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The yield on Japans 20-year government bonds rose to 3.385%.The China Earthquake Networks Center officially reported that a magnitude 3.1 earthquake occurred at 13:11 on April 13 in Artux City, Kizilsu Kirghiz Autonomous Prefecture, Xinjiang (40.04 degrees north latitude, 76.04 degrees east longitude), with a focal depth of 17 kilometers.April 13th, Futures News: Economies.com analysts latest view: Brent crude oil futures recorded strong gains in recent intraday trading, with prices rising and retesting the key psychological resistance level of $100.00 per barrel. This rally was supported by a positive signal from the Relative Strength Index (RSI) after reaching oversold levels. Currently, prices are also approaching the resistance level of the 50-day EMA; however, a corrective bearish trend still dominates in the short term, which may limit further gains in the near term.On April 13th, UBS Bank repurchased gold. This followed a significant reduction in its gold holdings due to the market downturn caused by the Iran war. The bank stated that it believes the long-term outlook for gold remains solid. UBS is gradually incorporating gold into its clients portfolios, having previously reduced its gold holdings from approximately 10% to 3%. Since the outbreak of the war, gold prices have fallen sharply due to concerns about higher interest rates and the impact of liquidity tightening. UBS plans to further expand its gold holdings, which have now risen to approximately 6% of its clients portfolios. The bank still expects gold prices to reach $6,000 per ounce by the end of the year, as structural demand—including central bank purchases, concerns about fiscal deficits, and geopolitical tensions—remains robust.On April 13, Malaysian maritime authorities seized two oil tankers and their crews suspected of illegally transferring diesel fuel. During the operation, the Malaysian Maritime Enforcement Agency seized approximately 800,000 liters of diesel fuel, including about 700,000 liters believed to be fuel transferred between vessels without permission. The seized fuel was identified as Euro 5 standard diesel, with an estimated value of approximately RM5.43 million (approximately US$1.4 million). The total value of the seized items (including those from the two tankers) is approximately RM2.33 billion.

Before BOE/ECB policy statements, EUR/GBP crosses 0.86; UK inflation is the main topic

Alina Haynes

Dec 14, 2022 11:32

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The EUR/GBP pair is circling the significant resistance level of 0.8600 in the early Tokyo session. Following a test of the previous week's low near 0.8560 on gloomy UK Employment data, the cross significantly recovered on Tuesday.

 

Market participants had predicted a decline of 13,500 claimants in November, but instead the number of claimants unexpectedly surged by 30,500. In addition, the 6.1% increase in average earnings supported inflation forecasts since rising household incomes will stimulate strong retail consumption. Increased salaries will undoubtedly help people offset higher payments brought on by inflation-adjusted prices, but they will also leave them with more money to spend elsewhere, which will increase retail demand.

 

The Consumer Price Index (CPI) data for the UK will be important in the future. The consensus predicts that annual headline inflation will decrease from 11.1% to 10.9%. The core CPI is anticipated to stay at 6.5%.

 

The Bank of England's decision on interest rates will have the greatest impact on the British economy this week (BOE). In an effort to lower inflation, Bank of England Governor Andrew Bailey is likely to raise interest rates further. The announcement of a rate increase of 50 basis points (bps) is expected, according to analysts at Danske Bank.

 

The BOE forecast that financial limitations on UK businesses, particularly smaller ones, will worsen in 2023 in its most recent Financial Stability report. Additionally, there are still no significant signs of financial distress among British households.

 

Investors are paying close attention to the European Central Bank's monetary policy decision on the Eurozone front (ECB). Interest rates are anticipated to rise by 50 basis points (bps) to 2.5% under Christine Lagarde's leadership as head of the European Central Bank. The expected terminal rate for the ECB is 3 percent.


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