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ECB to intervene in banking windfall

Today's news headlines:

'ECB to discuss blocking banks from multibillion-euro windfall as rates rise'. The European Central Bank is looking at ways to prevent banks from earning extra profit from its ultra-cheap pandemic lending scheme when it begins to raise interest rates this month. Analysts estimate that €24 billion of extra earnings could be generated by banks depositing €2.2 trillion of loans at the central bank. The ECB recognises it would be wrong to allow banks to generate earnings from taxpayer-backed loans while raising borrowing costs for households and businesses. (Financial Times)

'Boris Johnson under pressure over Tory MP who quit in sleaze row'. Last week, British Prime Minister Boris Johnson suspended MP Chris Pincher over allegations of inappropriate sexual behaviour, to which Pincher cited drunken antics. Johnson is now under pressure to explain what he knew about Pincher and why he appointed him as deputy whip in February after his history of quitting similar roles due to inappropriate behaviour back in 2017. (Bloomberg)


Ahead of today's US bank holiday, US equity futures slipped. European futures edged higher, and sovereign yields drifted lower as investors assessed how high interest rates can go as the global economy slows. The US Dollar was steady on a trade-weighted basis, while WTI oil prices rose to nearly $109 a barrel.


Swiss Consumer Price Index MoM (June): 0.5% (est. 0.3%)
European Sentix Investor Confidence (July): 9:30AM
Bank of Canada Business Outlook Survey: 3:30PM
US Independence Day Bank Holiday: All day

Interbank rates:

GBP/USD – 1.2115
GBP/EUR – 1.1616
EUR/USD – 1.0429
USD/CAD – 1.2866

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