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Momentum shifts

Today's news headlines:

Russian defences crumble as Ukraine retakes key territory’. Ukraine forces continue their advance into Russian-occupied areas of the country as defences falter. Russia is being pushed back in large areas of Kharkiv as morale reaches new lows, with resistance no longer as strong as it was since the outbreak of the conflict back in February. Military analysts expect Ukrainian forces to consolidate their advance before launching a final offensive to drive out those remaining Russian soldiers. (Bloomberg) 

‘UK economy recovers slower than expected from bank holiday slump’. The UK economy expanded by 0.2% in July, slower than analyst expectations, as an extended bank holiday weekend for the Queen’s Jubilee slowed output. Another bank holiday set to take place on the 19th in honour of the late Queen Elizabeth could push the UK into a recession. However, proposed energy caps by Prime Minister Liz Truss could be enough to bring down inflation this winter, perhaps averting a much feared economic downturn. (Bloomberg) 


European markets have opened in the green this morning while the Euro has strengthened as markets price in more aggressive monetary policy tightening from the European Central Bank. The US Dollar has fallen, with the DXY gauge down 0.80% in early trade. 


UK GDP MoM (July): 0.2% (est. 0.3%) 
UK Industrial Production MoM (July): -0.3% (est. 0.3%) 
UK Manufacturing Production MoM (July): 0.1% (est. 0.3%) 
Italian Industrial Production MoM: 9:00AM

Interbank rates*:

GBPUSD – 1.1693
GBPEUR – 1.1472
EURUSD – 1.0194
USDCAD – 1.2986


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.