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Clock is ticking

Today's news headlines: 

‘Boris Johnson under pressure from Tory MPs to postpone national insurance rise’. Pressure is growing on British Prime Minister Boris Johnson to postpone the planned £12bn national insurance rise set to come into action in April. Many MPs are pointing to the £13bn fall in public borrowing to be set against these planned tax rises as the cost of living for British households continues to climb. Delaying these tax hikes could win back some support in the party for the Prime Minister, but with fierce opposition from the Treasury, this looks like yet another difficult road to navigate. (Financial Times)

‘Report into No 10 “Partygate” scandal held up by police investigation’. Civil Servant Sue Gray is yet to publish the report into ‘Partygate’ as the Metropolitan police attempt to prevent any interference with an ongoing investigation. Staunch Boris Johnson allies have been using this delay to sure up support in the party and ultimately avoid a confidence vote when the report is eventually published. (Financial Times)


Asian markets were relatively mixed overnight after yet another negative close for US markets, with the S&P 500 falling 50 basis points. Treasury yields have continued their move higher post-Federal Reserve statement, while the US Dollar Index hit an 18-month high in early trade.


Spanish flash Gross Domestic Product q/q (Q4. 21): 2.0% (est. 1.4%)
German preliminary GDP q/q (Q4. 21): 9:00AM
US Core Personal Consumption Expenditures Price Index m/m: 1:30PM
US Revised UoM Consumer Sentiment: 3:00PM

Interbank rates:

GBP/USD – 1.3378
GBP/EUR – 1.2018
EUR/USD – 1.1131
USD/CAD – 1.2746

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