Return to Insights

US House Approves Additional Aid for Ukraine

Macro Monday, military aid package for Ukraine approved by US House, lowest level of trade for oil prices, and what's happening today.

Macro Monday

Since the first London Marathon took place in 1981 the event has helped raise £1 billion for charity.
Congratulations to anyone who took part this weekend!

US House Approves Aid for Ukraine

This weekend, the US House of Representatives passed a fresh military aid package for Ukraine worth $61bn. This came as 311 Representatives supported the bill against 112 who opposed it and marks a crucial step in bolstering the Ukrainian war effort.

With many elements of Ukraine’s military running low on ammunition, Kyiv has been calling for the additional funds to be released for months and its passing has been met with satisfaction from the country.

The Bill has been held up in the House for some six months with many House Republicans arguing that the release of funds should be contingent on the further federal spending on the US’ southern border. Though following Republican Speaker of the House Mike Johnson’s change of positioning, many Republicans were swayed. Zelensky welcomed the decision and that it “keeps history on the right track”.

Included in the package is $9bn in so-called ‘forgivable loans’ which need not be paid back by Kyiv.

The package will now head to the Senate where it is expected to pass through promptly ahead of being signed off by President Joe Biden later this week. Upon the Bill’s passing in the House, Biden said that “Today, members of both parties in the House voted to advance our national security interests and send a clear message about the power of American leadership on the world stage”. He also urged Capitol Hill to get it through the Senate as soon as possible “so that I can sign it into law, and we can quickly send weapons and equipment to Ukraine to meet their urgent battlefield needs”.

Oil Prices Slip

Oil prices edged lower during the course of this morning’s open as they trade at their lowest level in four weeks. Here, WTI crude futures fell below $81 dpb having slid from Friday’s intraday high of $86 dpb. This comes as markets consider easing tensions across the Middle East following Israel’s strike on the Iranian province of Isfahan. 

Today’s Data

This week gets off to a fairly light start as far as Data is concerned with attention this morning focusing on The People’s Bank of China leaving their benchmark 1-year loan prime rate unmoved at 3.45% along with maintaining their 5-year loan prime rate at 3.95%. This followed a 25bps rate cut at their last monetary policy meeting as Beijing looks to provide a monetary stimulus into an economy which has come under significant pressure.

Later today, we will see the release of Eurozone Consumer Confidence at 1500 this afternoon ahead of the ECB’s President Christine Lagarde speaking at 1630.

Today’s data comes ahead of the release of PMIs tomorrow where markets will be looking to see the latest sign of how the private sector is performing.

Ready to talk FX?

Get in touch with one of our friendly and knowledgeable experts to see how FX strategy can drive commercial impact in your business.

Contact us

Related
Commentary

Find out how we have helped our clients meet their hedging requirements.

Protests in Georgia in Focus

Travel Tuesday, political turmoil in Georgia sees continued protests, application for an arrest warrant for Israeli Prime Minister and his Defence Minister announced by ICC Chief Prosecutor, and softer-than-expected German PPI.

Morning Update

Macro Monday, reports on helicopter crash that killed Iranian president, house prices continue to rise in the UK, new president sworn in for Taiwan, and what's happening this week.

Morning Update

Friday feeling, record highs for copper prices, Dow Jones surpasses 40,000 points for the first time in history, French unemployment holds at 7.5%, and today's focus on Eurozone inflation.

Morning Update

Though for Thursday, Xi visits Moscow to meet with Putin, Washington's tariffs have implications on China, latest inflation data from the US, and yesterday's attempted assassination on Robert Fico.

Inflation, Equities, and Billionaires

Word of the week Wednesday, US producer price index rises unexpectedly, yesterday's equity markets surpass previous peak, and proposed global minimum tax for the world's wealthiest billionaires.

UK Labour Data, Truth Social, and Ukrainian Grain in Focus 

Travel Tuesday, UK wage growth comes in line with previous month, rising UK unemployment, story emerges from US regarding Trump's social media company, grain shipping returns to pre-war levels for Ukraine, and Melinda Gates announces her leave from Gates Foundation.

Weekend Round-Up

Macro Monday, hopes to kickstart Chinese economy by issuing bonds, areas in Ukraine left devastated after renewed Russian attacks, and Trump promises tax cuts if he gets back into office.

GDP Indicates the UK’s Out of a Recession

Friday feeling, UK first quarter growth pulls UK out of recession, new tariffs on China from the Biden administration, a look at some all time best selling songs, and benchmark policy rate held by the BoE.

Find out more about our foreign exchange solutions
Contact us