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Working it out

Today's news headlines:

‘Fed officials warn they may need to lift rates to a higher peak’. As data reporting on the US economy continues to remain robust, policymakers are cautioning that interest rates may need to go higher than previously expected. Bostic and Waller of the Federal Reserve have both made the case that if Non-Farm Payrolls continue to show strength in the US labour market, then the case for a higher terminal rate cannot be overlooked. A 25 basis point hike still remains the consensus for the March meeting, with a quarter-point hike fully priced in. (Bloomberg) 

‘ECB’s Wunsch sees 4% rates possible if inflation stays high’. Pierre Wunsch at the European Central Bank has aligned himself with the markets suggesting that interest rates moving to 4% may well be warranted if economic data continues to support that view. Core inflation remains elevated in the Eurozone, which rose 5.6% YoY in February as policymakers anticipate a more drawn-out peak requiring a great number of hikes. (Bloomberg) 


Today, stocks have risen across Asia and Europe, while US equity futures point to marginal losses. The Dollar is trading lower on a trade-weighted basis, down 25 basis points this morning. Oil prices are little changed, while sovereign bond yields trade mostly lower across all major economies. 


China Caixin Services PMI (Feb): 55.0 (es.t 54.3) 
France Industrial Production MoM (Jan): -1.9% (est. -0.2%) 
Eurozone PPI MoM (Jan): 10:00AM
Canada Building Permits MoM (Jan): 1:30PM
US ISM Services PMI (Feb): 3:00PM
US FOMC Member Lorie Logan speaks: 4:00PM

Interbank rates*:

GBP/USD – 1.1981
GBP/EUR – 1.1281
EUR/USD – 1.0621
USD/CAD – 1.3569 

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.