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According to Irans Tasnim News Agency, the Iranian president said that his conversation with the Crown Prince of Abu Dhabi in the United Arab Emirates went well, and they agreed to put the past behind them.On September 13, the Crown Prince of Abu Dhabi met with Iranian President Pezehizian. This comes as Iran promotes an agreement that could allow more ships to pass through the Strait of Hormuz. This rare public discussion between the two major powers occurred during the BRICS summit. Meanwhile, Oman is seeking to bring the Gulf Cooperation Council (GCC) together with Iran to discuss this crucial chokepoint for global energy exports. Iran stated it would brief Gulf states on a new agreement on Monday, but emphasized that any agreement would not equate to a full reopening of the Strait of Hormuz, and that Iran would have a say in which ships could pass. The meeting has not yet been confirmed, and Bahrain has ruled out its attendance, citing recent Iranian-backed attacks on targets in the Gulf region. According to the UAEs official news agency WAM, the Crown Prince of Abu Dhabi and Pezehizian stressed the need to de-escalate tensions, promote de-escalation, and strengthen regional stability.On September 13, Russian Presidential Press Secretary Dmitry Peskov stated in New Delhi, in response to media questions, that the possibility of resuming trilateral negotiations on the Ukraine crisis in October could not be ruled out. This followed comments from Jared Kushner, President Trumps son-in-law, who stated that the US, through meetings in Moscow and Kyiv, had gained a clear understanding of what could lead to a long-term solution to the conflict. Furthermore, Kushner claimed that some new ideas emerged after the meetings and could be discussed at the upcoming trilateral summit.September 13 (Reuters) - Saudi oil buyers and traders say that if Saudi Arabia cannot restart its main pipeline to the Red Sea within days, its oil reserves for exports will run out, resulting in a global supply loss of up to 4%. A further decline in Saudi oil flows will exacerbate global supply tensions, a problem that has already driven global fuel prices to record highs, triggering inflation worldwide and pushing US Treasury yields to their highest levels since the 2008 financial crisis. Sources gave varying estimates, with one saying repairs could take five to six weeks, while another suggested faster repairs and the possibility of partial resumption of oil transport during the maintenance period. Additionally, according to three industry sources familiar with Saudi exports, Yanbus current reserves can only sustain exports for five to seven days with the pipeline outage. A fourth source said Saudi Arabia can also supply customers for several days from the Red Sea port of Ain Sokhna and the Mediterranean port of Sidi Kelir. Industry estimates suggest that Yanbu has a storage capacity of approximately 35 million barrels, while Ain Sokhna and Sidi Kelir have storage capacities of 18 million and 20 million barrels respectively.On September 13th, South Koreas Minister of Trade, Industry and Energy stated on Sunday that South Korea will hold further talks with the United States early this week to finalize details of Seouls proposed $350 billion investment commitment to the US. As part of the broader $350 billion investment commitment, a $200 billion strategic investment cap (including a $20 billion annual cap) has already been agreed upon and will remain unchanged. The two sides are close to reaching an agreement on many issues, but several matters remain unresolved. This weeks talks will be conducted via video conference.

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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