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The final August services PMI figures for France, Germany, and the Eurozone will be released in ten minutes; Singapores fuel oil inventory figures for the week ending September 2, and the changes in LME copper, aluminum, and nickel inventories in the UK for the week ending September 3 will be released in twenty minutes.On September 3, Foreign Ministry Spokesperson Guo Jiakun held a regular press conference. A Reuters reporter asked, "The president of Palau, the host country of the 55th Pacific Islands Forum, said today that he hopes member states will reach a consensus to condemn Chinas missile test in the region. What is the Foreign Ministrys response to this?" Guo Jiakun stated that China has repeatedly clarified its position on the test. Palaus repeated hype is an attempt to manipulate the positions of other Pacific Islands Forum member states; its intentions are malicious, and its scheme will not succeed. Guo Jiakun said that China adheres to the path of peaceful development, firmly pursues a defensive national defense policy, and never engages in military expansion. We are willing to work with South Pacific countries to contribute to maintaining peace, stability, development, and prosperity in the South Pacific region.On September 3, Polish Deputy Defense Minister Pawel Zalewski stated that Poland hopes to expand its participation in NATOs nuclear deterrence system, and the issue of participating in related missions under the NATO nuclear sharing framework is currently under discussion. He said Poland hopes to participate in missions related to nuclear weapons delivery, which is also part of the NATO nuclear sharing mechanism. Through participation in related programs, Poland hopes to further strengthen its role in NATOs nuclear deterrence system. Zalewski stated that this is the first time Poland has pushed for NATO member states to consider allowing it to participate in related nuclear weapons delivery missions. However, he also emphasized that there is currently no issue of deploying nuclear warheads outside of existing NATO deployment sites.September 3 - U.S. retail diesel prices rose to their highest level since mid-2022, surpassing the peak set at the beginning of the Iran-Iraq War and just shy of a record high. Data from the American Automobile Association (AAA) showed that the national average retail price of diesel rose to $5.783 per gallon on Wednesday, exceeding the high reached in April during the Middle East war and only slightly below the record high set in June 2022 during the energy crisis triggered by the Russia-Ukraine conflict. Patrick DeHaan, director of oil analysis at GasBuddy, said that at the current rate of increase, diesel prices could break a new record before Labor Day next Monday.On September 3, the Ministry of Commerce held a regular press conference. Spokesperson Huang Ling, responding to comments made by EU Trade and Economic Security Commissioner Šefčovič regarding China-EU trade, emphasized that consultations at all levels between China and the EU should adhere to the stable and balanced positioning of the key China-EU trade partnership, and insist on resolving each others concerns on an equal footing. Unilateral demands, conditions, or even threats of market closures should be avoided. Huang Ling stressed that China has repeatedly reiterated that the EU should face up to its own economic and trade problems. China is not the root cause of these problems, but rather a partner that can help the EU resolve them.

The EUR/GBP exchange rate recovers above 0.8000 in advance of Eurozone inflation and UK gross domestic product

Alina Haynes

Mar 30, 2023 16:05

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The EUR/GBP pair extended its recovery above 0.88 during the Asian trading session. Anticipating that the European Central Bank (ECB) will continue to raise interest rates to combat persistent inflation, the cross has depreciated progressively. Friday will see the publication of preliminary Eurozone Harmonized Index of Consumer Prices (HICP) and Gross Domestic Product (GDP) (Q4) figures. Prior to the publication of these figures, it is anticipated that the asset will exhibit explosive activity.

 

It is anticipated that the preliminary Eurozone HICP will decelerate significantly from 8.5% to 7.3%. While it is anticipated that the core HICP will rise to 5.7% from 5.6% in the previous release. Weak energy prices are anticipated to have a significant impact on Eurozone inflation. In light of Christine Lagarde's prediction that inflation will remain elevated for an extended period of time, the European Central Bank (ECB) is expected to continue tightening monetary policy.

 

In the interim, banking tensions are subsiding as the absence of information regarding additional collateral damage has a positive impact on the market. Chief Economist Philip Lane stated on Wednesday that ECB interest rates must rise if banking tension has no or a "relatively limited" impact.

 

Investors avidly anticipate the United Kingdom's Gross Domestic Product (GDP) data. According to the consensus, the United Kingdom's growth in the fourth quarter of CY2022 remained unchanged. It is anticipated that the annual GDP will remain unchanged at 0.4%. It is expected that the British economy will undergo a severe recession as a result of high inflation and sluggish growth.

 

The Bank of England (BoE) policymakers appear confident that inflation will moderate in the near future and that the unexpected rise in February's inflation was a one-time anomaly; however, the absence of evidence raises doubts. If inflation persists, BoE Governor Andrew Bailey stated that additional rate increases would be announced. In contrast, Bank of America (BoA) analysts anticipate that the Bank of England (BoE) will not increase rates and will maintain current levels until 2024.


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