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On September 2, Foreign Ministry Spokesperson Guo Jiakun held a regular press conference. A reporter asked, "It is understood that at the second G20 Finance Ministers and Central Bank Governors Meeting held from August 31 to September 1, no communiqué was issued because China held differing views on the issue of global imbalances. What is Chinas comment on this?" Guo Jiakun stated, "We have noted that the parties held differing views on relevant issues at the just-concluded G20 Finance Ministers and Central Bank Governors Meeting. China deeply regrets that the meeting failed to issue a communiqué. As the main platform for international economic cooperation, the G20 should coordinate important global economic issues objectively, fairly, and in a balanced manner based on the principles of consensus and equal participation. China expects the United States, as the chair country, and all members to adhere to this principle, fully respect the legitimate concerns of all parties, and promote positive outcomes at the 2026 Miami Summit."On September 2nd, Foreign Ministry Spokesperson Guo Jiakun held a regular press conference. A Bloomberg reporter asked, "It has been reported that Russian President Vladimir Putin discussed the possibility of a trilateral meeting between China, Russia, and the United States during their talks with Chinese leaders at this years APEC summit hosted by China. What is the Foreign Ministrys comment on this?" Guo Jiakun replied, "Regarding your question, I currently have no information to provide." He added, "As the host of this years APEC summit, China is willing to work with all parties to ensure the success of the APEC China Year and make new contributions to promoting economic growth in the Asia-Pacific region and the world."German Foreign Minister Waldfol: I see strong support and unity within the EU; Europe is united.On September 2, the Iranian Islamic Revolutionary Guard Corps (IRGC) announced that, in retaliation for previous US attacks, it conducted a joint missile and drone strike against the US Ali Salim Air Base in Kuwait in the early hours of the day. Targets included US commanders command and accommodation areas, drone hangars, and the tarmac. The announcement stated that the attack resulted in the deaths of several US personnel, the destruction of multiple drones involved in the attacks on Iran, and fires at the hangars and tarmac. The IRGC stated that this operation was conducted concurrently with attacks on US bases in Jordan, Bahrain, and Erbil, Iraq.According to Irans Mehr News Agency, a US airstrike on Ravan Island in Iran has killed three members of the Bass Benchmark military organization.

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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