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Pressure on the purse

Today's news headlines: 

‘Households face worst squeeze on disposable incomes for 30 years, warns BoE’. Yesterday marked the first back-to-back interest rate rise for the Bank of England since 2004. The headline rate has moved to 0.50%, with expectations of an inflation peak of 7.25% in April. This came as Ofgem announced its new energy price cap, which has increased 54.00% and is likely to impact around 22 million households. UK growth forecasts for 2022 were also cut to 3.75% from 5.00% as inflationary pressures mount up. (Financial Times)

‘US says Russia plotting to fabricate pretext for Ukraine invasion’. As negotiations between the US and Russia rumble on, some senior officials in US President Joe Biden's camp have made accusations that Russia is planning to imitate an attack, providing an excuse to invade Ukraine. There are concerns that Russia plans to deploy more military personnel, to the tune of 30,000, to neighbouring countries such as Belarus, with NATO describing this as ‘the biggest Russian deployment since the cold war’. (Financial Times)


Markets continued their decline yesterday, with US stocks suffering their largest drawdown for nearly a year; the S&P 500 closed 2.44% lower. UK gilt yields have climbed across the board following the BoE rate rise yesterday. The US Dollar remains poised ahead of the Non-Farm Payrolls release later today.


German Factory Orders m/m (Dec): 2.8% (est. 0.4%)
French Industrial Production m/m (Dec): -0.2% (est. 0.5%)
UK Construction Purchasing Managers’ Index: 9:30AM
Eurozone Retail Sales m/m: 10:00AM
Monetary Policy Committee member Ben Broadbent speaks: 12:15PM
Canada Unemployment Rate: 1:30PM
US Non-Farm Payrolls: 1:30PM
Canada Ivey PMI: 3:00PM

Interbank rates:

GBP/USD – 1.3585
GBP/EUR – 1.1870
EUR/USD – 1.1445
USD/CAD – 1.2694

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