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On September 12, local time, President Xi Jinping attended the first phase of the 18th BRICS Summit in New Delhi. Xi Jinping emphasized that the world is currently undergoing profound changes, with the global South growing significantly and multipolarity becoming unstoppable. At the same time, unilateralism and power politics are on the rise, multilateralism and the international order are under attack, and the deficits in peace, development, security, and governance are widening. BRICS countries must firmly stand on the right side of history, act as pioneers of the times, guide the international order towards a more just and equitable direction, and work together to build a community with a shared future for mankind.On September 12, local time, President Xi Jinping attended the first phase of the 18th BRICS Summit in New Delhi and delivered an important speech. Xi Jinping pointed out that the situation in the Middle East Gulf continues to evolve in a complex manner. This conflict has caused serious losses to the people of all countries in the region and is not in the common interest of the international community. He put forward a four-point proposal for maintaining and promoting peace and stability in the Middle East, aiming to call for de-escalation, an end to the conflict, and the promotion of peace. All relevant parties should adhere to the direction of a political solution and promote a permanent and comprehensive ceasefire. China is willing to work with BRICS members to play its due role in achieving peace and tranquility in the Middle East Gulf region.European Central Bank President Christine Lagarde will speak in ten minutes.US President Trump: Oil prices will plummet when the war with Iran ends.US President Trump: I want to see Ireland united; it would be a huge honor for everyone. The UK will comment on this.

Despite the fact that Eurozone interest rates are anticipated to peak sooner, the EUR/GBP looks to have breached over 0.8630

Daniel Rogers

Dec 07, 2022 15:12

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The EUR/GBP pair has had a stronger recovery from 0.8580 during the Asian session, approaching the pivotal 0.8630 level. Despite the European Central Bank (ECB) being close to reaching an interest rate high, there has been strong demand for Euro bulls. Thus, the monetary policy meeting scheduled for next week will be of utmost significance.

 

The cross is attempting to break strongly above the significant barrier of 0.8630 for the fourth time this week. The hawkish remarks made by ECB policymakers are holding back the euro bulls.

 

"There will be another rate hike," said Constantinos Herodotou, governor of the Central Bank of Cyprus, "but we are very near to neutral." The European Central Bank's chief economist, Phillip Lane, is unsure as to whether the inflation peak has already occurred or will take place in 2019. He stated that although "much has already been done," he does not rule out more rate increases.

 

Investors are currently looking forward to Christine Lagarde's speech, which will be revealed on Thursday. The ECB President is likely to lower her inflation projection in her future statement in light of the poor retail sales numbers.

 

In contrast to expectations for a 1.7% loss, this week's Eurozone retail sales numbers showed a 1.8% decline. Aside from that, annual economic data contraction came in at 2.7% as opposed to the 2.6% consensus expectation. A decline in household demand demonstrates the effectiveness of the European Central Bank's (ECB) policy tightening initiatives. To reach their sales targets, firms could feel pressured to lower the prices of their products and services.

 

The United Kingdom's deteriorating food crisis, brought on by growing costs and a labor shortfall, has had an impact on the Pound Sterling. According to Minette Batters, president of the National Farmers Union, "the government and the entire supply chain must act swiftly." The Financial Times stated that "tomorrow might be too late." The economy already faces rising food inflation, and the issue with the supply of food will make matters worse.


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