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You can't have your cake and eat it

Today's news headlines:

'UK food inflation hit 13.3%, retail sector data find'. The British Retail Consortium revealed this morning that, in December, the annual growth of food prices in the UK hit 13.3%, the highest reading since the trade association's records began in 2005. Despite the Office for National Statistics finding that UK inflation has started to retreat from its 41-year high in October last year, this new data suggests that British households and businesses will continue to experience cost-of-living difficulties into the new year. With no timely end in sight to the Russia/Ukraine conflict, essential foodstuffs such as animal feed, fertiliser, and energy are likely to remain persistently high and impede the easing of overall consumer inflation in 2023. (Financial Times)

'Tesla shares slide on delivery fears as Apple's value dips below $2tn'. As investors' faith in the tech sector has been damaged by high inflation, possible global recession, and shaky supply links from China, Tesla shares experienced a poor start to 2023, falling 12.2% on the first trading day of the new year. Apple also endured a rough start as its market value fell below $2tn, which contrasted massively with the first trading day of 2022 when it became the only listed company to enjoy a $3tn valuation. Elon musk, who recently agreed to step down as Twitter's Chief Executive to focus more attention on Tesla, has warned that high-interest rates are dampening consumer demand for electric vehicles, paving the way for 'stormy weather ahead'. (Financial Times)


German inflation data came in at cooler-than-expected levels yesterday due to retreating energy prices, which contributed to a strong trading day for European stocks. The economic figures for investors to digest today include French consumer prices, Eurozone Services PMI data, and US employment numbers, along with the minutes from the Federal Reserve meeting back in December. 


British Retail Consortium Shop Price Index y/y: 7.3% vs 7.4% previously.
Swiss CPI m/m: -0.2% vs 0.0% previously
French Prelim CPI m/m: -0.1% vs 0.3% previously
Eurozone Final Services PMI: 9:00AM
US ISM Manufacturing PMI: 3:00PM
FOMC Meeting Minutes: 7:00PM

Interbank rates*:

GBP/USD: 1.2080
GBP/EUR: 1.1365
EUR/USD: 1.0630
USD/CAD: 1.3590


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.