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For access to your online account please contact your personal account manager, alternatively email team@regencyfx.com.
Good morning,
Business news centres firmly on the global banking situation. Over the weekend Credit Suisse was bought out by another Swiss bank, UBS. The moved was backed by the Swiss central bank who provided a $100 billion backstop for the deal.
There are now 6 major central banks stepping in to cool fears in the banking sector. The Bank of England, the Federal Reserve, the European Central Bank, the Bank of Japan, the Bank of Canada and the Swiss National Bank. All of them have come together to loosen liquidity in the US Dollar meaning banks can effectively borrow Dollars almost directly from the FED.
This has calmed the FX markets where GBP versus the Euro, Dollar etc all remain in a sideways pattern rather than high volatility.
GBP/EUR could be pushed around a bit today as the President of the ECB, Christine Lagarde, gives 2 speeches in the afternoon. However UK eyes will be focused on the public sector net borrowing position at breakfast tomorrow.
In the early hours of today Rightmove indicated the housing market is still growing overall with a 3% year on year growth and a 0.8% month on month growth.
Looking ahead it's a big week for news with interest rate decisions from the UK and the US along with the UK's inflation numbers out. It will be interesting to see if the Chancellors views in the budget last week translate into reality this week.
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Today’s Economic Calendar
EUR: 14:00 ECB's President Speech
EUR: 16:00 ECB's President Speech
UK: Tuesday 07:00 Public Sector Net Borrowing
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As ever we look forward to keeping you in the loop and look out for our next update.
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