Today's news headlines:

‘Credit Suisse faced bankruptcy without UBS deal, SNB says’.
Swiss National Bank Vice President, Martin Schlegel, has said that, without the government facilitated acquisition of Credit Suisse by fierce rivals UBS group last month, a financial crisis in Switzerland that rippled worldwide would have been ‘very likely’. Fears remain that the collapse of Switzerland’s second-largest bank won’t be enough to deter Swiss central bankers, who have been hiking interest rates since last June, from continuing to tighten monetary conditions. (Bloomberg)

‘Oil extends rally as shorts “under the bus” after OPEC+ cut’.
The surprise reduction in oil production by the Organisation of Petroleum Exporting Countries saw West Texas Intermediate, one of the main global oil benchmarks, gain six percent on Monday as well as prompting many banks to lift their price forecasts. Crude dipped to its lowest level since 2021 in mid-March but has quickly rebounded due to increased demand expectation from the reopening of China as well supply interruptions from Iraq. (Bloomberg)

Today

Concerns over dampened economic growth in China resulted in a cautious Asian trading session today with Hong Kong’s Hang Seng index experiencing a selloff in technology stocks and slumping 1.1% over the day as a result. Meanwhile a jump in oil prices has renewed fears that inflation will remain high in the near term and result in further monetary tightening by central banks.

Events

Reserve Bank of Australia Cash Rate (Apr): 3.6%
German Trade Balance (Feb): 16BN
Eurozone PPI m/m (Feb): 10:00AM
US JOLTS Job Openings (Feb): 3:00PM
FOMC Member Lisa Cook Speaks: 6:30PM

Interbank rates*:

GBP/USD – 1.2440
GBP/EUR – 1.1400
EUR/USD – 1.0910
USD/CAD – 1.3435

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.