EUR/USD 1.15399
-0.022%
Gold 4077.53
-4.271%
Oil 88.868
1.737%
USD/JPY 160.532
0.105%
GBP/USD 1.33704
-0.061%
GBP/JPY 214.644
0.046%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Supermicro (SMCI.O) shares fell more than 25% after the company announced plans to raise $7 billion through equity financing.On June 11, following Trumps remarks about possible further attacks on Iran, Ibrahim Aziz, head of the Iranian Parliaments National Security Committee, posted a strong statement on social media. He stated, "We are not afraid to fight the losers. American casualties are already far higher than Trump has admitted, and will continue to rise. This time, the war will not be confined to this region. We will wait and see!"On June 11, the U.S. Department of Energy announced on Wednesday that the United States is seeking to lend up to 40 million barrels of its Strategic Petroleum Reserve (SPR) to energy companies to help lower fuel prices. This plan is part of a previous agreement to release 172 million barrels of SPR. To date, the U.S. has lent approximately 133 million barrels of crude oil under that agreement. In March of this year, following the U.S. and Israels war against Iran on February 28, the U.S. reached an agreement with approximately 30 member countries of the International Energy Agency to release approximately 400 million barrels of strategic reserves to help stabilize the international oil market. Currently, U.S. SPR inventories stand at 349.2 million barrels, the lowest level since August 2023. Companies that borrow crude oil must return an equivalent amount of crude oil and pay a premium of up to 24% in the form of additional crude oil.The Nasdaq fell as much as 2% in late trading, the Dow Jones Industrial Average dropped 1.6%, and the S&P 500 fell 1.5%.According to the Financial Times, the EU plans to continue providing free carbon emission allowances to businesses into the 2040s, eliminating the current 2039 deadline.

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