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Irans ambassador to Saudi Arabia: Iran is not responsible for the attacks on Saudi Arabias oil facilities in Rastanura and Shaybai.The Iraqi Kurdistan Regional Government stated that there is currently no oil available for export due to attacks on energy facilities by illegal militia groups.The Iraqi Kurdistan Regional Government: The Iraqi Ministry of Oil accused the Kurdistan region of "misleading public opinion."Authorities in the Iraqi Kurdistan region issued a statement in response to accusations by the Iraqi government that it was blocking crude oil pipelines from being transported through the region.On March 15th, the International Energy Agency (IEA) issued a statement after receiving implementation plans from member countries. The agency stated that the record-breaking oil release from reserves will be immediately deployed in Asia as Asian buyers rush to fill supply gaps disrupted by the Middle East conflict. Oil destined for Europe and the Americas will not be released until the end of March. Last week, the IEA stated that the global oil market is facing its worst supply disruption in history due to the Middle East conflict effectively blocking the crucial Strait of Hormuz. Asian buyers are most reliant on oil supplies from the Middle East, making the speed of reserve releases particularly critical for the region. IEA Executive Director Fatih Birol stated on the X platform: “This will release an unprecedented amount of additional oil into the market starting March 16th. However, opening the Strait of Hormuz is crucial for restoring stable oil flows.” Globally, approximately 72% of the currently committed oil release is crude oil, and 28% is petroleum products. The committed release volumes from various countries are shown in the figure below.

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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