Good Morning ,

Today's overview of economic news and market action:

• The war in the Middle East and a slew of central bank announcements led to volatile trading conditions yesterday …
• Energy prices surged, albeit they fell after the European close …
• Both the ECB and BoE left interest rates unchanged as expected …
• However, they both indicated they will be highly attentive to second round inflation effects from higher energy prices …
• Against this backdrop, UK and Eurozone market interest rate expectations firmed somewhat …
• This in-turn, supported the euro and sterling …
• As a result, EUR/USD opens today in the top half of $1.15-1.16, while GBP/USD is north of $1.34 …
• Today, the focus will remain on the Middle East conflict …

All rates quoted are indicative market rates.