EUR/USD 1.15760
-0.103%
Gold 4644.97
-0.081%
Oil 93.661
-0.616%
USD/JPY 157.955
0.146%
GBP/USD 1.34237
-0.049%
GBP/JPY 212.038
0.148%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
European Commission President Ursula von der Leyen: We will consider the industry’s concerns about the carbon emissions trading system.European Commission President Ursula von der Leyen: We need to modernize the EUs carbon pricing mechanism.European Commission President Ursula von der Leyen: EU member states can use state aid to buffer rising energy prices if needed. We will propose a reduction in electricity taxes.1. The three major U.S. stock indexes closed slightly lower. The Dow Jones Industrial Average fell 0.44% to 46,021.43 points, the S&P 500 fell 0.27% to 6,606.49 points, and the Nasdaq Composite fell 0.28% to 22,090.69 points. Boeing fell more than 2%, and McDonalds fell nearly 2%, leading the decline in the Dow. The Wind U.S. Tech Big Seven Index fell 0.86%, Tesla fell more than 3%, and Facebook fell more than 1%. The Nasdaq China Golden Dragon Index fell 1%, Canadian Solar fell nearly 27%, and Alibaba fell more than 7%. U.S. stocks closed lower for the second consecutive day, but a drop in oil prices narrowed the decline in the indexes. 2. International precious metals futures generally closed lower. COMEX gold futures fell 4.99% to $4,651.90 per ounce, and COMEX silver futures fell 6.16% to $72.81 per ounce. 3. The WTI crude oil futures contract closed down 0.91% at $94.59 per barrel; the Brent crude oil futures contract rose 0.16% to $103.08 per barrel. 4. All London base metals fell: LME nickel fell 0.50% to $17,065.0 per tonne, LME lead fell 0.86% to $1,897.0 per tonne, LME copper fell 1.48% to $12,211.5 per tonne, LME zinc fell 1.91% to $3,073.5 per tonne, LME tin fell 2.58% to $43,900.0 per tonne, and LME aluminum fell 4.65% to $3,242.0 per tonne.German Chancellor Merz: Hungarian Prime Minister Orbán must abide by the agreement on loans to Ukraine, or it will damage the overall image of the European Union.

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

 EUR:GBP.png

 

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.


Suggestion