EUR/USD 1.15189
-0.038%
Gold 4239.55
-0.021%
Oil 77.049
-0.416%
USD/JPY 158.520
0.050%
GBP/USD 1.34494
-0.029%
GBP/JPY 213.204
0.015%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On August 7th, it was reported that on August 6th local time, a New Mexico court ruled that Meta, the parent company of Instagram and Facebook, must pay $567 million to address the impact of its platforms on teenagers. Judge Brian Biedhid stated that $420 million of the funds will be used for adolescent rehabilitation services, with the remainder allocated over the next five years for advocacy, prevention, screening services, and other related expenses.The yield on Japans 20-year government bonds rose 2.0 basis points to 3.660%.According to foreign media reports, Malaysian crude palm oil futures on the Bursa Malaysia Derivatives Exchange (BMD) are likely to open higher on Friday morning, following gains in external markets. International crude oil futures rose on Thursday as a committee in the Iranian parliament was considering a draft bill to ban US and Israeli ships from the Strait of Hormuz, which is expected to boost Malaysian crude palm oil futures in early trading. Brent crude futures rose further during electronic trading on Friday morning. Strong Malaysian palm oil exports and the potential threat of a strong El Niño phenomenon to palm oil production in Southeast Asia will also provide strong support for the palm oil market. Shipping surveyors estimate that Malaysian palm oil exports in July increased by 12.1% to 19.5% month-on-month. However, a stronger ringgit and potential increases in Malaysian palm oil inventories will limit the markets upward momentum. The Malaysian Palm Oil Board (MPOB) will release monthly data on August 10. A survey indicates that Malaysian palm oil exports in July will surge by 14.8% month-on-month, production will increase by 7.4%, and inventories will rise to a five-month high.Japans foreign exchange reserves stood at $1,287.1 billion in July, compared with $1,287.5 billion in the previous month.Japans Ministry of Finance: It conducted three currency intervention actions in April and May, buying yen.

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

 EUR:GBP.png

 

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.


Suggestion