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Another Truss U-turn

Today's news headlines:

'Liz Truss hints at help with energy costs for businesses and households'. In a final push for votes, Conservative frontrunner Liz Truss has made yet another U-turn and pledged assistance to help businesses and households cope with astronomical energy prices this winter. This comes after stating that she didn't believe in 'giving out handouts' just a few weeks ago. The UK energy regulator, Ofgem, is preparing to announce yet another aggressive energy price cap increase which will take the average British household energy bill from just under £2000 per year to £3600, with additional hikes forecasted for January and April next year. Meanwhile, a spokesperson for Rishi Sunak said that the former chancellor will 'look at all options' to aid businesses with soaring energy bills if he becomes the next Tory leader. (Financial Times)

'Top Russian diplomat dismisses hopes of negotiated end to Ukraine war'. As we approach the six-month mark of Russia's full-scale invasion of Ukraine, a senior Russian diplomat has advised that the possibility of discussions between Vladimir Putin and Ukraine's president Volodymyr Zelenskyy to achieve a diplomatic end to the war is slim. Russia's representative to the United Nations, Gennady Gatilov, has blamed the US and other NATO member countries for pushing Ukraine to walk away from any negotiations with Moscow and added that the UN should be doing more to put an end to the war. Gatilov has said that 'the more the conflict goes on, the more difficult it will be to have a diplomatic solution'. This comes as a blow to negotiators who were optimistic that the recent grain exports agreement between Kyiv and Moscow could pave the way for a broader deal. (Financial Times)


US stocks opened lower this morning, with the S&P 500 and Dow Jones down roughly one percent each, while Sterling is holding steady against the US Dollar at around 1.1810. As Asian shares slip, the Buck remains strong as the Chinese Yuan weakens.


German Buba Monthly Report: 11:00AM
Canadian New Housing Price Index: 1:30PM
US Chicago Fed National Activity Index (Jul): 1:30PM

Interbank rates*:

GBP/USD: 1.1810
GBP/EUR: 1.1790
EUR/USD: 1.0025
USD/CAD: 1.3005


Please contact your Dealer about any upcoming FX requirements you may have, or call +44 (0)20 3465 8200. 

*Indicative interbank rates taken on the day of writing. Please speak to your Dealer to find out the current rates available for you.