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On September 8th, the Ukrainian State Emergency Service reported that on the evening of the 7th, Russian forces used drones to attack areas including the Boryspil district in the Kyiv region. Russia resumed airstrikes on Kyiv after a three-day hiatus. The Kyiv City Military Authority stated that air raid sirens had been issued in Kyiv due to the threat of "enemy" drones, and urged residents to seek shelter.Witnesses reported hearing explosions in Kyiv, Ukraine.September 8th - Japans economy grew faster than expected in the second quarter, further reinforcing market expectations that the Bank of Japan will raise interest rates next week. A report released by the Cabinet Office on Tuesday showed that second-quarter GDP grew at an annualized rate of 1.4%, higher than the previously estimated 1.1%. However, this result was lower than the median forecast of 1.8% by economists. This supports the Bank of Japans assessment that the Japanese economy is developing in line with its expectations and strengthens the necessity for the central bank to raise interest rates at its next policy meeting on September 18th.Artificial Intelligence: 1. Tencents Hy4 preview model has been upgraded, significantly reducing task rounds and input/output token consumption. 2. ByteDance is reportedly developing a real-time spatial video generation AI model, personally supervised by Zhang Yiming, with a release expected as early as next month. 3. The British King plans to host a high-level AI conference, with Jensen Huang and Demis Hassabis invited. 4. Chinas AI large-scale model usage has led for nineteen consecutive weeks, with a month-on-month increase of 379%. Tencents Hy4preview topped the list, while Xiaomis MiMo-V2.5 dropped off the list. Integrated Circuits (Chips): 1. Intel CPUs are reportedly set to increase prices by another 10% in early October. 2. Samsung is reportedly allocating half of its 4nm capacity to HBM4 base die production. 3. LPDDR6 production capacity is reportedly tight in the early stages of mass production; Xiaomis 18 Fold foldable phone will use Changxin and Hynix chips to ensure supply. 4. Huawei released the Mate XT 2 tri-foldable phone, equipped with the latest Kirin 9050 Pro chip, the first high-performance chip to adopt logical folding technology. 5. Lei Jun disclosed that the Xuanjie O100 and Xuanjie D100 will also be officially commercialized next year. New Energy Vehicles: 1. Reports indicate that Audi Chinas restructuring plan has been basically finalized: SAIC Audi will retain only AUDI, while the four-ring brand will be fully transferred to FAW Audi. 2. Xiaomis Pengcheng five-seater extended-range SUV N70 is priced from 209,900 yuan, and its seven-seater extended-range SUV N90 Max is priced from 269,900 yuan. Other: 1. Samsung is reportedly set to debut its self-developed humanoid robot in January 2027. 2. The Shanghai Institute of Optics and Fine Mechanics of the Chinese Academy of Sciences has made progress in the field of multi-dimensional multiplexed optical computing. 3. Unitree Robotics: Achieving the worlds first real-time driven fully autonomous humanoid robot combat using a world model. 4. Ministry of Industry and Information Technology: By 2030, a comprehensive and high-performance next-generation communication network will be fully established. Japans final reading for nominal GDP growth in the second quarter was 1.3%, below the expected 1.30% and the previous reading of 1.20%.

Despite the fact that Eurozone interest rates are anticipated to peak sooner, the EUR/GBP looks to have breached over 0.8630

Daniel Rogers

Dec 07, 2022 15:12

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The EUR/GBP pair has had a stronger recovery from 0.8580 during the Asian session, approaching the pivotal 0.8630 level. Despite the European Central Bank (ECB) being close to reaching an interest rate high, there has been strong demand for Euro bulls. Thus, the monetary policy meeting scheduled for next week will be of utmost significance.

 

The cross is attempting to break strongly above the significant barrier of 0.8630 for the fourth time this week. The hawkish remarks made by ECB policymakers are holding back the euro bulls.

 

"There will be another rate hike," said Constantinos Herodotou, governor of the Central Bank of Cyprus, "but we are very near to neutral." The European Central Bank's chief economist, Phillip Lane, is unsure as to whether the inflation peak has already occurred or will take place in 2019. He stated that although "much has already been done," he does not rule out more rate increases.

 

Investors are currently looking forward to Christine Lagarde's speech, which will be revealed on Thursday. The ECB President is likely to lower her inflation projection in her future statement in light of the poor retail sales numbers.

 

In contrast to expectations for a 1.7% loss, this week's Eurozone retail sales numbers showed a 1.8% decline. Aside from that, annual economic data contraction came in at 2.7% as opposed to the 2.6% consensus expectation. A decline in household demand demonstrates the effectiveness of the European Central Bank's (ECB) policy tightening initiatives. To reach their sales targets, firms could feel pressured to lower the prices of their products and services.

 

The United Kingdom's deteriorating food crisis, brought on by growing costs and a labor shortfall, has had an impact on the Pound Sterling. According to Minette Batters, president of the National Farmers Union, "the government and the entire supply chain must act swiftly." The Financial Times stated that "tomorrow might be too late." The economy already faces rising food inflation, and the issue with the supply of food will make matters worse.


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