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The German DAX 30 index closed down 37.69 points, or 0.14%, at 26,308.60 on Thursday, August 13; the UK FTSE 100 index closed down 63.95 points, or 0.59%, at 10,769.20 on Thursday, August 13; and the French CAC 40 index closed down 24.38 points, or 0.28%, at 8,650.56 on Thursday, August 13. The Stoxx 50 index closed up 13.96 points, or 0.21%, at 6547.95 on Thursday, August 13; the Spanish IBEX 35 index closed down 25.25 points, or 0.12%, at 20179.15 on Thursday, August 13; and the Italian FTSE MIB index closed up 26.34 points, or 0.05%, at 53725.00 on Thursday, August 13.August 13th - According to the Wall Street Journal, informed U.S. officials stated that the United States is preparing to deploy the aircraft carrier USS Washington to the Middle East to replace the USS Lincoln, according to a previously planned rotation. The Lincoln has been on a long deployment with very few port calls, raising concerns among members of Congress about living conditions on board. The Lincoln began its planned deployment last November and was transferred to the Middle East in January of this year before the start of the war in Iraq. The carrier and its aircraft played a key role in the U.S. "Operation Epic Fury" bombing campaign and subsequently participated in the U.S. blockade of Iranian ports. According to members of Congress, the high-intensity operational pace and the pressure of the long deployment have overwhelmed the crew. They are pressuring the Pentagon for more information on living conditions and mental health issues on board. MS Now reported earlier this month that the Lincolns crew faced difficult conditions, including food shortages and running out of toothpaste and soap. Lawmakers expressed concern about reports of crew exhaustion and deteriorating mental health due to the lack of port calls for rest.Bank of England Chief Economist Peel: (Regarding the UK GDP data) This makes me even more confident that we are not entering a phase of sharp decline.SanDisk (SNDK.O) executives said that Meta Platforms (META.O) will join the group to develop open standards for high-bandwidth flash memory (HBF).The United States will send a new aircraft carrier to the Middle East.

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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