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June 21 (Observer) – British Prime Minister Keir Starmer is expected to resign and announce his departure timetable next Monday, but a government source says Starmer remains focused on his duties. Pressure on Starmers position has been mounting for months and intensified significantly on Friday after his political rival, Andy Burnham, won a seat in Parliament, enabling him to launch a formal leadership challenge. The Observer reports that Starmer is discussing the matter with his wife at his country residence, Chequers, and has not yet made a final decision, but several senior Labour Party members expect him to make a clear statement on his future as early as Monday. However, government sources emphasize that Starmer remains focused on fulfilling his duties as Prime Minister, citing his previous statements as evidence. More than 100 Labour MPs have publicly stated their desire for Starmer to resign or set a clear departure timetable, representing about a quarter of Labour MPs in the House of Commons.According to Reuters, British government sources say that Prime Minister Starmer is focused on fulfilling his duties.June 21st - According to the British newspaper *The Observer*, British Prime Minister Keir Starmer is preparing a timetable for his departure. This comes after Andy Burnham, who suffered a major defeat to the Reform Party in the Greater Manchester by-election and is scheduled to be sworn in as a Member of Parliament next Monday. His supporters claim that if Starmer does not resign, Burnham has secured the support of over 201 Labour MPs to challenge him for leadership. This number exceeds half of the Labour Party in Parliament, meaning Starmer can no longer demonstrate his confidence in the House of Commons to the King. It is reported that after several rounds of discussions with cabinet ministers, Downing Street advisors, union leaders, and party donors, Starmer has concluded that his position in power is no longer secure. Senior Labour figures believe that Starmer may issue a "clear statement" as early as Monday. A Labour MP close to Starmer said: “He has come to terms with reality. As he said, preventing ‘chaos’ is no longer possible by staying in office, so there is only one option left. I think he has seen it as a responsible choice for the country and the party.” Another senior Labour figure said that Starmer now appears to have “accepted” the reality of his resignation.June 21 – It was learned from Iran on the 21st that the Iranian negotiating delegation has arrived in Zurich, Switzerland. The Swiss Foreign Ministry also confirmed the arrival of the Iranian delegation. The Swiss Foreign Ministry stated on social media that it welcomed the Iranian delegations arrival in Switzerland, and that the delegation is en route to Bürgenberg as part of implementing the memorandum of understanding signed between the United States and Iran.On June 21, a symposium on the 9th China International Import Expo (CIIE) was held in Oslo, Norway, with representatives from approximately 40 Norwegian companies and institutions in attendance. Norwegian participants stated that all sectors in Norway highly value economic and trade cooperation with China. The CIIE, as a high-level platform for opening up to the outside world, provides Norwegian companies with a practical and efficient path to promote high-quality products, cutting-edge technologies, and professional services, and to cultivate the Chinese market. Norway will continue to pool resources and actively mobilize various Norwegian companies to participate in the CIIE, further strengthening the mutually beneficial ties between China and Norway and improving the quality and efficiency of bilateral trade cooperation.

GBP/JPY Rises Above 160.0 Prior To BoJ Ueda's Speech

Alina Haynes

Mar 27, 2023 14:46

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During the Asian session, the GBP/JPY pair's recovery above 160.00 has continued. Following the release of better-than-expected United Kingdom Retail Sales data, the cross has strengthened. Monthly Retail Sales (Feb) data increased by 1.2%, exceeding both the consensus estimate of 0.2% and the most recent reading of 0.9%. The annual Retail Sales data for the United Kingdom decreased by 3.5%, whereas analysts had predicted a 4.0% decline.

 

A rise in consumer expenditure in the United Kingdom could be the cause of an increase in the Producer Price Index (PPI), which could increase the financial burden on households. In contrast, Bank of England (BoE) Governor Andrew Bailey stated in a BBC interview on Friday, "There are signs of encouraging inflationary progress, but we must remain vigilant."

 

Last week, the BoE increased interest rates by 25 basis points (bps) to 4.25 percent despite global banking turmoil. Due to an increase in food price inflation and a labor shortage, inflationary pressures in the UK zone are extremely elevated. The inflation rate remains in double digits, so the Bank of England was compelled to raise interest rates further.

 

Catherine Mann, a member of the Bank of Canada, stated on Friday that she voted for a 25bp rate increase instead of a larger increase at this week's meeting, in part because inflation expectations have begun to moderate, indicating that monetary policy is having an effect.

 

The Japanese Yen will remain active in Tokyo prior to Bank of Japan (BoJ) Governor Kazuo Ueda's speech. As the central bank strives to maintain an inflation rate above 2%, it is anticipated that the BoJ will adopt a dovish stance. The majority of Japan's inflation increase is attributable to higher import prices. Consequently, monetary instruments must exert a stronger influence on inflation.

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