Global Reach is becoming Corpay Cross Border, part of FLEETCOR, to broaden our client offering. Please contact our team for further information. 

Strike nation

Today's news headlines:

‘UK inflation falls for second consecutive month as fuel prices ease’. Fuel price declines have nudged UK inflation a touch lower, although the year-on-year measure still sits at a savings-crushing 10.5%. Chancellor Jeremy Hunt commented that the Treasury views inflation fighting as a key priority because it leads to industrial action, ruined investment and untenable family budgets. (Financial Times)

‘Nurses in England to walk out as industrial disruption hits 30-year high’. Rishi Sunak’s government has had a rude awakening in its negotiations with the RMT (rail unions), and will now face even greater strain because England’s Nurses are taking to the picket lines. February 1st is set to be the big showdown when RMT, nurses, teachers, 70,000 university staff, and 100,000 civil servants take to the streets in a grand protest dubbed the Trades Union Congress. (Financial Times)


Clearly, the UK inflation-related woes continue to escalate, but our attention is on US Inflation, Retail Sales, and Industrial Production data this afternoon. The standoff over US interest rates between market forecasts – expected to reduce during the year – and the Fed’s insistence that it is staying on the hawkish path, will receive some new fuel. Overnight, the Bank of Japan surprised by remaining dovish and reaffirming its Yield Curve Control policy – which targets rate levels along its Yen interest rate curve.  


JP    Bank of Japan Policy Rate: -0.1% vs -0.1% last meeting
JP    Revised Industrial Production m/m: 0.2% vs -0.1% last month
UK   CPI y/y: 10.5% vs 10.7% last month
UK   Core CPI y/y: 6.3% vs 6.3% last month
UK   RPI y/y: 13.4% vs 14.0% last month
UK   HPI y/y: 9:00 AM
EU   Final CPI y/y: 10:00 AM
US   PPI y/y: 1:30 PM
US   Retail Sales y/y: 1:30 PM
US   Capacity Utilisation: 2:15 PM
US   Industrial Production m/m: 2:15 PM
US   Beige Book: 7:00 PM
US   Fed Member Harker speaking: 7:00 PM

Interbank rates*:

GBP/USD – 1.2315
GBP/EUR – 1.1370
EUR/USD – 1.0825
USD/CAD – 1.3355 


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.