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On May 26th, Bank of Japan Deputy Governor Ryozo Himino emphasized that timely policy adjustments are crucial to maintaining market confidence amid the recent sell-off in Japanese government bonds. Himino stated on Tuesday, "Regarding monetary policy and long-term interest rates, we believe it is very important to maintain market confidence that inflation will be properly controlled by adjusting the degree of monetary easing at an appropriate pace in response to future economic, price, and financial conditions." This statement seems to suggest that the Bank of Japan is open to raising interest rates in the near future. Himino, along with other Bank of Japan Governor Kazuo Ueda and other officials, have recently emphasized the need for a responsible attitude towards financial markets, and the market widely expects the Bank of Japan to raise interest rates at its meeting next month. Meanwhile, Japanese Prime Minister Sanae Takaichi subtly signaled last week her desire for the Bank of Japan to maintain policy stability as she attempts to mitigate the economic impact of the war with Iran. Himino stated, "The Bank of Japan will strive to implement policies appropriately to maintain this market confidence and achieve its price stability objective in a sustainable and stable manner."On May 26th, at 10:00 AM, the Guangzhou Municipal Peoples Government Information Office held its 19th press conference of 2026 in the Guangzhou Municipal Press Conference Hall. Feng Wei, Party Secretary and Director of the Guangzhou Housing Provident Fund Management Center, explained the relaxed policy on commercial-to-provident-fund loan conversion. Feng Wei stated that the revision of the "commercial-to-provident-fund conversion" policy systematically expands the scope of beneficiaries and lowers the threshold for loan conversion. Previously, applications for commercial-to-provident-fund conversion could only be made through the provident funds entrusted bank. After the revision, commercial loans from non-provident-fund entrusted banks, if meeting the conditions, can also be converted into provident fund loans. The calculation ratio for the loanable amount in commercial-to-provident-fund conversion has increased from 70% to 80%, further increasing support for existing commercial loans and striving to reduce the loan interest burden on contributors.The Indonesian rupiah continued its decline against the US dollar, hitting a record low of 17,785.On May 26th, Guangzhou held a press conference to announce a series of supporting documents for the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market." Qian Zhe, Deputy Secretary of the Party Committee and General Manager of Guangzhou Anju Group, introduced that to support residents in improving their housing conditions and facilitate the exchange of new and used housing, Anju Group will immediately launch a pilot program to support residents in "selling old homes and buying new ones." The pilot program will run until December 31, 2026, and will acquire second-hand residential properties through market-oriented methods, adhering to the principles of "government guidance, market operation, and voluntary participation." The pilot program targets second-hand residential properties with a total price of less than 3 million RMB, a building area of less than 70 square meters, located within the Guangzhou Ring Expressway, with no age limit on the buildings. The acquired properties will be prioritized for use in affordable housing, talent apartments, and other purposes, primarily serving the housing needs of new urban residents, young people, and residents relocating from urban renewal projects.On May 26, it was reported that on May 25, the Party Committee of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) held an enlarged meeting and a collective study session of the Party Committees theoretical learning center group. The meeting emphasized that state-owned enterprises should continue to improve the institutional mechanisms for carrying out statistical work in a standardized manner, further tighten and implement the responsibility for preventing and combating statistical fraud, and hold those responsible for statistical fraud accountable. It stressed the need to firmly safeguard the lifeline of statistical data quality, effectively prevent and rectify the problem of false financial and accounting information, and strictly prevent and crack down on financial fraud. It also emphasized the need to establish and improve a comprehensive, full-process, and all-element penetrating supervision mechanism to achieve real-time monitoring and dynamic early warning of data from central enterprises.

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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