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Iranian Revolutionary Guard: In addition, 10 vessels that violated regulations by attempting to cross the no-navigation zone and danger zone of the Strait of Hormuz, instigated and supported by the US military, were also targeted.The Indonesian rupiah appreciated to 17,560 against the US dollar, its highest level since mid-May.On September 9th, the White House released a statement regarding its tariff actions against Canada. The statement indicated that, in response to escalating commercial discrimination against the United States by Canada, President Trump signed five proclamations under Section 338 of the Tariff Act of 1930, imposing import bans on certain Canadian products and adjusting previous tariff measures. Given Canadas continued discriminatory practices in the alcohol and dairy sectors, the U.S. has taken targeted measures: (Proclamation 11046) prohibiting the import of Canadian alcohol and other products subject to the 50% tariff under Section 338; (Proclamation 11047) prohibiting the import of Canadian dairy products and other products subject to the 50% tariff under Section 338. Simultaneously, to alleviate the burden on U.S. businesses and consider public interest, the U.S. has adjusted the measures implemented on July 20th, including removing some products (such as rock salt and cement) and adding new products (such as all-terrain vehicles and more dairy products). The aforementioned Section 338 tariffs apply to all regulated goods, regardless of their status as goods eligible for origin under the United States-Mexico-Canada Agreement (USMCA), and are levied in conjunction with Section 232 tariffs. The import ban will take effect on September 29, 2026, and the product adjustments will take effect on September 15.The White House issued a statement regarding Canadas tariff actions.September 9th - In August, Beijing and Shanghai successively optimized their housing market policies. According to statistics from the China Index Academy, Beijings existing home sales reached 14,000 units in August, a year-on-year increase of 3.9%; Shanghais existing home sales remained high, with a year-on-year increase of 16.3%; regarding new homes, Beijings new home sales area in August was basically flat compared to the same period last year, while Shanghais increased by 16.0% year-on-year. Cao Jingjing, General Manager of the Index Research Department of the China Index Academy, believes that the Beijing and Shanghai housing markets are more reflecting a recovery driven by active transactions and marginal improvements in supply and demand. Prices are still in an adjustment phase, and new home inventory remains relatively high. The sustainability of the market recovery remains to be seen.

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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