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UK inflation hits 30-year high

Today's news headlines:

‘EU warned to avoid fight for gas deals in rush to replace Russian supplies’. Prime Minister of Belgium, Alexander De Croo, has urged the EU to adopt a singular procurement process for natural gas in the bloc as countries scramble for supplies. De Croo has likened the proposal to the Coronavirus pandemic and the way the EU operated in sourcing vaccines for the entire bloc. The European Commission has warned that introducing price caps on energy could deter suppliers from selling to Europe, instead simply shifting their distribution to the highest bidder. (Financial Times)

‘US and European allies to escalate sanctions on Russia’. Both the US and those in Europe appear steadfast on imposing more sanctions on Russia as the conflict in Ukraine looks unlikely to end in the near term. US President Joe Biden is expected to announce support for Europe’s energy crunch and a tightening of existing sanctions. As the Russia-Ukraine conflict enters its fourth week, Russian troops on the ground have fallen as the Ukrainian military look to go on the offensive and retake territory near Kherson in the South. (Financial Times)


Risk-on continued overnight as Asian markets climbed following a positive close in US markets yesterday. UK Consumer Price Index hit a 30-year high in February, reaching 6.2% year over year. Oil prices are higher in early trading while US yields advance following hawkish comments from Federal Open Market Committee member Loretta Mester.


Bank of Japan Core Consumer Price Index y/y: 1.0% (est. 0.8%)
UK CPIy/y: 6.2% (est. 6.0%)
UK Core CPI y/y: 5.2% (est. 5.0%)
Bank of England Governor Andrew Bailey speaks: 12:00PM
Federal Reserve Chairman Jerome Powell speaks: 12:00PM
US Crude Oil Inventories: 2:30PM
Federal Open Market Committee member James Bullard speaks: 7:00PM
UK Annual Budget Release: Tentative

Interbank rates:

GBP/USD – 1.3241
GBP/EUR – 1.2019
EUR/USD – 1.1016
USD/CAD – 1.2583

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