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Hanging on

Today's news headlines:

'Fed's Kashkari says bank strains bring recession risk closer'. 
Neel Kashkari warned that if current bank pressures persist and credit availability continues to dry up, then the economy could more than likely be dragged into a recession. The Federal Reserve member has clarified that it's too soon to tell what the longer-term impacts will be while shying away from questions about the next Fed meeting in May. The goal remains to bring down inflation, with expectations leaning towards one final 25 basis point hike this year. (Bloomberg) 

'China's economic recovery faces risks from global trade slump'. 
Economic growth in China is being questioned with concerns about global demand and what that means for the country. The housing market, which was previously a drag, now seems to be abating as prices bottom out. Consumer confidence remains robust; however, with borrowing costs rising worldwide, concerns that the demand for China's exports will fall in the coming year is a real possibility, with analysts suggesting consumer spending will underpin most of the second-largest economies growth for the year. (Bloomberg) 


European markets open higher this morning while US equity futures also point to gains as markets continue to assess the likelihood of a recession. The US Dollar is trading flat on a trade-weighted basis while sovereign bond yields across the world rise. 


German ifo Business Climate (Mar): 9:00AM
German Bundesbank President Joachim Nagel Speaks: 9:30AM
UK CBI Realised Sales (Mar): 11:00AM
UK Bank of England Governor Andrew Bailey Speaks: 6:00PM

Interbank rates*:

GBP/USD – 1.2246
GBP/EUR – 1.1378
EUR/USD – 1.0762
USD/CAD – 1.3728

Please contact your Dealer about any upcoming FX requirements you may have, or call +44 (0)20 3465 8200. 

*Indicative interbank rates taken on the day of writing. Please speak to your Dealer to find out the current rates available for you.