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Futures News on August 12th: The cotton market opened higher on August 11th, supported by external markets and increased speculative short positions. Traders awaited relevant reports and events this week, including US cotton production, supply and demand forecasts, export reports, and the Trump-Putin meeting. The market is focused on Tuesdays USDA supply and demand forecast. Last months US cotton production forecast was 14.6 million bales, while market surveys indicate an average production forecast of 14.55 million bales this month. Regarding exports, US cotton exports have so far met 23% of the USDAs forecast, with last weeks shipments down 15% from the five-year average. The cotton market remained weak, closing with only a slight gain, primarily supported by positive Chicago grain activity, oversold technicals, and some bargain hunting. The approaching fall apparel season, the US stock market currently trading within striking distance of recent historical highs, and the Federal Reserves expected September interest rate cut all contribute to bullish factors for the coming months. However, September and October are prone to volatility in the US stock market, so cotton bulls should be cautious.TSMC: Approved capital budget of approximately US$20.7 billion.On August 12th, Monica George Michail, associate economist at the National Institute of Economic and Social Research, said the Bank of England is likely to cut interest rates only once more this year because wage growth in the UK remains high. Data on Tuesday showed that average fixed wages continued to grow by 5.0% in the three months ending in June. Michail said that after the central bank cut its key interest rate to 4.00% last week, strong wage growth remains a source of uncertainty when deciding on its next move. However, she said, "Given signs of gradual easing, we expect one more rate cut this year."On August 12th, the Suzhou Artificial Intelligence (Taihu) Computing Center (Wuzhong District Artificial Intelligence Computing Center), with a total investment exceeding 2 billion yuan, officially opened. Official data released by Wuzhong Taihu New City indicates that the Suzhou Artificial Intelligence (Taihu) Computing Center, located in the Wuzhong Taihu New City Energy Center, spans floors 5 through 8. With a planned total investment exceeding 2 billion yuan, the center will provide 8,000 petabytes of computing power upon completion. The total planned number of racks is approximately 260, and high-performance computing servers exceeding 4,000 petabytes have already been deployed.On August 12, Russian media reported that the Russian Navy has deployed its first drone command center on the Kamchatka Peninsula. The report said that the Russian military plans to build a widely distributed platform network on the peninsula to deploy and maintain Russian naval reconnaissance and strike drones to strengthen the security of the Northern Sea Route and strategic nuclear submarine bases and improve the efficiency of monitoring Russian territory.

After recovering from 0.8600 prior to ECB Lagarde's speech, the EUR/GBP pair continues to advance

Daniel Rogers

Dec 08, 2022 15:31

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The EUR/GBP pair has strengthened its rebound to roughly 0.8615 during the Asian session. As investors moved their focus to Christine Lagarde's speech for the European Central Bank, the cross rebounded well after touching Wednesday's low at 0.8600. (ECB).

 

The ECB President's comments will provide fresh impetus for the anticipated monetary policy adjustments at the December monetary policy meeting. Despite the fact that ECB policymakers believe the central bank has imposed a significant deal of pressure on interest rates and that a neutral rate is close at hand, a December rate hike is more likely due to Eurozone inflationary pressures.

 

The median consumer inflation forecast for the next 12 months jumped from 5.0% to 5.4%, according to a survey conducted by the ECB. Inflation forecasts for the next three years remain unchanged at 3%. Therefore, markets should anticipate a hawkish statement on interest rate policy from the ECB president.

 

The monthly Retail Sales statistics declined by 1.8% this week, although analysts had projected a 1.7% decline. In addition, annual Retail Sales declined by 2.7% versus the consensus projection of a 2.6% decline. In the absence of other variables, a decline in consumer spending indicates that inflation will soon decelerate.

 

The escalating food supply problem in the United Kingdom is driving already high food inflation, resulting in an increase in inflationary expectations. Rising input costs and labor constraints are producing a food supply shortage, which is anticipated to increase food inflation from its current 12.4% level. This might exacerbate the decline in the British economy and have repercussions for the pound.


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