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September 13th - According to forecasts, influenced by a tropical depression in the South China Sea, Hainan will experience heavy to torrential rain from September 13th to 15th. Some small and medium-sized rivers in the torrential rain area may experience floods exceeding warning levels. At 10:00 AM on September 13th, the Ministry of Water Resources activated a Level IV emergency response for flood prevention in Hainan, guiding and urging local water resources departments to closely monitor the impact of the tropical depression in the South China Sea, focusing on ensuring the safe passage of small and medium-sized reservoirs through the flood season, preventing flash floods, and controlling floods in small and medium-sized rivers.On September 13th, it was reported that SK Group Chairman Chey Tae-won stated that the AI data center the group is building in Ulsan has expanded to nearly 900 megawatts. He added that as the project progresses, the group plans to announce more partnerships with global technology companies. The Ulsan AI data center, jointly developed by SK Group and Amazon AWS, is expected to have an investment of 7 trillion won (US$5.2 billion) and is scheduled to be operational in the second half of 2027.On September 13th, Hyundai Motor Group announced that it is developing its own autonomous driving technology centered on Atria AI. Atria AI is an end-to-end artificial intelligence model designed to perceive the surrounding environment and make driving decisions. Hyundai stated that the mass production target for Level 2++ vehicles equipped with Atria AI is set for the second half of 2029. Simultaneously, the group plans to continuously train and improve its Atria AI using real-world driving data and gradually extend the technology to mass-produced vehicles, with a long-term goal of moving towards Level 4 autonomous driving. Furthermore, Hyundai is collaborating with US chipmaker Nvidia to accelerate the commercial deployment of advanced driver assistance and autonomous driving systems. Hyundai stated that it plans to introduce the Level 2+ autonomous driving technology developed in collaboration with Nvidia in its first mass-produced software-defined vehicle (SDV) in the first half of 2028; the target for Level 2++ mass production is set for the second half of 2028.On September 13th, Iranian President Peskhziyan stated in an interview in India on the 12th that Iran and Saudi Arabia are "not at war." He said that Iran has repeatedly emphasized that all countries in the region should sit down together to build regional peace and security. There is no reason for conflict or war between countries in the region.According to the Iranian Students News Agency, former Qatari Prime Minister Sheikh Hamad bin Jassim stated, "I have consistently called for dialogue and still believe that the Gulf Cooperation Council countries should engage in dialogue with Iran collectively and directly to extricate ourselves from the crisis we are currently facing."

The EUR/GBP exchange rate recovers above 0.8000 in advance of Eurozone inflation and UK gross domestic product

Alina Haynes

Mar 30, 2023 16:05

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The EUR/GBP pair extended its recovery above 0.88 during the Asian trading session. Anticipating that the European Central Bank (ECB) will continue to raise interest rates to combat persistent inflation, the cross has depreciated progressively. Friday will see the publication of preliminary Eurozone Harmonized Index of Consumer Prices (HICP) and Gross Domestic Product (GDP) (Q4) figures. Prior to the publication of these figures, it is anticipated that the asset will exhibit explosive activity.

 

It is anticipated that the preliminary Eurozone HICP will decelerate significantly from 8.5% to 7.3%. While it is anticipated that the core HICP will rise to 5.7% from 5.6% in the previous release. Weak energy prices are anticipated to have a significant impact on Eurozone inflation. In light of Christine Lagarde's prediction that inflation will remain elevated for an extended period of time, the European Central Bank (ECB) is expected to continue tightening monetary policy.

 

In the interim, banking tensions are subsiding as the absence of information regarding additional collateral damage has a positive impact on the market. Chief Economist Philip Lane stated on Wednesday that ECB interest rates must rise if banking tension has no or a "relatively limited" impact.

 

Investors avidly anticipate the United Kingdom's Gross Domestic Product (GDP) data. According to the consensus, the United Kingdom's growth in the fourth quarter of CY2022 remained unchanged. It is anticipated that the annual GDP will remain unchanged at 0.4%. It is expected that the British economy will undergo a severe recession as a result of high inflation and sluggish growth.

 

The Bank of England (BoE) policymakers appear confident that inflation will moderate in the near future and that the unexpected rise in February's inflation was a one-time anomaly; however, the absence of evidence raises doubts. If inflation persists, BoE Governor Andrew Bailey stated that additional rate increases would be announced. In contrast, Bank of America (BoA) analysts anticipate that the Bank of England (BoE) will not increase rates and will maintain current levels until 2024.


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