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Today's news headlines:

‘Biden’s budget draws fiscal battle lines with Republicans ahead of 2024’. The perennial debt ceiling debate is upcoming, and US President Biden will release his budget plan today. Anticipated spending is expected to be offset by tax hikes on the wealthy, hedge fund and private equity executives, and the elimination of tax breaks for oil and crypto. This leans heavily into the prevailing sentiment that regressive policies of successive governments and Covid have shifted increasing benefits to wealth and away from labour. (Financial Times)

‘Britain plans looser foreign worker rules to plug labour gap’.  
Rishi Sunak’s Government seems to have acknowledged the labour gap that Brexit has caused in the UK economy and is proposing looser requirements for numerous construction-related roles. While hospitality jobs are not included in their plans, they are expected to add measures to help disabled, sick, and older people re-enter the workforce. (Financial Times)


The Fed’s hawkish messaging has pushed both the Dollar higher and 2-year treasury yields above 5%. Very strong labour data out for the US has helped the Fed take a strong inflation-fighting stance and puts pressure on other central bankers to keep pace. Sterling and Euro lost ground, the Pound more prominently. UK housing data overnight portends a continued decline in house prices that has yet to register in a meaningful way, but as expiring fixed mortgages are forced to refinance at higher rates throughout 2023, it will become more pronounced. Little data out today, so we’re looking to central bankers this afternoon.


UK    RICS House Price Balance: -48% vs -46% last month
CN    CPI y/y: 1% vs 2.1% last month
CN    PPI y/y: -1.4% vs -0.8% last month
US    Unemployment Claims: 1:30 PM
US    FOMC Member Barr Speaks: 3:00 PM
CA    Gov Council Member Rogers Speaks: 6:30 PM

Interbank rates*:

GBP/USD – 1.1865
GBP/EUR – 1.1235
EUR/USD – 1.0560
USD/CAD – 1.3795

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.