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July 4, India proposed on Friday to impose retaliatory tariffs under World Trade Organization (WTO) rules against tariffs imposed by the United States on the automotive industry in the name of safeguard measures. A WTO notification circulated at Indias request said: "The proposed suspension of concessions or other obligations will increase tariffs on specific products originating in the United States." India has notified the WTOs Goods Council that it proposes to suspend concessions and other obligations under certain WTO provisions. "This notification is issued in response to the United States extending safeguard measures on auto parts imported from India," the statement said. On March 26 this year, the United States took safeguard measures to impose a 25% ad valorem tariff on passenger cars, light trucks and some auto parts imported from India. The United States did not notify these measures to the WTO, but they are safeguard measures in nature. India insists that the measures taken by the United States are not in line with the General Agreement on Trade and Tariffs 1994 and the Safeguard Agreement.Indian Trade Minister: India does not trade for the sake of deadlines but for the benefit of the country.Indian Trade Minister: India always safeguards its interests in trade negotiations.Indian Trade Minister: India is discussing trade agreements with many countries. Free trade is only possible when the interests of both countries are met.ECB board member Makhlouf: The ECB must be more flexible in using forward guidance.

GBP/JPY slips below 165 as BOJ prepared to act; UK retail sales are scrutinised

Alina Haynes

Sep 15, 2022 11:46

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The GBP/JPY pair dropped below the crucial support level of 165 during the Asian session. The asset is falling precipitously now that the Wednesday buffer of 166.00 has been lost. The cross has developed a trading range between 164.80 and 165.87, and it is more likely than not that it will break to the downside and drop below 164.00.

 

The fall in the headline UK inflation numbers did not produce any gains for the pound bulls. The Consumer Price Index (CPI) for the year came in at 9.9%, which was less than both the predicted value of 10.2% and the preceding reading of 10.1%. The economy is no longer facing double-digit inflation, despite the fact that the current inflation rate of 9.9 percent is still relatively high, despite rising energy prices. But at 6.3%, the core CPI remained in line with forecasts.

 

Given that lower readings are not a permanent trend, it would be premature to declare an end to pricing pressures. Inflationary pressures will continue to rise as a result of Liz Truss, the new prime minister of the United Kingdom, introducing stimulus plans to shield people from rising energy prices and cut back on tax rates.

 

The UK Retail Sales numbers will be the topic of discussion on Friday. Compared to the 3.4% recorded earlier, the economic data are predicted to show a 4.2% annual loss. In addition, instead of the 0.3% increase previously indicated, the monthly figure will fall by 0.5%.

 

The Bank of Japan (BOJ) has vowed to interfere in the foreign exchange market to support the domestic currency, which has given the yen bulls a boost. Nikkei reported on Thursday that the BOJ carried out a foreign exchange "check" to find out how much market participants value the JPY. The news source claims that this is proof that the BOJ might be getting ready to intervene in the market.


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