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On May 15th, Reuters reported that Milan formally submitted his resignation to the Federal Reserve on Thursday, setting his departure date to be either or shortly before Warshs swearing-in as Fed chairman. Warsh is expected to be sworn in as Fed chairman in the coming days. In his resignation letter, Milan continued to warn that interest rates may be too high. He wrote that broader economic trends such as slowing population growth and deregulation will, on their own, reduce inflation, giving the Fed an opportunity to ease policy. He also argued that the technical challenges of measuring inflation could lead to inflation statistics being higher than they actually are.Israeli Prime Minister Netanyahu: If we had not waged two wars against Iran, we would be facing an entity with nuclear weapons, which would pose an existential threat to us.GFZ (German Center for Geosciences): A 6.37-magnitude earthquake struck the Banda Sea region.Iranian Foreign Ministry: Foreign Minister Araghchi met with Russian Foreign Minister Lavrov, and the two sides discussed and reviewed cooperation between Tehran and Moscow in the fields of politics, energy, transportation, and regional cooperation. They also exchanged views on the latest developments in West Asia and negotiations related to the Iranian nuclear issue.On May 15th, local time, an emergency meeting of interior ministers from the Gulf Cooperation Council (GCC) member states was held in Riyadh, the capital of Saudi Arabia, on May 14th. The meeting was chaired by Bahrain. The UAE delegation was led by Deputy Prime Minister and Minister of Interior Saif al-Islam. Saif stated that the UAEs participation in this meeting demonstrates the UAEs consistent adherence to the principle of "indivisible security within the GCC," meaning that any threat to GCC member states will directly affect the security and stability of the entire region. Saif stated that the UAE will continue to be committed to strengthening national security, safeguarding development achievements, consolidating social cohesion, and responding to all attempts to undermine the security and stability of GCC member states.

Due to China's higher-than-expected inflation, the USD/CNH exchange rate falls below 6.95

Daniel Rogers

Dec 09, 2022 15:28

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During the Asian session, the USD/CNH pair broke below the narrow consolidation created near 6.9600. The downward pressure on the main currency is a result of the higher-than-anticipated release of China's inflation data and investors' increased risk appetite.

 

China's yearly Consumer Price Index (CPI) has hit 1.6%, which is greater than the projected 1.0% but less than the prior announcement of 2.1%. While the monthly figure indicates a 0.2% decline, the annual rate is up 0.4%. The yearly Producer Price Index (PPI) data has decreased by 1.3% compared to the consensus estimate of a 1.5% decline. The economists at TD Securities projected that the annual inflation rate would decline from 2.1% to 1.5%.

 

The People's Bank of China (PBOC) may be required to provide additional stimulus packages to stimulate the pace of economic activity, despite the fact that the release is greater than anticipated but in a phase of decline.

 

In the interim, the removal of Covid-19 restrictions will stimulate economic activity in China. Previously, the administration imposed limits on the movement of personnel, goods, and machines in an effort to prevent the spread of disease. Now, the reopening of the economy after domestic demonstrations will improve economic prospects.

 

As investors anticipate a delay in the Federal Reserve's interest rate hike, the US Dollar Index (DXY) has fallen dramatically to near 104.56. (Fed). In addition, markets have shrugged considerable uncertainties around the Fed's peak interest rate guidance.

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