance sheet but also emphasised the ability to pivot policy action if inflation begins to abate. (Financial Times)

‘UK businesses report doubling of staff absences as Omicron cases surge’. Omicron continues to cause issues throughout the UK, with case numbers still at elevated levels. The Confederation of British Industry has reported that staff absence rates have climbed to almost 15%, much higher than average absenteeism for January. Costs are rising as a result as companies look to plug the holes in their workforce. (Financial Times)


Asian markets closed mostly lower overnight after US markets finished higher on the day. US natural gas futures are on track for a 20% gain this week, their highest for six weeks. Cable has jumped above the $1.37 handle this morning while EUR/USD eyes $1.15.


Monetary Policy Committee member Catherine Mann speaks: 8:45AM
European Central Bank Economic Bulletin: 9:00AM
US Producer Price Index and Core PPI m/m (Dec): 1:30PM
US Unemployment Claims: 1:30PM
Federal Open Market Committee member Lael Brainard speaks: 3:00PM
US 30-y Bond Auction: 6:00PM

Interbank rates:

GBP/USD – 1.3736
GBP/EUR – 1.1972
EUR/USD – 1.1473
USD/CAD – 1.2477

The markets are moving. To speak to our team, please call +44 (0)20 3465 8200.