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On February 19th, China submitted its "Position Paper on WTO Reform under the Current Situation" to the World Trade Organization (WTO). The head of the WTO Department of the Ministry of Commerce provided an interpretation of the position paper. The overall position outlines Chinas general understanding of the WTO and its basic attitude towards WTO reform. The position paper states that the WTO provides open, non-discriminatory, stable, and predictable institutional guarantees for economic globalization. While the multilateral trading system has been impacted by unilateral tariff measures, and trade tensions have intensified, WTO rules and mechanisms remain a crucial barrier against trade turmoil. Unilateralism and protectionism are not the solution; all parties should address the real challenges brought about by economic globalization through multilateral cooperation, domestic reforms, and inclusive and mutually beneficial development. The position paper emphasizes that economic globalization is an unstoppable historical trend. WTO reform should aim to strengthen multilateral trade governance, uphold the most-favored-nation (MFN) treatment as the cornerstone of the WTO rules system, and place development at the center of the WTO reform agenda. It should address long-standing unresolved issues while exploring and formulating new rules for the future.Reserve Bank of New Zealand Assistant Governor Silk: Even with a small rate hike, interest rates will only be near the bottom of the neutral range.Reserve Bank of New Zealand Assistant Governor Silk: Maintaining an accommodative policy for some time is in line with reality.Sources say Germany is considering purchasing more F-35 fighter jets from the United States.Market news: Vietnam Airlines is in talks with Boeing (BA.N) to purchase 30 wide-body passenger aircraft.

Despite caution, EUR/USD continues bids above 1.0250

Daniel Rogers

Aug 15, 2022 14:55

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After the US sent a delegation to Taiwan over the weekend, despite House Speaker Nancy Pelosi's contentious visit to the disputed island, which enraged Beijing, investors sought protection in government bonds and the dollar in the face of rising US-China threats.

 

Rates are also heavily influenced by the likelihood that the Fed will raise interest rates by 50 basis points (bps) in September as a result of easing US inflation pressures, with all eyes on the FOMC minutes due out on Wednesday for new information on the direction the world's most potent central bank will take its policy.

 

Despite a decline in rates and a sluggish demand for riskier assets in early Asian trades, the US dollar is holding up well. The US dollar index is trading at 105.61, unchanged from its previous close of 105.88 on Friday. Despite Wall Street's stellar performance, a substantial dollar increase was caused by stronger US Michigan Consumer Sentiment data and a dimming US inflation forecast.

 

As the European energy crisis gets worse, the gains in the common currency on the EUR side of the equation are likely to remain small. Germany is already suffering the most as a result of a decrease in Russian gas exports, which is wreaking havoc on the old continent. The Rhine's ebbing waters, which make transport along the river more challenging, could cause a recession in Germany.

 

By the end of the week, the reference level was predicted to drop below 40 centimeters in Kaub, a notorious shipping bottleneck where the Rhine flows shallow and narrow. One of the most significant goods shipped on the waterway is coal.

 

On both sides of the Atlantic, Monday's economic calendar features few noteworthy data releases. As a result, the main currency pair will continue to be influenced by the current market sentiment and dollar price action.

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