Your browser is out of date

This website has been built for modern browsers, yours is many years out of date and as a result, your experience of this website will be poor.

Please upgrade your browser and pop back.


Market Reports

7:11am, March 16th 2023

Risk Off Continues

Banking sector concern spread to Europe yesterday with Credit Suisse in the spotlight. The bank has been troubled for a number of years now and yesterday’s almost 25% drop (the largest on record) reignited fears of a potential collapse.

These developments pushed markets into full risk-off mode. The greenback was up 2% against the euro by lunchtime whilst the GBPUSD pair plunged almost 1.8%. GBPEUR was hoisted higher, hitting the €1.14 mark. Equity markets were battered with the German Dax down over 500 points at its worst levels. The sentiment did improve late in the day as rumours surfaced about support from the Swiss National Bank and the country’s regulator, FINMA. By the close of the New York session, it was clear these rumours would come to fruition. The SNB provided Credit Suisse with a $54 billion backstop to help shore up its liquidity issues.

Today’s session is all about the European Central Bank announcement. Madame Lagarde finds herself in a tough spot. Given the current global turmoil, is it a wise idea to continue to hike rates knowing it may produce more stress across key financial institutions? At 13.15 we will find out whether the ECB opts for a 50bps rise as forecast. Stay tuned!

Written by Viv Savani. 7:11am, March 16th 2023

The details expressed in this market report are for information purposes only and are not intended as a solicitation for funds or a recommendation to trade. Cornhill International Payments limited accepts no liability whatsoever for any loss or damages suffered through any act or omission taken as a result of reading or interpreting any of the above information.

Previous Reports

8:05am, March 9th 2023

Dollar in the Driving Seat

View Report
8:08am, March 23rd 2023

Fed Raise Rates, BoE on Tap

View Report
8:08am, March 27th 2023

Eventful Q1

View Report


Our Clients Say

"I have had an association with Cornhill for over a decade and have had the pleasure of working with the same broker for the entire period of time, which is currently just over 15 years. This shows not only my dedication and customer loyalty to the company, but also their commitment and successful staff retention. The level of service I have received has never waned or altered and has been consistent over the term. Keep up the good work Cornhill. Dominic you are a legend."

Helen - FD, Essex Boatyard

"When deciding to buy a property in France, my husband and I failed to consider the implications of the currency exchange and to be honest, it was extremely daunting to know that the cost of the property could have increased significantly potentially wiping out any renovations we had planned had we sat on our hands and left it to chance. Thankfully, Dominic (our account manager) and the rest of the Cornhill team couldn’t have been more helpful, and as such helped us to understand our options and secure a price that puts our bank to shame. Always courteous and friendly, we don’t know what we would have done without them now!"

Samantha Johnson - Private Client

"I work to very tight margins in my business and as such currency volatility has a major impact on how well my business performs. After dealing with my bank for many years, I took the step of opening an account with Cornhill after meeting one of their team at an industry event. James took the time to explain the services and quickly highlighted what I was missing from my bank – proactivity and competitive pricing. It’s almost impossible to get through to someone at my bank without jumping through many hoops. Cornhill are always in touch at the right time, which helps me to time my currency purchases and make the most of moves in my favour. I now rest easy knowing I have a team of people working FOR my business and adding true value to it both in pricing terms and proactivity terms. My profits have increased and I know I am in good hands!"

Martin Fisher – FD of a Packaging Business

"My products are made abroad by trusted suppliers who I have worked with for many years. After a number of issues with my previous currency provider (payments being delayed), I decided to look at who else could help with my payments. Fortunately, I was introduced to Cornhill by a former colleague who uses their services. Since then, I haven’t looked back. Customer service is often overlooked in this ever-increasing digital age, but to know I have someone to call at the end of the phone who will listen to my query and take ownership of it for me is a breath of fresh air. Vivek and Greg have been reassuring and whenever I have a question for them, they are quick to respond and resolve."

Alexandra Houghton – Founder of a clothing business