Today's news headlines:

‘Zelensky says Ukrainian and Russian positions becoming more ‘realistic’’. Ukraine’s president has signalled optimism that talks with Russia are progressing in a realistic fashion, with the nation seeking to play down prospects of them joining NATO. Zelensky’s remarks came as a delegation of three European leaders visited Kyiv to show EU solidarity with Ukraine, despite the conflict entering its 21^st day. No specifics were given on the narrowing of diplomatic positions between both sides, and although Russian negotiators noted some positive momentum in talks, Western leaders who have spoken to Putin remained downbeat on an imminent breakthrough. (Financial Times)

‘Biden Plans First Europe Visit of War for NATO Allies Talks’. US President Joe Biden will meet with NATO allies next week in Brussels to take part in a summit on Russia’s invasion of Ukraine. The president is set to discuss ongoing deterrence and defence efforts as well as reaffirming his commitment to NATO. The details of the trip are still being finalised, and it’s not yet known if Biden will visit Ukraine or meet with President Zelensky. (Bloomberg)

Today

Stocks and equity futures surged overnight as China moved to ease a range of concerns that had seen Asian markets sell-off sharply over the past month. All eyes shift to the Federal Open Market Committee later, with the Fed expected to raise rates for the first time since 2018.

Events

Canadian Consumer Price Index: 12:30PM
US Retail and Core Retail Sales: 12:30PM
Federal Open Market Committee Economic Projections: 6:00PM
FOMC Statement: 6:00PM
Fed Funds Rate: 6:00PM
FOMC Press Conference: 6:30PM
New Zealand Gross Domestic Product: 9:45PM

Interbank rates:

GBP/USD – 1.3065
GBP/EUR – 1.1875
EUR/USD – 1.1000
USD/CAD – 1.2727

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