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US further assists Kyiv

Today's news headlines:

'UK economy contracts by more than expected'. According to data published by the Office for National Statistics, Gross Domestic Product in the UK fell by 0.3% between the second and third quarters of 2022, suggesting that the UK economy is slumping further behind other world economies. As wages struggle to keep up with red-hot inflation, real household disposable income also took a hit, coming in at 0.5% lower in the third quarter than the second. UK GDP remains lower than it was in pre-pandemic levels: the economy was 0.8% smaller in Q3 of 2022 than the final quarter of 2019, as the manufacturing and electricity generation sectors have become much weaker. (Financial Times)

'Volodymyr Zelenskyy caps US trip with plea to Congress'. Just weeks before the Republicans are set to take control of the House of Representatives, Ukraine president Volodymyr Zelenskyy visited Washington yesterday to thank US lawmakers and citizens for their continued support throughout the Russian invasion. President Biden confirmed an additional $1.85bn in aid, including a Patriot missile defence battery, and guaranteed the Ukrainian president that the US is prepared to assist Kyiv for as long as it takes. The Republicans are more sceptical of continuing their foreign aid to Ukraine and have pledged to consider the need more closely for their assistance to Kyiv. (Financial Times)


European markets are trading optimistically heading into the Christmas period, with German consumer climate boosting equity futures. Data released this morning showed the UK economy shrunk by 0.3% on the quarter, a rise of just 1.9% year-on-year, as the country steers into the long-awaited recession. Investors will be closely monitoring the GDP and unemployment data from across the Atlantic this afternoon for an insight into the health of the US economy. 


UK Final GDP q/q: -0.3% vs -0.2% previously
US Final GDP q/q: 1:30PM
US Unemployment Claims: 1:30PM
Japanese National Core CPI y/y: 11:30PM

Interbank rates*:

GBP/USD: 1.2145        
GBP/EUR: 1.1395
EUR/USD: 1.0655
USD/CAD: 1.3580


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.