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Potential counteroffensive?

Today's news headlines:

'Crimean bridge explosion leaves Russian supply lines exposed'. After an explosion on the strategically crucial Crimean bridge that connects the Taman Peninsula of Russia to the annexed Ukrainian region of Crimea, Russia now faces a supply issue to its front lines of the southern Ukraine war zone. Opened in 2018, the 12-mile infrastructure now serves as an artery, feeding struggling Russian forces in the recently annexed Kherson and Zaporizhzhia regions with supplies and equipment. Though Ukraine has not officially claimed responsibility for the attack, the disruption of Russian supplies has the potential to make a counteroffensive strike to retake annexed regions a lot easier. (Financial Times)

'OPEC oil production cuts bad for global economy, says Janet Yellen'. Ahead of the IMF and World Bank's annual meetings this week, US Treasury Secretary Janet Yellen has echoed the sentiments of the Biden administration and criticised the decision by OPEC to cut oil production, calling it 'unhelpful and unwise' for the global economy. To the delight of Russia, the intergovernmental organisation took the step which will likely see global oil prices continue to soar, affecting emerging markets, especially ones that are already struggling with elevated energy prices. (Financial Times) 


A data-light day will see watchful eyes turn to the IMF and World Bank meetings today to discuss high inflation, the impact of monetary policy tightening, and the financial impact of the war in Ukraine. Asian stocks opened in the red this morning, with US counterparts expected to follow suit after the White House unveiled export control measures on Chinese companies from certain semiconductor chips made with US equipment. 


Sentix Investor Confidence: 9:30AM
International Monetary Fund Meetings: All day
FOMC Member Brainard speaks: 6:35PM
US and Canada Bank Holiday
Japanese Bank Holiday

Interbank rates*:

GBP/USD: 1.1080
GBP/EUR: 1.1395
EUR/USD: 0.9725
USD/CAD: 1.3745


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.