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On April 5, the headquarters building of Kuwait Oil Company caught fire following a drone attack, the latest in a series of attacks by Iran against its Persian Gulf neighbors. Kuwait Oil Company stated that the building, which also houses the Kuwaiti Ministry of Petroleum, has been evacuated and firefighters are on site battling the blaze. This attack comes after Iran has launched multiple airstrikes against the Mina Ahmadi and Mina Abdullah oil refineries and repeatedly targeted Kuwaits airports. The statement said, "The oil industry leadership is closely coordinating with relevant departments, closely monitoring the damage assessment, and taking all necessary measures to ensure the safety of personnel and the site." Just hours before the attack, Irans semi-official Fars News Agency released an updated "target list," adding electricity, water, and steam infrastructure to the list of previously attacked oil, gas, and chemical facilities.On April 5th, a post by Trump received a reply from the Iranian Embassy in the UK. Trump wrote, "KEEP THE OIL, ANYONE?" Some media outlets interpreted this as mocking allies like the UK for their concerns about rising energy prices but their refusal to join the US in a war against Iran. The Iranian Embassy in the UK retweeted the post and replied, "Okay, weve left it (the oil) in the Persian Gulf."Iranian military: U.S. assets in Kuwait and the UAE were attacked by drones.On April 5th, local time, the Houthi rebels in Yemen issued a statement claiming that they had conducted a joint operation with Iran and Lebanon to strike targets inside Israel. The Houthis stated that they used a ballistic missile and multiple drones to strike Ben Gurion Airport near Tel Aviv, Israel, as well as other military and important targets in southern Israel. The statement said the operation was carried out in coordination with the Houthis, the Iranian Islamic Revolutionary Guard Corps, the Iranian army, and Hezbollah in Lebanon, and claimed the operation "achieved the desired results." The statement also indicated that the Houthis will continue their military operations.The Houthi rebels in Yemen have launched a military operation, attacking targets inside Israel.

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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