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On July 11, Iranian Parliament Speaker Mohammad Ghalibaf announced on social media that those responsible for the killing of Ali Khamenei would be held accountable. Ghalibaf emphasized that those responsible for attacks on Iranian territory, the killing of Iranian citizens, and especially the murder of Ali Khamenei, would be punished. The funeral for the late Supreme Leader Ali Khamenei was held on July 9 in Mashhad, his birthplace in northeastern Iran.On July 11, the Ministry of Civil Affairs issued a notice requiring local civil affairs departments to make every effort to carry out flood prevention and disaster relief work. The notice requires that social forces be guided and regulated to participate in disaster relief in a scientific and orderly manner. It calls for active cooperation with emergency management and other departments to guide social organizations in the emergency rescue field to leverage their professional advantages, connect with social resources, and coordinate flood prevention and disaster relief work in an orderly and collaborative manner. It also requires guiding charitable organizations to proactively connect with the needs of disaster areas, conduct disaster relief charitable donations in accordance with laws and regulations, promptly allocate donated funds and materials, and ensure information disclosure.July 11 - According to data from Lighthouse Pro, as of 8:34 PM on July 11, the daily box office revenue of the domestic film market exceeded 300 million yuan, marking the first time since February 26 this year that the daily box office revenue has exceeded 300 million yuan.July 11th - According to the official WeChat account of Hangzhou Metro, due to the impact of Typhoon Bavi (No. 9), Hangzhou City has activated a Level I typhoon emergency response. Starting at 6:00 AM on July 12th, the entire metro network will be suspended, with the resumption time to be announced separately.On July 11, Claudio Descalzi, CEO of Eni, the Italian state-owned holding group, stated that if the Middle East conflict continues, the global oil market will break through the current range of approximately $80 to $100 per barrel by the first quarter of 2027 at the latest, pushing up inflation and reducing energy demand. In an interview published Saturday in Il Sole 24 Ore, Descalzi said that the release of strategic reserves has so far helped keep crude oil prices roughly within this range, but this strategy is facing increasing risks because global reserves are finite. “The long-term solution is to enhance energy security through the diversification of supply sources and routes,” he said. Descalzi noted that global oil inventories have fallen by an average of 3.8 million barrels per day due to disruptions related to the war with Iran that began at the end of February, accelerating to an average of 4.6 million barrels per day in May. He stated that countries should focus on producers in North Africa and sub-Saharan Africa, Latin America, and Southeast Asia, while reducing reliance on controlled maritime routes.

GBP/JPY crosses 164.00 as the chance of a BOJ cautious policy grows

Alina Haynes

Jun 17, 2022 12:05

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The GBP/JPY pair has swiftly eclipsed its two-day high and the critical resistance level of 164.00 as the chance of an ultra-loose monetary policy by the Bank of Japan grows (BOJ) (BOJ). A contrast in monetary policy between the Bank of England (BOE) and the Bank of Japan (BOJ) has boosted the pound bulls versus the Japanese yen.

 

Thursday's monetary policy meeting resulted in a 25 basis point (bps) increase in the Bank of England's interest rates. The interest rates are officially risen to 1.25 percent. BOE Governor Andrew Bailey and his colleagues made a conclusion that was consistent with market participants' expectations. In view of inflationary pressures in the UK economy, a 50-bps rate hike should have been enacted, but the BOE's failure to completely tighten monetary policy is a result of lower growth forecasts.

 

The UK Consumer Price Index (CPI) has surged past 9 percent on an annual basis, and growing price pressures are aggressively eating into the wages of individuals. Therefore, the BOE is essential to restore lower inflation levels as rapidly as feasible.

 

Returning to the Tokyo front, the BOJ will continue to infuse helicopter money into the economy since their inflation rate of 2.5 percent per annum is severely polluted by rising oil prices. The BOJ is projected to retain its present posture notwithstanding the continuing of growing price pressures.


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