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The last act

Today's news headlines:

'ECB is doubling down on rate hiking just as a recession bites'. The tone was certainly hawkish at yesterday's European Central Bank policy meeting, which resulted in a 50 basis point hike. ECB President Christine Lagarde seemed more steadfast on the future path of interest rates acknowledging that a recession could be an outcome on the road to price stability. Former ECB Chief Economist Peter Praet is not sold on the strategy, citing the structural weakness in the Eurozone economy as the transition away from Russian energy could keep prices higher for longer with crucial infrastructure still lacking. (Bloomberg) 

'BOE says inflation may have peaked as rates hit 14-year high'. The Bank of England hiked by 50 basis points to 3.50% yesterday, with strategists at JP Morgan suggesting the peak is at least 1% away. Market reaction was muted to the print; the real talking point was the vote split on the MPC, as Swati Dhingra and Silvana Tenreyro both voted to keep rates unchanged. The guidance that market pricing is too aggressive on the future path of interest rates was abandoned at this meeting, with GDP expected to decline by 0.1% in the fourth quarter of 2022. (Bloomberg) 


Asian markets were mixed overnight as the Nikkei declined while shares on the Hang Seng managed some marginal gains. European equities are struggling for direction in early trading while S&P 500 futures continue their losses from yesterday. The Dollar is trading flat this morning as energy prices decline across the board as markets digest the latest interest rate decisions. 


UK Gfk Consumer Confidence (Dec): -42 (est. -43) 
UK Retail Sales MoM (Nov): -0.4% (est. 0.3%) 
Eurozone flash Manufacturing PMI (Dec): 9:00AM 
Eurozone flash Services PMI (Dec): 9:00AM
UK flash Manufacturing PMI (Dec): 9:30AM 
UK flash Services PMI (Dec): 9:30AM
US flash Manufacturing PMI (Dec): 2:45PM 
US flash Services PMI (Dec): 2:45PM

Interbank rates*:

GBP/USD – 1.2161
GBP/EUR – 1.1445
EUR/USD – 1.0628
USD/CAD – 1.3662


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.