Good Morning ,

Here’s a quick look at today’s economic news and market activity:

• There was a cautious tone to investor sentiment throughout last week …
• Middle East war, volatility on bond market and in market rate expectations impacted sentiment …
• On the currency front, the main pairs were tightly range bound for most of last week …
• However, they yen appreciated markedly indicating there may have been further intervention in the market …
• USD/JPY is operating back below the ¥156 threshold …
• EUR/USD starts this week above $1.16, while EUR/GBP is in the top half of 85-86p …
• This week, the ECB is widely expected to hike rates by 25bps …
• US CPI inflation & the war in the Middle East will also warrant attention …

All rates quoted are indicative market rates.