Today's news headlines:
‘Russian gas supply set to resume on Nord Stream after works’. Despite fears of a more prolonged shut down of Russia’s Nord Stream gas pipeline, it’s widely expected that operations will resume as normal this weekend. Capacity looks set to remain at 20% as European countries continue to stockpile supplies ahead of the winter months. Dutch natural gas futures are about 33% lower this week after retreating from record highs. (Bloomberg)
‘Britons have to pay 20% more just to cover essential costs’. The cost-of-living crisis continues to pressure UK households, with the cost of a basic standard of living rising by 20%. Goldman Sachs is predicting that UK inflation could rise as high as 20% next year if problems persist surrounding natural gas. This is widening the gap between each person’s income and necessities such as food, heating, and shelter as costs mount up. (Bloomberg)
Asian shares fell overnight while European equities gained this morning. US futures are muted ahead of Non-Farm Payrolls data out later this afternoon. The US Dollar is lower in early trading while oil prices regain some traction.
Spanish Unemployment Change: 40.4K (est. 4.6K)
US Non-Farm Payrolls: 1:30PM
US Unemployment Rate: 1:30PM
US Factory Orders MoM: 3:00PM
GBP/USD – 1.1563
GBP/EUR – 1.1573
EUR/USD – 0.9991
USD/CAD - 1.3150
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*Indicative interbank rates taken on the day of writing. Please speak to your Dealer to find out the current rates available for you.