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Today's news headlines:

‘Britain may avoid a recession for now as consumers spend’. UK GDP beat expectations and rose 0.1% in November as consumer spending got a boost. The reversal of a rise in national insurance gave some relief to disposable incomes, while services and consumer-facing businesses fared better than expected following the start of the World Cup. Strikes showed their effects, with output in the postal and transport sectors declining. The unexpected strengthening of the economy could give the Bank of England some more license to hike interest rates further at its next meeting, but the outlook for the UK is still downbeat. (Bloomberg) 

‘China’s exports slump further as global demand drops off’. Exports in China fell 9.9% in December as the country emerged from stringent Covid zero measures. Despite this, the country still posted an $878 billion trade surplus for 2022, the highest on record. It is feared that demand will continue to squeeze net exports in the coming year as economies around the world teeter on the edge of recession. This year, boosting domestic demand is a key mission for Beijing as business confidence lies below pre-pandemic levels. (Bloomberg) 


Stocks are mixed on the final trading day of the week as inflation concerns cool following US CPI data yesterday. The Japanese Yen continues to strengthen as reports surface that the Bank Of Japan will look to abandon its yield control measures sometime next week. Sovereign bond yields are lower across the board while the Dollar declines. 


UK GDP MoM (Nov): 0.1% (est. -0.2%) 
UK Construction Output MoM (Nov): 0.0% (est. -0.3%) 
UK Industrial Production MoM (Nov): -0.2% (est. -0.2%) 
Eurozone Industrial Production MoM (Nov): 10:00AM
US Preliminary UoM Consumer Sentiment (Jan): 3:00PM
US Preliminary UoM Inflation Expectations (Jan): 3:00PM

Interbank rates*:

GBP/USD – 1.2224
GBP/EUR – 1.1266
EUR/USD – 1.0851
USD/CAD – 1.3338


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.