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Polish Prime Minister Donald Tusk announced on Saturday that Poland will end its fuel price cap this summer, citing expectations of a de-escalation of the conflict involving Iran and price stabilization. In March, the Polish government announced a reduction in the fuel value-added tax (VAT) from 23% to 8%, lowered the excise tax to the lowest level in the EU, and began daily price caps on motor vehicle fuels. These measures have been extended every two weeks since their implementation. This Friday, Poland decided to extend the VAT exemption and price cap on gasoline and diesel until the end of June, but did not extend the excise tax exemption. Tusk stated, "Throughout the crisis, our fuel prices have been the cheapest in Europe, but we will end this measure this summer."Polish Prime Minister Tusk: Poland will end restrictions on fuel prices this summer.Pakistans Foreign Minister: Like the Swiss Foreign Minister, Pakistan hopes that the efforts of the United States and Iran will promote regional peace and stability.On June 13, European Central Bank Governing Council member and Bundesbank President Jean-Claude Nagel stated in an interview with German radio that even if the war with Iran ends quickly, prices may remain high for a longer period. Nagel said, "We may not even be able to return to the data levels we were based on before the conflict, because supply chains have clearly changed, and risk premiums may have increased." He was referring to the premiums that might be required for transporting goods through the Strait of Hormuz. Nagel stated, "I almost doubt we will ever return to the state before this regional conflict." The world "may continue to be affected by uncertainties and changes beyond the conflict." He indicated that interest rate hikes in the short term would make "refinancing" more expensive. "But in the long run, by clearly defining price stability as part of (economic health), we are making the greatest contribution to the economy."On June 13, the Argentine Ministry of Health announced that no rodents carrying the hantavirus had been found in Mendoza Province in western Argentina. From June 8 to 12, a team of experts from the Carlos Malfurion Institute of the National Institute of Laboratories and Health of Argentina and the U.S. Centers for Disease Control and Prevention conducted a hantavirus investigation in Mendoza Province. The team set traps to capture rodents such as the long-tailed dwarf rice rat to confirm the spread of the hantavirus in the area. The Argentine Ministry of Health stated in its report released on June 12 that no rodents carrying the hantavirus were found.

Before BoJ Ueda's Speech, GBP / JPY Struggles To Extend Above 163.00

Alina Haynes

Feb 27, 2023 14:30

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It is difficult for the GBP / JPY pair to prolong its gains above 163.00 during the Asian session. Given that Bank of Japan (BoJ) Governor Nominee Kazuo Ueda is following in the footsteps of former BoJ Governor Haruhiko Kuroda, it is expected that the cross will resume its upward trend as investors cease supporting the Japanese Yen.

 

In his speech on Friday, BoJ Ueda stated that the current monetary policy is appropriate to maintain inflationary pressures. Despite reaching a multi-decade high, Japan's Consumer Price Index (CPI) is non-sticky due to the international forces propelling inflation. The accelerating price index in Japan is due to higher petroleum and food import prices, not domestic demand and wages, which should be the primary generators of inflation. The objective of the Japanese government was to develop a strategy for exiting the decade-long monetary policy with a new BoJ chairman. BoJ Ueda's dovish remarks, however, reduced long-term yen support wagers.

 

The term "ecosystem" refers to a group of people who work in the construction industry.

 

In the meantime, the British pound has moved sideways ahead of the anticipated announcement of a Brexit agreement by Prime Minister Rishi Sunak and President Ursula von der Leyen of the European Commission. "The Prime Minister wants to ensure that any deal fixes the practical problems on the ground, ensures trade flows freely throughout the entire UK, protects Northern Ireland's place in our Union, and returns sovereignty to the people of Northern Ireland," Sunak's office said in a statement cited by Reuters.


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