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On May 13, Chinese Ambassador to the United States Xie Feng emphasized that China advocates for the inclusive and benevolent development of artificial intelligence (AI) and opposes it becoming a game for a few countries or a small number of wealthy individuals. Xie Feng pointed out that as leading global AI powers, competition between China and the United States in the field of AI is natural, but it should be healthy competition, prioritizing both development and security. He stressed the need to implement robust safeguards before embarking on new paths and to demonstrate Chinas responsibility as a major power through cooperation. The world does not want to see an "AI iron curtain" or "AI land grabbing," and even less so, it opposes an "AI version of Star Wars." Coordination between China and the United States on AI is crucial to the future of both countries and the fate of humanity. He expressed hope that the US would work with China to strengthen dialogue, manage competition, and promote cooperation, making AI a new frontier for Sino-US cooperation and a new stepping stone for human progress.New Zealand Prime Minister Laxson: The government is committed to reducing its debt to 40% of GDP.In early trading, most domestic futures contracts rose, with low-sulfur fuel oil (LU), SC crude oil, and liquefied petroleum gas (LPG) rising by more than 2%, while international copper and fuel oil rose by more than 1%, and synthetic rubber, soybean meal, Shanghai copper, and asphalt rose by nearly 1%. On the downside, coking coal fell by more than 3%, coke fell by more than 2%, and polysilicon, live pigs, industrial silicon, and alumina fell by more than 1%.On May 13, the Indonesian central bank pledged "precise intervention" in the foreign exchange market after the rupiah fell to a record low. Bank Indonesia Senior Deputy Governor Destry Damayanti stated on Tuesday evening, "Bank Indonesia is committed to continuing to participate in the market through spot transactions, onshore and offshore non-deliverable forward (NDF) transactions, and optimizing all monetary policy tools to alleviate pressure on the rupiah." She stated that high oil prices and increased domestic demand for US dollars to repay foreign debt, repatriate dividends, and pay for Islamic pilgrimages to Saudi Arabia are putting pressure on the rupiah. "Bank Indonesia expects these seasonal factors to gradually subside and push the rupiah back to its fundamental level." However, she did not mention specific exchange rate levels. She also stated that foreign capital inflows into Bank Indonesia rupiah securities and government bonds are improving. The rupiah fell to a record low of 17,525 rupiah to the US dollar on Tuesday, and has fallen nearly 5% this year, making it one of the worst-performing currencies among emerging markets.Futures News, May 13th: Crude oil prices continued to rise, driven by positive news, pushing fuel oil trading prices steadily upward. Downstream buyers maintained a cautious purchasing attitude focused on immediate needs, narrowing fuel oil processing profits. Market trading was mixed, and it is expected that fuel oil negotiations will continue their steady, slight upward trend.

Near 0.8670, the EUR/GBP shows a careless drop; attention is on UK employment

Alina Haynes

Sep 13, 2022 11:02

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The EUR/GBP pair displayed a minor pullback on Monday after hitting a four-day low of about 0.8650. After finishing the retreat, it is projected that the cross will start moving downward and that it will quicken its slide after losing the crucial support level of 0.8650. According to incoming job data from the United Kingdom, the asset will probably change.

 

Forecasts indicate that the unemployment rate in the UK will remain at 3.8%. The unemployment rate won't change even if the number of people collecting unemployment benefits will drop by 9.2k. Due to higher payouts in an inflationary environment, the Average Earnings data is the catalyst that families should take into account. The labor cost index would significantly rise from 4.7% to 5%, helping households offset the higher payments brought on by soaring inflation.

 

Additionally, Wednesday's UK inflation figures will be crucial. It is projected that the UK's Consumer Price Index (CPI) will stay over 10% at 10.2%. The Bank of England (BOE) will be forced to raise interest rates as a result. The difference in policy between the Bank of England and the European Central Bank could be made worse by this.

 

The bulls of the single currency must contend with rising energy prices. The quantity of energy needed to run heaters and other heat-generating devices will rise over the upcoming winter season in Europe. As a result, the need for energy will rise even further. The ECB unexpectedly raised interest rates by 75 basis points (bps) last week; this week, it will announce more rate rises as long as price pressures exceed the planned rate.

 

Due to rising energy prices, the corporate sector in the eurozone is going through a period of declining profitability. Major corporations' input costs have increased as a result of rising energy prices, reducing their operating margins and forcing some businesses into bankruptcy. Their financial performance is significantly impacted by rising energy prices and interest rates.

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