Global Reach is becoming Corpay Cross Border, part of FLEETCOR, to broaden our client offering. Please contact our team or visit to find out more.

Toe to toe

Today's news headlines: 

‘Boris Johnson steps up battle with business over UK supply chain crisis’. Prime Minister Boris Johnson is expected to escalate the current supply chain crises to senior business officials, accusing some of using immigration to avoid investing in their staff. The Tory government has been met with fierce criticism and blame for the current fuel shortages and disruption. Boris Johnson is opting to upskill the economy by limiting immigration numbers and investing in the current labour supply by ensuring higher wages and better skills are an integral part of the economy. (Financial Times)

‘NZ raises rates to rein in property prices and inflation worries’. The Reserve Bank of Australia raised the country’s interest rate for the first time in seven years after surging property prices forced the bank to act. The benchmark rate was lifted 25 basis points to 0.50%, with more tightening to be expected heading into the new year. Inflation in the country is forecast to reach 4.00% over the course of 2022 before falling to 2.00% in 2023. Another 1.50% hike in interest rates is expected by August next year, taking the headline rate to 2.00%. This would bring rates to their highest levels since 2016. (Financial Times)


US markets recovered yesterday, with the S&P 500 climbing 1.05% and the Dow Jones ticking 0.92% higher. Natural gas prices in Europe hit record highs, as European gas contracts leapt 23.00%, causing UK 10-year Gilt yields to surge 1.09%. Cable continues to test the $1.36 level this morning, while EUR/USD continues to drift lower.


New Zealand Interest Rate: 0.50% vs 0.25% previously
German Factory Orders m/m: -7.7% vs 4.9% last month
Eurozone Retail Sales m/m: 10:00AM
US ADP Non-Farm Employment Change: 1:15PM
Federal Open Market Committee member Raphael Bostic speaks: 2:00PM and 4:30PM
US Crude Oil Inventories: 3:30PM

Interbank rates:

GBP/USD – 1.3612
GBP/EUR – 1.1752
EUR/USD – 1.1582
USD/CAD – 1.2600

The markets are moving. To speak to our team, please call +44 (0)20 3465 8200.