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Federal Reserve Board Governor Bowmans speech will be released in ten minutes.French President Emmanuel Macron stated: "We will continue to firmly support Ukraine. Ukraines future cannot be forged without the participation of the Ukrainian people. Europe must also be involved in developing a solution. We will continue to coordinate closely with Zelenskyy and our European partners."SpaceX: The Dragon spacecraft has been confirmed to have splashed down.On August 9th, European powers and Ukraine responded to Russian President Vladimir Putins ceasefire plan on Saturday with a counter-proposal, which they said must serve as a framework for progress in upcoming talks between Trump and Russian leaders, according to two European officials familiar with the negotiations. Europe rejected Russias proposal that Ukrainian troops withdraw from the remaining areas of Donetsk in exchange for a ceasefire. The European proposal included a requirement for a ceasefire before any other steps could be taken. It also stated that territorial exchanges could only be made on a "reciprocal" basis, meaning that if Ukraine withdraws from certain areas, Russia must withdraw from others. "You cant start a (peace) process by ceding territory in the middle of a battle," said a European negotiator. Crucially, the European plan presented to U.S. Vice President Cyril Vance and others also stipulated that any territorial concessions from Kyiv must be backed by absolutely reliable security guarantees—including the possibility of Ukraine joining NATO.The European proposal includes a ceasefire before any other steps can be taken. It also says territorial swaps can only be done on a "reciprocal" basis, meaning that if Ukraine withdraws from some areas, Russia must withdraw from others.

GBP/JPY Meets Resistance Near 158.00 As UK GDP Forecasts Weaken

Daniel Rogers

Feb 08, 2023 14:47

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The GBP/JPY pair has detected selling attention despite striving to extend recovery above the critical resistance of 158.00 in the Asian session. The less-confident pullback move by the Pound Sterling has been fined and the negative path for the cross has continued.

 

On Tuesday, the cross was heavily dumped by the market participant. Additionally, Bank of Japan (BoJ) officials admitted a covert operation to support the Japanese Yen.

 

Meanwhile, the impact of appointing BoJ Deputy Governor Masayoshi Amamiya as BoJ Haruhiko Kuroda's replacement has begun to be felt on the street. OCBC analysts examined the impact of each contender for BoJ's new leadership on the Japanese yen.

 

According to a letter from OCBC, "this week's focus will be on the list of BoJ nominees that is anticipated to be handed to parliament on 10 February, however reports indicate a postponement until next week." Amamiya’s appointment would be most advantageous to the Japanese Yen upward but Yamaguchi’s appointment might drag down Yen’s strength.

 

On the front of the United Kingdom, the Bank of England (BoE) has failed to meaningfully lower inflationary pressures despite being an early adopter of tight monetary policy throughout the pandemic and pushing interest rates to 4%. As a result of their inability to meet key expenses, households are suffering from the effects of a growing cost of living.

 

As reported by Reuters, according to a report from Britain's National Institute for Economic and Social Research (NIESR), "one in four British households would be unable to pay for food and energy without using up savings, borrowing, or seeking other assistance in the 2023/24 financial year, up from one in five in the current year."

 

The agency has cut its predictions for the Gross Domestic Product (GDP) from 0.7% to 0.2% and from 1.7% to 1.0% for 2024. Governor of the Bank of England Andrew Bailey's decision to boost interest rates in order to attain price stability has lowered the scale of economic activities.


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