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Not over yet

Today's news headlines:

'Russia looks to press big firms for more cash as war costs mount'. As the war in Ukraine continues into a second year, Russia is facing budget pressures. Initial proposals suggest 50% of state-owned earnings to be paid as dividends in order to maintain the war effort with no limitations on military spending. Total government spending came in around 27% higher than initial budgets last year, according to the finance ministry, which is placing a strain on the government, particularly against a backdrop of global economic weakness. Putin ordered a cease-fire on the 6th and 7th of January yesterday, but some warn that the conflict is likely to continue unless Russia is prepared to make concessions. (Bloomberg) 

'UK nurses' union urges government to meet "halfway" on pay'. Industrial action in the UK continues into the new year as unions continue looking for workable pay solutions amid soaring inflation and a cost of living crisis. According to some news sources, it is believed that the Royal College of Nursing would accept a 10% pay rise signalling some movement on the previous 19% ask. So far, over one million working days have been lost to strike action, the highest level since 2011. (Bloomberg)


Today

Stocks edge higher at the start of European trading ahead of US Non-Farm Payrolls later today. The Dollar continues to strengthen, with the Dollar Index up 1.6% since the turn of the year. Sovereign bond yields creep higher in the UK and US across the curve as oil prices decline. 


Events

German Retail Sales MoM (Nov): 1.1% (est. 1.5%) 
Eurozone flash CPI and Core CPI YoY (Dec): 10:00AM
Canada Employment Change (Dec): 1:30PM
US Non-Farm Payrolls (Dec): 1:30PM
US Unemployment Rate (Dec): 1:30PM
Canada Ivey PMI (Dec): 3:00PM  
US ISM Services PMI (Dec): 3:00PM 
Federal Open Market Committee Member Lisa Cook speaks: 4:15PM


Interbank rates*:

GBP/USD – 1.1888
GBP/EUR – 1.1300
EUR/USD – 1.0521
USD/CAD – 1.3589

 

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.