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August 25th - According to the Financial Times, citing sources familiar with the matter, Trump administration officials last week requested Kyiv not to use long-range missiles and drones to attack Moscow, St. Petersburg, and northern Russia during Monday, Tuesday, and Wednesday, while a U.S. plane carrying senior officials was en route to the Russian capital. The sources said Ukraine agreed to this request. Today, a U.S. Air Force C-17 transport plane landed in Moscow. Russia previously stated it was unaware of the specific circumstances of the planes arrival; the Kremlin also stated that no meetings with U.S. government representatives were scheduled for this week.U.S. new home sales fell to their lowest level in six months in July, indicating that even with builders lowering prices and offering incentives, high mortgage rates are still suppressing homebuying demand. According to data released by the government on Tuesday, pending sales of new single-family homes in the U.S. fell 10.5% in July to an annualized rate of 607,000 units. Economists median forecast was 620,000 units. The median price of new homes fell 0.9% year-over-year to $393,800. New home sales have declined in three of the past four months, further indicating that the housing market is under pressure from both high financing costs and high home prices. While builders have achieved some success in boosting demand through free upgrades, subsidized mortgage rates, and price reductions, the entry-level housing market remains constrained by insufficient affordability.US President Trump: (Regarding Iran) We are closely monitoring every inch of the Strait of Hormuz and the land of the Golan Heights.US President Trump: (Regarding Iran) The US Navy has been notified that all mines in international waters of the Strait of Hormuz have been removed and/or detonated. Iran has been notified that any vessels or small boats that lay new mines will be destroyed immediately and systematically.U.S. consumer confidence fell in August to its lowest level since the beginning of the year, as consumer views on the business environment and labor market outlook deteriorated. Data released Tuesday by the Conference Board showed that the consumer confidence index dropped 0.8 points to 89.4, with the previous months figure revised downward. The median forecast from economists was 90.2. The report indicated that high gasoline prices, rising overall cost of living, and slowing hiring continued to weigh on American households this month. The survey was conducted from August 3 to 16. During this period, as the renewed escalation of the U.S.-Iran conflict pushed up gasoline prices, the average price of gasoline at U.S. gas stations hovered above $4 per gallon. The Conference Board survey showed that consumer views on the current job market improved somewhat in August. The proportion of consumers who thought there were "ample" job opportunities rose, while the proportion who thought "jobs are hard to find" fell. The difference between the two was the largest this year. However, respondents were more pessimistic about the employment and income prospects over the next six months.

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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