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July 29 - According to relevant work arrangements, the Ministry of Finance will issue the fourth tranche of RMB treasury bonds for 2026 in the Hong Kong Special Administrative Region on August 5, with an issuance scale of RMB 15 billion. Specific issuance arrangements will be announced by the Hong Kong Monetary Authoritys Central Moneymarkets Unit (CMU).July 29th - Capital Economics economist Abhijit Surya stated that weaker-than-expected Australian inflation data is likely to keep the Reserve Bank of Australia (RBA) on a wait-and-see approach regarding monetary policy tightening. Given the unexpected decline in core inflation in the second quarter, the RBA is unlikely to feel any urgency to raise interest rates in the near term. Capital Economics added that the latest data may prompt the RBA to keep interest rates unchanged at its upcoming August meeting.July 29 – At a press conference held by the State Council Information Office today (July 29), the State Intellectual Property Office introduced its efforts to actively promote rapid and collaborative intellectual property protection. Currently, 83 national-level intellectual property protection centers and 54 rapid rights protection centers have been established nationwide, forming a balanced, tiered, and clearly oriented rapid and collaborative protection network. This network provides local advantageous industries and innovative entities with comprehensive "one-stop" intellectual property protection services, including rapid pre-examination, rapid rights confirmation, and rapid rights protection.On July 29, the State Council Taiwan Affairs Office held a regular press conference. Spokesperson Chen Binhua stated that cross-strait exchanges have remained active since the summer vacation began, with airlines resuming four direct cross-strait routes, which have been well-received by passengers. To further meet the needs of cross-strait passengers, relevant airlines are working hard to restore their direct cross-strait route product system and upgrade transit services. Chen Binhua reiterated that our attitude towards promoting the full restoration of normalized direct cross-strait air travel is positive and clear. We hope that Taiwan will face up to the realistic demand for direct cross-strait passenger flights, follow public opinion, and promptly remove unreasonable restrictions on cross-strait air transport, allowing airlines on both sides to independently arrange flight schedules based on market demand.According to the Financial Times, Meta Platforms CEO Mark Zuckerberg stated that banning the use of cutting-edge Chinese artificial intelligence in the United States is not an "effective solution."

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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