Russia rolls back presence in Kyiv

Today's news headlines:

‘Zelensky calls for vigilance after Russia pledges to scale back Kyiv assault’.Following Russia’s announcement that it will start scaling back its military presence surrounding Kyiv, Ukraine President Volodymyr Zelensky has expressed caution. Although the signals are positive, Zelensky is still wary of the threat that Russia poses, with the risk of increased artillery and missile strikes with fewer troops on the ground. Many believe the scale back near Kyiv to be tactical, as Russia look to secure a land corridor in the eastern regions of Donetsk and Luhansk. (Financial Times)

‘Surging living costs force Britons to work past retirement age’. Energy prices and tax rises have placed significant pressure on retirees in the last year. In a survey conducted by Abrdn, 66% of those in retirement have continued to work in some form as insufficient funds prevent people from finishing work at retirement age. As energy prices take off, those relying mainly on state pensions could be over £1000 per year worse off. (Financial Times)


Today

Asian markets continued their rally overnight amid continued peace talks between Russia and Ukraine. European markets have opened mixed this morning as traders attempt to determine the outcome of the negotiations. Oil prices have advanced in early trading while the US Dollar Index has fallen 30 basis points.

Events

Japan Retail Sales y/y: -0.8% (est. -0.3%)
Spanish flash CPI y/y: 9.8% (est. 8.0%)
European Central Bank President Christine Lagarde speaks: 9:00AM
MPC member Ben Broadbent speaks: 9:10AM
US ADP Non-Farm Employment: 1:15PM
US final GDP q/q: 1:30PM
FOMC Member Esther George speaks: 6:00PM

Interbank rates:

GBP/USD – 1.3107
GBP/EUR – 1.1788
EUR/USD – 1.1118
USD/CAD – 1.2484

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