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On September 6, Russian Presidential Aide Ushakov said early on the 6th that President Putins meeting with US President Trumps special envoy Witkov and son-in-law Jared Kushner at the Kremlin on the evening of the 5th lasted more than three hours and was substantive and "constructive." Ushakov said that the Russian side made a clear and comprehensive assessment of the current situation, including the situation developing during the special military operation. In particular, the Russian side pointed out the actual progress made by the Russian army in the theater of operations and expressed confidence in achieving its established objectives, while also emphasizing the necessity of eliminating all the root causes of the conflict. Ushakov stated that Russia reiterated its willingness to continue working with the US to seek a solution through political and diplomatic means. Both sides confirmed that the two presidents will continue to maintain direct contact.Russian Presidential Aide Ushakov: Putin is prepared to cooperate with the United States to seek a diplomatic solution to the Russia-Ukraine issue.September 6 - According to the Islamic Republic News Agency (IRNA), the public relations department of the Iranian Islamic Revolutionary Guard Corps issued a statement on September 5 denying that the Isfahan nuclear technology center and nuclear facilities had been attacked, calling the related reports purely fabricated. The statement said that spreading such content during the current sensitive situation is an attempt by hostile forces to create tension, disrupt public opinion, and incite public panic.September 6 - According to Irans Fars News Agency, a deputy political official of the Iranian Revolutionary Guard Navy stated that in the 10 days leading up to August 30, Iranian naval forces were "punishing" two to five "violations" of regulations every night in the Strait of Hormuz. The official added that the US attacks "did not cause the slightest disruption to Irans control in the region."On September 6th, Israeli public radio reported on the 5th that the Israeli military is preparing to partially withdraw from southern Lebanon and plans to establish a smaller "safe zone" along the Lebanese-Israeli border. The report stated that the Israeli military recently completed the destruction of Hezbollah tunnels beneath the Ali Tahir heights in the Nabatayah region of southern Lebanon, subsequently formulating the aforementioned relocation plan. Israeli security officials said that under the new plan, the Israeli military will withdraw to a position closer to the Lebanese-Israeli border, reducing the depth of its controlled area in southern Lebanon from the current approximately 10 kilometers to 3-4 kilometers. The new deployment line, referred to as the "grey line," will replace the current "yellow line."

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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