Today's news headlines:

‘Joe Biden asks Congress for $33bn more aid for Ukraine as conflict escalates’. The US looks likely to ramp up its support for Ukraine yet again, with President Joe Biden seeking $33bn from Congress as the Russia-Ukraine conflict continues into its 64th day. Biden has emphasised the US will support Ukraine financially for as long as the war continues, with this latest round of support seen as a more long-term package as Russia tightens its grip on the Donbas region of Ukraine. (Financial Times)

‘Renminbi on course for steepest monthly fall as China’s economy slows’. The Chinese Renminbi has fallen almost 4.3% in April—the most since the formal end of the currency’s peg against the US Dollar 17 years ago. This comes as China looks to increase investment in infrastructure spending, with the country's economy beginning to slow following the strict enforcement of a zero-Covid policy. The currency devaluation has been driven further by US debt returns outpacing those in China for the first time in 12 years. (Financial Times)

Today

Asian markets tracked US stocks higher overnight following strong earnings from Meta, which rallied over 17%. US sovereign yields are little changed this morning while the US Dollar Index has slumped 0.5%. European markets have opened in the green.

Events

UK Nationwide House Price Index m/m (April): 0.3% (est. 0.8%)
Swiss National Bank Chairman Thomas Jordan speaks: 9:00AM
German preliminary Gross Domestic Product q/q (Q1. 21) 9:00AM
Eurozone Consumer Price Index flash estimate y/y (April): 10:00AM
US Core Personal Consumption Expenditures Price Index m/m (March): 1:30PM​​​​​​​

Interbank rates:
​​​​​​​
GBP/USD – 1.2549
GBP/EUR – 1.1882
EUR/USD – 1.0561
USD/CAD – 1.2735

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