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Good morning,
As expected the Government is set to announce a £10 billion aid package today. £7 billion of this will come from a windfall tax on the energy companies and is expected to be offered as a grant for the worst hit in the cost of living crisis.
The head of the World Bank has also warned of the possibility of a global recession. This probably doesn't come as much of a shock to most people based on the ongoing rhetoric around the Ukraine conflict and the rising cost of living.
Aside from that Pound rates remain fairly consistent with the close yesterday with no real fireworks overnight.
Today sees preliminary GDP data out from the US later and this looks to be the only scheduled news out that could affect Dollar rates. The announcement from Rishi Sunak could also move things, but the report has largely been released.
As ever we look forward to keeping you in the loop and look out for our next update.
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Today’s Economic Calendar
US: 13:30 Preliminary GDP Data
