EUR/USD 1.12867
-0.367%
Gold 3217.47
-2.154%
Oil 58.363
0.739%
USD/JPY 145.528
1.700%
GBP/USD 1.32732
-0.431%
GBP/JPY 193.167
1.303%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
The EIA natural gas inventory change in the United States for the week ending April 25 was 107 billion cubic feet, the largest increase since the week ending May 26, 2023.The EIA natural gas inventory in the United States for the week ending April 25 was 107 billion cubic feet, which was expected to be 107 billion cubic feet and the previous value was 88 billion cubic feet.The U.S. two-year Treasury yield rose 10 basis points to 3.7% during the day.May 2, despite OPECs long-awaited plan to increase production, its crude oil production fell last month, with most of the reduction due to the upcoming US sanctions on Venezuela. A survey showed that OPECs production fell by 200,000 barrels per day in April to 27.24 million barrels per day. Venezuela accounted for about half of the decline in production as international oil producers such as Chevron scaled back their operations as the Trump administration tightened sanctions. However, it is not clear why other OPEC members such as Saudi Arabia and the United Arab Emirates did not take advantage of the agreement reached by the organization to eventually increase supply. The survey showed that the UAE - which even received special discounts for additional production increases - instead reduced production by 80,000 barrels per day to an average of 3.25 million barrels per day. Saudi Arabia only increased production by 20,000 barrels per day, with a production of 8.97 million barrels per day, which is only a part of the agreed production.The Federal Reserve accepted a total of $157.353 billion from 37 counterparties in fixed-rate reverse repurchase operations.

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