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March 28 - According to a report by the German Press Agency (dpa) on March 27, Russian President Vladimir Putin stated that Russia does not rule out the possibility of reconciliation with European countries. According to a transcript released by the Kremlin, Putin said at a Russian Federation Security Council meeting on the 27th: "We have never rejected developing these relations, nor have we ever rejected restoring them."On March 28, German Chancellor Merz stated on March 27 that if "regime change" is the goal of the US-Israel military action against Iran, he does not believe that goal can be achieved. Merz expressed his hope for an early end to the conflict, but noted that the US and Israel are "deeper in the game." He questioned whether the US and Israel have a strategy to end the conflict, and if so, whether it can be successfully implemented. Merz said the economic consequences of the Middle East conflict are "very direct," and Germany is one of the sufferers. If a ceasefire agreement is reached, Germany could consider jointly organizing military escorts across the Strait of Hormuz with other parties, but this requires international authorization, approval from the German Bundestag, and a cabinet resolution. However, as long as the conflict continues, this is "not an option" for Germany.March 28th - Since 2026, passenger traffic at Shanghai ports has continued to climb. According to statistics from the Shanghai General Station of Immigration Inspection, as of 9:00 AM on March 28th, the cumulative number of inbound and outbound passengers inspected by Shanghai immigration authorities has exceeded 10 million, representing a year-on-year increase of 2.9%. The flow of people at Shanghai ports is showing a robust "two-way" trend, with approximately 5.055 million outbound passengers and approximately 4.945 million inbound passengers, representing year-on-year increases of 2.6% and 3.3%, respectively.On March 28, the National Bureau of Data Science and Technology (NBD) released its 2026 departmental budget on its official website. The NBD comprises one administrative unit at the bureau level, with six internal departments: General Affairs Department, Policy and Planning Department, Data Resources Department, Digital Economy Department, Digital Technology and Infrastructure Construction Department, and International Data Governance Cooperation Department. It also has one affiliated institution, the National Data Development Research Institute.According to AFP: Thailand and Iran have reached an agreement to allow Thai oil tankers to pass through the Strait of Hormuz.

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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