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Start of the cycle

Today's news headlines: 

‘Central banks bet economies can tolerate Omicron, no inflation’. Major central banks are committing to withdrawing the enormous stimulus packages put in place at the start of the pandemic, suggesting confidence that economic recoveries won’t be extinguished by the Omicron variant. The Bank of England raised interest rates by 0.15%, followed by the European Central Bank’s announcement of their plan for a smooth exit from the Pandemic Emergency Purchasing Program. The announcements follow the Federal Reserve’s decision on Wednesday to taper asset purchases more rapidly. (Bloomberg)

‘US pushes EU to ready Russia sanctions on energy and banks’. Following the conversation between the US and Russia last week, the US is ramping up pressure on the EU to finalise a package of sanctions to be imposed should the Kremlin attack Ukraine. The US sees the measures as necessary to be deemed credible in trying to deter Russia from the attack, while the EU warns moving too hastily in outlining sanctions could undermine efforts to resolve the situation diplomatically. (Bloomberg)

Global equities fell overnight following major central bank decisions to begin withdrawing stimulus, while the US Dollar is on track for its third consecutive weekly drop on a trade-weighted basis. Oil prices dipped along with Treasury yields.


UK GfK Consumer Confidence (Dec): -15 (est. -17)
UK Retail Sales (Nov): 4.7% (est. 4.2%)
Eurozone Consumer Price Index (Nov): 10:00AM

Interbank rates:

GBP/USD – 1.3320
GBP/EUR – 1.1762
EUR/USD – 1.1325
USD/CAD – 1.2781

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