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Strained relations

Today's news headlines: 

‘EU draws up contingencies in case Ukraine crisis hits energy supplies’. The European Union has started to examine ways to contain an energy crisis, with a Russian invasion of Ukraine likely to lead to a reduction in gas flows to the bloc. World leaders are expected to meet throughout this week to discuss a strategy for de-escalating the tensions in the region. German Chancellor Olaf Scholz will travel to the US with the intention of forming a close-knit alliance. (Financial Times)

‘Dutch central bank head calls for ECB to raise interest rate in fourth quarter’. Following European Central Bank President Christine Lagarde refusing to rule out an interest rate hike later this year, more support has been voiced to tighten policy. Klaas Knot, an ECB governing council member, has called for a rate hike in the fourth quarter of 2022 as inflation hit 5.10% in January. The ECB remains behind the Federal Reserve and Bank of England in terms of policy tightening, with the US and UK a far way ahead. (Financial Times)


Markets ticked mostly higher on Friday after positive jobs data out of the US; the S&P 500 added 50 basis points. The US ten-year treasury yield has notched lower in early trade, holding at 1.90%, while WTI crude trades at around $92 per barrel.


China Caixin Services Purchasing Managers’ Index: 51.4 (est. 50.5)
German Industrial Production m/m: -0.3% (est. 0.4%)
UK Halifax House Price Index m/m: 0.3% (est. 0.9%)
European Central Bank President Christine Lagarde speaks: 3:45PM

Interbank rates:

GBP/USD – 1.3540
GBP/EUR – 1.1842
EUR/USD – 1.1433
USD/CAD – 1.2725

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