Today's news headlines:
‘Truss, Johnson join rebellion against Sunak on UK onshore wind’. It seems life will not be made easy for Rishi Sunak as former Prime Ministers Liz Truss and Boris Johnson join together to try and overturn the ban on onshore wind. Questions are being asked of Sunak and whether he is pursuing the best growth strategy. The decision to overturn the ban is seen by many in Whitehall as pro-growth and pro-renewables at a time when the country is grappling with record-high energy bills. (Bloomberg)
‘Germany’s economy was stronger than expected in third quarter’. Consumers in Germany continued to dine out and travel in the third quarter despite soaring costs, but it is thought the worst is yet to come heading into the winter. The extent of the seemingly inevitable recession is unclear to many due to healthy energy stockpiles and warmer weather that have prevented a run on supplies thus far. German Chancellor Olaf Scholz also plans to introduce further support measures in the form of energy subsidies. (Bloomberg)
Asia markets were mixed overnight, while European markets have opened flat on the final trading day of the week. The Dollar Index is down another 20 basis points today while sovereign bond yields rise across the board. US equity futures point higher in early trade.
Germany final GDP QoQ (Q3): 0.4% (est. 0.3%)
Germany Gfk Consumer Climate (Dec): -40.2 (est. -39.6)
European Central Bank member Ignazio Visco speaks: 2:15PM
GBP/USD – 1.2115
GBP/EUR – 1.1622
EUR/USD – 1.0424
USD/CAD – 1.3341
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*Indicative interbank rates taken on the day of writing. Please speak to your Dealer to find out the current rates available for you.