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On July 27th, according to foreign media reports, Malaysian palm oil futures prices fell on Monday, after reaching their highest level in 15 weeks in the previous trading session. The market was under pressure due to declines in the prices of competing oils and crude oil. The October palm oil futures contract fell 39 ringgit, or 0.83%, to 4,683 ringgit per metric tonne (approximately US$1,147.79). The US and Iran suspended military operations over the weekend following two weeks of continuous attacks. This news raised hopes for a diplomatic solution to de-escalate the conflict and allow shipping to resume in the Strait of Hormuz. Oil prices consequently fell by 5%. Weaker crude oil futures reduced the attractiveness of palm oil as a feedstock for biodiesel. Soybean oil futures on the Dalian Commodity Exchange fell 0.99%; palm oil futures fell 1.35%. Soybean oil futures on the Chicago Mercantile Exchange fell 1.36%. According to ITS estimates, Malaysian palm oil product exports increased by 15.9% from July 1st to 25th compared to the previous month. AmSpec is expected to release its statistics later that day.Local officials say two people have been killed in a Ukrainian airstrike on the Russian city of Rostov.The China Earthquake Networks Center officially determined that a magnitude 4.0 earthquake occurred in Tainan City, Taiwan (23.16 degrees north latitude, 120.59 degrees east longitude) at 10:14 on July 27, with a focal depth of 8 kilometers.On July 27th, Hyundai Motor Group Executive Chairman Chung Eui-sun stated that the group is transforming into a provider of physical AI solutions, covering autonomous driving, robotics, and AI-driven smart manufacturing. As part of this strategy, Hyundai and NVIDIA will jointly develop a robotics reference platform, providing standardized hardware and software to support startups, universities, and research institutions in more efficiently developing and validating robotic technologies. Hyundai also announced a broader roadmap, including collaborations with Waymo and Google DeepMind. Building on a previous agreement to purchase 50,000 NVIDIA GPUs, the company plans to accelerate the development of digital twin technology and autonomous driving systems.July 27 - According to Xunze (03317.HK), the company has reached a strategic cooperation agreement with Shenzhen Kaihong Digital Industry Development Co., Ltd. The two parties will carry out comprehensive cooperation in three major areas: AI data infrastructure, terminal data tokenization application, and token business model.

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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