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UK mourns passing of Queen Elizabeth

Today's news headlines:

‘Charles becomes King as face of the United Kingdom changes’. Britain’s longest-serving monarch Queen Elizabeth II passed away yesterday evening at Balmoral Castle after serving 70 years on the throne. Charles has taken on the mantle of King with a formal ceremony taking place on Saturday. Described by many as the matriarch of Briton, Queen Elizabeth was a figurehead of continuity, performing her last formal function by swearing in the country’s 15th Prime Minister, Liz Truss, this past week. (Bloomberg)

‘ECB’s knot says hikes will continue until inflation goal reached’. The European Central Bank hiked interest rates by 75 basis points yesterday, the largest move since the start of the monetary union. Markets expect the central bank to continue raising interest rates in the meetings to come but at a smaller increment, with President Christine Lagarde suggesting this outsized move is a ‘front-loading exercise’. Governing council member Klaas Knot emphasised that rates should continue higher in order to tame record levels of inflation. (Bloomberg)


Equities are on the front foot across the board today, with the US Dollar Index down 1% as markets reassess the global outlook and just how much monetary policy tightening is left to come. The Japanese Yen gained overnight as talk of direct market intervention by the finance ministry to prevent further devaluation rears its head once again.  


UK Consumer Inflation Expectations: 9:30AM
European Central Bank President Christine Lagarde speaks: 10:30AM
Canadian Employment Change (Aug): 1:30PM
Canadian Unemployment Rate (Aug): 1:30PM
US Federal Open Market Committee Member Esther George speaks: 5:00PM
US Federal Open Market Committee Member Christopher Waller speaks: 5:00PM
European Union Economic Summit: All day

Interbank rates*:

GBP/USD – 1.1635
GBP/EUR – 1.1509
EUR/USD – 1.0107
USD/CAD – 1.3005


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.