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As of 8:30 on July 23, 2026, WTI crude oil, Brent crude oil and other commodities saw the largest fluctuations. A chart reviews the overnight price changes in the international market and their corresponding theoretical mappings in the domestic market.SEOUL, July 23 (Yonhap) -- South Korean President Lee Jae-myung will hold a large-scale national debate on real estate policy on July 23 to discuss the direction of the policy with various sectors. The debate will begin at 10:00 a.m. local time and last for 100 minutes, with 140 participants. Participants will hear the results of preliminary public opinion polls and special reports from experts in housing supply, finance, and taxation before engaging in free discussion on real estate policy. The South Korean government expects to refine its final tax reform plan based on the results of this debate and announce it as early as the end of this month.As of 8:30 AM Beijing time, spot platinum was down 0.04% and spot palladium was down 0.08%.Futures News, July 23rd - According to foreign media reports, Malaysian crude palm oil futures on the Bursa Malaysia Derivatives Exchange (BMD) are likely to open higher on Thursday morning, following gains in external markets. Affected by the ongoing conflict in the Middle East, international crude oil futures climbed on Wednesday, approaching a six-week high. Oil prices rose further during Thursdays electronic trading session, which will help Malaysian crude palm oil futures in early trading. Chicago soybean oil futures strengthened, and the El Niño phenomenon threatening palm oil production in Southeast Asia, coupled with Indonesias implementation of the B50 palm oil mandate starting this month, could lead to tight palm oil supplies and will continue to support palm oil prices. The Malaysian Meteorological Department stated that with the strengthening of El Niño, Malaysia will experience record-breaking high temperatures next year, raising concerns about declining palm oil production.July 23 (Futures News) – Escalating tensions in the Middle East and increased oil supply risks led to rising oil prices, with naphtha experiencing a significant increase and PXN prices severely compressed. Strong cost support kept PX prices rising throughout the day.

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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