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Germanys October PPI rose 1.8% year-on-year, compared with an expected decline of 1.9% and a previous decline of 1.70%.Germanys October PPI rose 0.1% month-on-month, in line with expectations and down from -0.10% previously.Switzerlands trade balance in October was CHF 4.319 billion, revised from CHF 4.073 billion to CHF 3.99 billion in the previous month.On November 20th, analysts stated that Moodys will review Italys credit rating on Friday, potentially offering its first upgrade in nearly 25 years, reflecting growing market confidence in the public finances of the Eurozones third-largest economy. In May, Moodys upgraded Italys rating outlook from "stable" to "positive," while maintaining its "Baa3" rating, the lowest investment grade. At the time, Moodys cited stronger-than-expected fiscal performance and a more stable political environment as the main reasons for the outlook adjustment. Subsequently, the Meloni government further lowered its 2025 budget deficit target to 3% of GDP, complying with the EUs maximum deficit limit a year ahead of schedule. Since May 2002, when Moodys downgraded Italy from Aa3 to Aa2, it has not upgraded its rating. And since its downgrade in October 2018, it has remained unchanged. UniCredit stated that a potential upgrade would further confirm the continued positive trend in the overall assessment of Italys creditworthiness. Among major rating agencies, Moodys remains the most cautious.Barclays has raised its year-end 2026 target for the S&P 500 to 7,400, up from its previous forecast of 7,000.

Before UK Employment And Japan GDP Data, GBP/JPY Recovers Above 158.50

Daniel Rogers

Feb 13, 2023 14:37

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In the early hours of Tokyo, GBP/JPY surpassed 158.50. After Friday's significant swings, it is anticipated that the cross's volatility will decrease. As the likelihood of scholar Kazuo Ueda being appointed the next Governor of the Bank of Japan (BoJ) grew, the Japanese Yen witnessed extreme volatility.

 

According to the Nikkei Asian Review, the Japanese Cabinet is anticipated to appoint Kazuo Ueda as the next Governor of the Bank of Japan (BoJ) when Haruhiko Kuroda steps down in April. According to sources, the Japanese government would appoint former FSA Chief Himino and BoJ Executive Director Shinichi Uchida as Deputy BoJ Governor.

 

The announcement prompted the Japanese Yen to climb perpendicularly, but Kazuo Ueda's assertion that the current monetary policy was appropriate halted the increase. Prime Minister Fumio Kishida of Japan reaffirmed that the administration will consider ending the decade-long expansionary approach under the new leadership of the Bank of Japan. Kazuo Ueda's divergent position on monetary policy diminished the likelihood of a withdrawal from accommodative monetary policy.

 

Investors are awaiting the Japan GDP (Q4) report on Tuesday. The growth of economic data is 2% annually and 0.5% quarterly.

 

British investors await employment data to determine the direction of the Pound. The three-month unemployment rate stays unchanged at 3.7%. Without incentives, average earnings are expected to increase by 6.5%. The Bank of England (BoE), which is battling inflation, may confront additional obstacles.

 

If we achieve our goal of halving inflation this year, we will have some of the best growth prospects in Europe, according to the British minister of finance, Jeremy Hunt.

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