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Not a good start

Today's news headlines:

'UK faces worst and longest recession in G7, say economists'. As higher borrowing costs and a squeeze on real household incomes grips the UK, a poll of leading economists has predicted that the country will be hit by one of the worst recessions coupled with the slowest recovery in the G7 in 2023. The Bank of England is expected to be forced to keep interest rates high and the government to remain tight on fiscal policy as elevated inflation caused by the pandemic, and the Russian invasion, is set to prevail in the UK longer than anywhere else. (Financial Times)

'Russia admits to deadly outcome of Ukrainian strike on military barracks'. A Ukrainian air strike on Russian army barracks in the occupied city of Makiivka, 15 kilometres east of Donetsk, has killed 63 troops, according to Moscow. However, Russian military bloggers, along with the Ukrainian military, believe these figures to be highly skewed and put the death toll closer to 400, with a further 300 injured. Four western-supplied Himars missiles punched through the town's temporary deployment base where hundreds of newly mobilised Russian troops had supposedly been stationed. Russian army bloggers and analysts have criticised the base's position next to a large ammunition cache because of its unprotected nature, which made it an easy target for a Ukrainian air strike. (Financial Times)


Due to the importance of the export market to some of the largest companies in Europe and the US, investors will be looking cautiously at the development of the reopening of China in the coming weeks, along with the potential impacts of the resurgence in Covid-19 cases. Data from a private survey this morning revealed that the Chinese manufacturing industry contracted for a fifth consecutive month in December. European stocks are expected to have a mixed open as investors return to fully digest the economic outlook for 2023. 


German Preliminary CPI m/m: All day
German Unemployment Change: 8:55AM
Canadian Manufacturing PMI: 2:30PM
US Final Manufacturing PMI: 2:45PM
OPEC-JMMC Meetings: All day
JPY Bank Holiday: All day

Interbank rates*:

GBP/USD: 1.2075
GBP/EUR: 1.1330
EUR/USD: 1.0655
USD/CAD: 1.3525


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.