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June 4th - According to a Wall Street Journal survey, the Reserve Bank of India (RBI) is likely to maintain its policy repo rate at 5.25% on Friday. Nine of the 11 economists surveyed hold this view, while two others expect the RBI to raise the repo rate by 25 basis points to 5.50%. ANZ economist Diraj Niem stated that a rate hike might be reasonable given the continued downward pressure on the rupee and the possibility that rising inflation could exceed the RBIs 6% tolerance limit later this year and remain high. However, analysts at Citigroup Research stated that the RBI has previously indicated a willingness to wait for the second round of inflationary effects before taking action, and that using interest rates to defend the currency will be a last resort. Bank of America economists stated that while the case for a rate hike is accumulating, they believe there is currently no room for a significant rate increase to stabilize the rupee.French prosecutors say the Russian captain of the oil tanker with ties to Moscow has been released.US semiconductor stocks continued to decline in pre-market trading, with Broadcom (AVGO.O) falling more than 13%, Micron Technology (MU.O) down 6%, and AMD (AMD.O) and Intel (INTC.O) down 4%.According to media reports, South Koreas LG Group will purchase 10,000 GPUs from Nvidia (NVDA.O).On June 4th, China Overseas Grand Ocean Group (00081.HK) announced on the Hong Kong Stock Exchange that in May 2026, the China Overseas Grand Ocean Group series of companies achieved contracted sales of RMB3,812,000,000 and contracted sales area of 323,700 square meters, representing year-on-year increases of 26.6% and 25.0%, respectively. From January to May 2026, cumulative contracted sales reached RMB15,244,000,000 and contracted sales area reached 1,299,600 square meters, representing year-on-year increases of 21.3% and 20.3%, respectively. As of the end of May 2026, the cumulative subscription amount but not yet contracted was RMB678,000,000 and the subscription area but not yet contracted was 54,900 square meters.

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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