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Ukrainian Foreign Minister: The international community must respond to Russia’s actions with stronger pressure, harsher sanctions, and more support for Ukraine.On March 14, finance ministers from Japan and South Korea met in Tokyo on Saturday and expressed shared concern over the rapid depreciation of their currencies. A joint statement adopted at the meeting expressed serious concern about the recent sharp depreciation of the Korean won and the Japanese yen. The statement also noted that Japan and South Korea reaffirmed their commitment to closely monitoring the foreign exchange market and continuing to take appropriate action against excessive and disorderly exchange rate fluctuations. Furthermore, it emphasized the importance of close cooperation between Japan and South Korea to ensure stable energy supplies against the backdrop of escalating tensions in the Middle East (such as Irans blockade of the Strait of Hormuz, a major oil shipping route).According to Irans Tasnim News Agency, the Iranian ambassador to India stated that Iran has allowed Indian ships to pass through the Strait of Hormuz.Tanker tracking website: Following yesterdays US airstrike on Kharg Island, all oil storage tanks appear to be intact. Today, two Iranian oil tankers have begun loading 2.7 million barrels of crude oil onto Kharg Island.The Israeli military stated that half of the missiles launched by Iran into Israel during this war would drop a large number of small explosive devices over their targets, thereby increasing the potential damage and casualties.

Due to ECB predictions that are hawkish, the EUR/GBP rises beyond 0.850

Alina Haynes

Jul 21, 2022 11:38

 截屏2022-07-21 上午9.49.57.png

 

The EUR/GBP pair has gained gradually after testing the previous inventory distribution area, which is situated in a constrained band of 0.8475 to 0.8495 with less selling pressure. As investors back the shared currency bulls in expectation of a European Central Bank rate hike announcement, the cross is attempting to surge over 0.8500. (ECB).

 

For the first time in eleven years, European Central Bank President Christine Lagarde is set to hike interest rates. The ECB must raise interest rates because European households can no longer tolerate the price pressures, and the Asset Purchase Program (APP) has come to an end. Before enacting a higher rate rise in the future, the ECB could wish to start out by raising interest rates just a little bit.

 

As a consequence of Russian President Vladimir Putin's comments that it is unclear in what condition the Nord Stream 1 equipment will return from repair, the situation around the gas supply from Nord Stream 1 to Europe has become ambiguous in the meantime.

 

Price pressures on the pound's front have continued to be intense due to volatile oil and food costs. The basic Consumer Price Index (CPI) has, however, shown indications of fatigue. The overall inflation rate was 9.4%, above expectations of 9.3% and the most recent figure of 9.1%. The core CPI dropped from the prior figure of 5.9 percent, while it still met forecasts at 5.8 percent.


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