Global Reach is becoming Corpay Cross Border, part of FLEETCOR, to broaden our client offering. Please contact our team or visit to find out more.

Weathering the storm

Today's news headlines:

‘Liz Truss takes office with vow to steer Britain out of energy storm’. In contrarian fashion, Liz Truss and her new cabinet of rightwing ministers will preside over a massive debt-funded intervention in the energy markets, which could cost the Treasury upwards of £150bn. Truss’s new Chancellor, Kwasi Kwarteng, will hold a mini-budget later this month in which he’s expected to announce reversals of the national insurance and corporation tax rises. Sterling remains at risk, having already fallen more than 8% against the US Dollar in the past three months, with the UK’s economic health still a concern. (Financial Times)

‘Dollar Pain Spreads From Emerging to Developed Economies’. Sustained US Dollar appreciation to multi-decade highs has inflicted pain on other developed economies, pushing rival currencies lower and stoking inflation. Aggressive Federal Reserve policy is forcing other major central banks to follow suit, despite worsening economic conditions. Only with a sustained slowdown of the US economy could we see US Dollar weakness on the horizon. Still, with more Fed hikes priced in and solid US data releases, it’s hard to see the Greenback falling in the near term. (Bloomberg)


The US Dollar continued its rise, moving EUR/USD below the 0.99 interbank level, while USD/JPY surged above 144. This morning, risk appetite has hit headwinds with US and European equity futures lower across the board. Meanwhile, the latest Chinese data signaled slower export growth in August, fueling concerns over the health of the global economy.


Australian GDP q/q: 0.9% vs 0.7% previously
German Industrial Production m/m: -0.3% vs 0.8% previously
UK Monetary Policy Report Hearings: 10:00AM
Bank of Canada Rate Statement & Overnight Rate: 3:00 PM
Canada Ivey Purchasing Managers’ Index: 3:00 PM
Federal Open Market Committee member Mester speaks: 3:00PM
FOMC member Brainard speaks: 5:35PM

Interbank rates*:

GBP/USD: 1.1497
GBP/EUR: 1.1609
EUR/USD: 0.9903
USD/CAD: 1.3180


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.