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On July 30th, Kingboard Laminates (01888.HK) announced in Hong Kong that it expects to record a net profit of over HK$2.8 billion for the six months ended June 30, 2026, representing an increase of over 200% compared to the same period in 2025. The significant increase in net profit is mainly due to the continued supply shortage of copper-clad laminates and their upstream materials (including electronic glass fiber yarn, electronic glass fiber cloth, and copper foil), leading to a general increase in product unit prices. Sales volume of copper-clad laminates also increased compared to the same period in 2025. Furthermore, the companys strong and well-established vertically integrated business model also contributed to the net profit growth.The governor of the Central Bank of Ukraine said that Russias attack on Ukrainian port infrastructure will result in a loss of $2.5 billion in foreign exchange earnings.Bank of England Governor Bailey will hold a monetary policy press conference in ten minutes.On July 30th, Berenberg Bank economist Felix Schmidt stated in a report that the Eurozones strong second-quarter economic growth data is good news for the European Central Bank (ECB), thus there is no need for excessive concern about the economic growth outlook. Eurozone GDP grew by 0.4% quarter-on-quarter in the second quarter, not only better than market expectations but also an improvement from the zero growth in the first quarter. Schmidt noted that PMI surveys indicate a good start to the third quarter for the Eurozone, although future trends will still largely depend on the Iran war and energy price developments. Therefore, the current market focus remains on inflation, and the inflation trend largely depends on whether the US and Iran can reach an agreement. He stated, "If a ceasefire is achieved, the ECB will be able to maintain key interest rates and enable the Eurozone to achieve robust growth in 2026."According to CGTN: Local power plant officials said a drone belonging to the Ukrainian armed forces attempted to attack critical infrastructure at the Zaporizhia nuclear power plant.

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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