Global Reach is becoming Corpay Cross Border, part of FLEETCOR, to broaden our client offering. Please contact our team for further information. 

Cost of living crisis

Today's news headlines: 

‘U.K. Confidence Falls as Consumers Brace for Income Squeeze’. Confidence levels among UK consumers fell at their sharpest rate since the tightening of lockdown rules almost a year ago. Households fear a potential cost of living crisis amid rising food and fuel costs combined with the end of furlough and a hike in national insurance contributions from April. The latest release adds to the darkening outlook for the UK economy with spending activity falling and supply-chain issues caused by the UK’s departure from the European Union. (Bloomberg)

‘BOE Opens The Door for 2021 Rate Hike as Inflation Seen Above 4%’. Members of the UK's central bank hinted that they may raise headline interest rates as soon as November to contain an expected surge in inflation led by a sharp increase in energy prices. The Monetary Policy Committee also agreed that any future tightening should take the form of an increase in interest rates even before the end of the current program of bond-buying. Sterling rallied following the release, and government bonds sold off as the Bank of England housed itself firmly in the hawkish camp of global central banks. (Bloomberg)


Stocks rose while sovereign bonds sold off overnight on optimism over the global economic outlook. US and European equity futures are little changed this morning, and the US Dollar has ticked a little higher.


UK Gfk Consumer Confidence: -13 vs -8 previously
German ifo Business Climate: 9:00AM
MPC member Silvana Tenreyro speaks: 2:00PM
Federal Reserve Chair Jerome Powell speaks: 3:00PM

Interbank rates:

GBP/USD - 1.3705
GBP/EUR - 1.1680
EUR/USD - 1.1730
USD/CAD - 1.2685

The markets are moving. To speak to our team, please call +44 (0)20 3465 8200.