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Biden cautious on oil

Today's news headlines: 

‘US to release 50m barrels of oil from reserves’. The United States is expected to release 50 million barrels of oil, around two and a half days of US supply, as the Biden administration takes its first tentative steps to contain fuel prices. The market didn’t take the news very well, with traders expecting a larger release of reserves. Analysts don’t foresee any major impact from the release of these stockpiles, with some believing the strategy to be rash. (Financial Times)

‘Turkish lira falls as Erdogan vows victory in “economic war”’. The Turkish Lira plunged to historic lows yesterday, dropping 15% against the US Dollar, falling further than it did during the currency crisis in 2018. President Recep Tayyip Erdogan has been a staunch supporter of low interest rates, and the central bank has continued to cut rates despite annual inflation running at 20%. Analysts believe hyperinflation is a real worry for a country so reliant on imports if the currency continues to weaken. (Financial Times)


US markets remained tentative yesterday as rising Covid-19 cases remain in focus; the S&P 500 closed 0.17% higher. UK markets were also relatively muted as the latest Purchasing Managers’ Index readings lent support for a Bank of England rate hike next month. Cable has drifted back below $1.34 over the past day, while GBP/EUR has consolidated in recent days around €1.19.


New Zealand Interest Rate: 0.75% vs 0.50% previously
German ifo Business Climate: 9:00AM
US preliminary Gross Domestic Product q/q: 1:30PM
US Durable Goods Orders m/m: 1:30PM
Monetary Policy Committee member Silvana Tenreyro speaks: 2:30PM
US Core Personal Consumption Expenditures Price Index m/m: 3:00PM
Federal Open Market Committee Meeting Minutes: 7:00PM

Interbank rates:

GBP/USD – 1.3376
GBP/EUR – 1.1885
EUR/USD – 1.1254
USD/CAD – 1.2679

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