Today's news headlines:

‘Ukraine claims Russian forces driven back ahead of ceasefire talks’. Ukraine has managed to push back the Russian military in recent days, with ground being recovered around the capital of Kyiv and the northeast of the country. Talks are beginning to open between Russia and Ukraine. Current proposals indicate that Russia would be willing to back down if Ukraine agreed to abandon their Nato membership pursuit. (Financial Times)

‘Britons face “historic shock” to their incomes, BoE governor warns’. As the cost of living crisis continues to deepen, Bank of England Governor Andrew Bailey has warned that the worst is yet to come, and price shocks this year will be worse than any period during the 1970s. Inflation is forecast to surge to 8% in the second quarter of the year as real incomes and spending are set to be squeezed. (Financial Times)

Today

Asian markets ticked higher overnight as hopes of Russia-Ukraine peace talks re-emerged. European markets have followed suit, with the Euro Stoxx 600 climbing 1% in early trading. Oil prices continue to trend lower, with WTI trading close to $105 per barrel.

Events

Japan Unemployment Rate: 2.7% (est. 2.8%)
Australia Retail Sales m/m: 1.8% (est. 0.9%)
German Gfk Consumer Climate: -15.5 (est. -14.6)
FOMC member John Williams speaks: 2:00PM
US JOLTS Job Openings: 3:00PM
US CB Consumer Confidence: 3:00PM

Interbank rates:

GBP/USD – 1.3096
GBP/EUR – 1.1899
EUR/USD – 1.1005
USD/CAD – 1. 2499

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