Today's news headlines: 

‘Boris Johnson attempts to move on from questions over his leadership’. The pressure on British Prime Minister Boris Johnson has settled since news broke around ‘partygate’. The lifting of all Coronavirus restrictions and a more intense focus on domestic policy has taken the pressure off the PM as the Metropolitan Police continues its investigation into a possible lockdown breach. Enquiries are expected to be completed in early March as tory MPs plan for a potential no-confidence vote. (Financial Times)

‘High street spending recovers faster in smaller regional centres than London’. The shift to work from home during the pandemic continues to weigh on consumer spending in London and other major cities. Spending in the capital remains 20% lower than its pre-pandemic levels while regional towns in the north and the midlands have recovered much more quickly. Transport use in London also continues to lag behind pre-pandemic levels, with underground usage at just 60%. (Financial Times)

Today

Asian indices tracked lower overnight after another sell-off in the US following an upside surprise in the latest Consumer Price Index report. US Treasury yields have ticked higher overnight while UK gilts moved lower. Oil prices continue to move, with WTI approaching $94 per barrel.      

Events

Switzerland Producer Price Index m/m (Jan): 0.6% (est. 0.2%)
Federal Open Market Committee member James Bullard speaks: 4:00PM
European Central Bank President Christine Lagarde speaks: 4:15PM
Japan preliminary Gross Domestic Product q/q (Q4. 21): 11:50PM

Interbank rates:

GBP/USD – 1.3523
GBP/EUR – 1.1929
EUR/USD – 1.1336
USD/CAD – 1.2750

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