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March Fed hike still in play

Today's news headlines: 

‘Oil soars to highest since 2008 as Russia invasion upends market’. 
Oil prices have reached their highest level since 2008 as OPEC+ keeps oil production unchanged and buyers avoid Russian oil in the wake of the invasion of Ukraine. Brent crude climbed above $118 a barrel on Thursday morning—over 50% higher than at the start of 2022—while oil futures, which indicate expected future prices, are signalling further gains as investors become concerned over additional supply constraints. (Bloomberg)

‘Powell plows ahead towards rate hikes with eyes on war impact’. In a testimony on Wednesday afternoon, Federal Reserve Chairman Jerome Powell made it clear that the US central bank’s top priority is fighting inflation, despite the ongoing conflict between Russia and Ukraine. Powell stated that he’s ‘inclined to propose and support a 25 basis-point rate hike’ at the Fed’s next meeting on the 16th of March and reiterated that more aggressive rate hikes may be required in future meetings. (Bloomberg)


Global equities nudged higher on Thursday following Powell’s comments supporting a March rate hike, while oil prices continued to soar with Brent clearing $118 a barrel. The US Dollar was unchanged on a trade-weighted basis while the Canadian Dollar remains buoyed by higher oil prices.


Japanese Composite Purchasing Managers’ Index (Feb): 45.8 (prev. 44.6)
Chinese Composite PMI (Feb): 50.1 (prev. 50.1)
Russian Composite PMI (Feb): 50.8 (prev. 50.3)
Eurozone Composite and Services PMIs (Feb): 9:00AM
US Initial Jobless Claims (Feb 26th): 1:30PM
US Composite PMI (Feb): 2:45PM
US Factory and Durable Goods Orders (Jan): 3:00PM

Interbank rates:

GBP/USD – 1.3398
GBP/EUR – 1.2075
EUR/USD – 1.1095
USD/CAD – 1.2605

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