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On November 24th, Alexei Pushkov, a member of the Constitutional Committee of the Federation Council of Russia, argued that the EUs plan to mediate the conflict in Ukraine is a carefully crafted scheme to perpetuate the conflict. Pushkov stated, "Europes peace plan is not a genuine peace plan, but a plan to continue the war. And it has been carefully considered and corrected." The supplementary plan on Ukraine proposed by the EU, released on Sunday, includes 28 points, including a suggestion that Ukraine could join NATO, a possibility unacceptable to Russia. The plan suggests that Europe proposes allowing Ukraine to join NATO if NATO member states reach a consensus. The European proposal does not specify a timeframe for holding elections in Ukraine. It also includes a statement that NATO will not deploy troops in Ukraine, though this is stated as "in peacetime." Furthermore, the European proposal does not include recognition that Crimea, Luhansk, and Donetsk are de facto "Russian territory."Canadian Prime Minister Carney: Indian Prime Minister Modi and I have launched negotiations on a trade agreement that is expected to more than double our trade volume to $70 billion.On November 24th, Ukrainian President Volodymyr Zelenskyy delivered a speech on the 23rd, local time, briefing the Ukrainian delegation on the series of high-level talks held that day in Geneva, Switzerland. Zelenskyy stated that Ukraine is very carefully formulating the steps needed to end the conflict. He revealed that the negotiations in Switzerland on the 23rd would continue, with the team expected to work until late at night and submit further progress reports. Regarding communication with US representatives, both sides maintained substantive dialogue, and Ukraine has received positive signals that US President Trumps team is carefully listening to Ukraines position and concerns. Zelenskyy emphasized that ensuring the steps to end the conflict are effective and feasible is crucial. The current acceleration of the diplomatic process is a positive sign, and Ukraine expects the final outcome to be reflected in a series of correct, powerful, and sustainable action plans.On November 24th, representatives from Ukraine, the EU, and the US met in Geneva, Switzerland, on Sunday to discuss the US-proposed 28-point plan to end the Russia-Ukraine conflict. The EU representative reportedly presented a European version of the counter-proposal. According to the EUs counter-proposal, the number of Ukrainian troops would be capped at 800,000, higher than the US-proposed 600,000. Ukraine also pledged not to use military means to reclaim occupied sovereign territories, and that territorial exchange negotiations would begin from the current military contact line. The EU further proposed that Ukraine would receive a US security guarantee similar to Article 5 of NATO, and that NATO would agree not to permanently station NATO-commanded troops in Ukraine during peacetime, with NATO aircraft only stationed in Poland. Whether Ukraine would join NATO would depend on the consensus of NATO member states, but currently, there is no such consensus. Furthermore, Ukraine will hold elections as soon as possible after the signing of a peace agreement.On November 24th, German Chancellor Merz stated during the G20 summit in Johannesburg, South Africa on the 23rd that he had proposed a simplified version of the "28-point" plan put forward by the United States to end the Russia-Ukraine conflict. Merz stated that this plan is "below the level of a complete solution" and aims to find workable points of consensus in complex negotiations. He indicated that the "28-point" plan is too complex to reach an agreement in such a short time, and he hopes that the "simplified plan" will at least attempt to find a point of entry for reaching a consensus. Merz pointed out that given the current differences, reaching an agreement by the 27th, as demanded by US President Trump, is quite difficult.

GBP/USD hits 1.16 because to Truss' fiscal boost and rising BOE rates

Alina Haynes

Sep 06, 2022 15:27

截屏2022-09-06 上午11.21.16.png 

 

GBP/USD receives bids to retest the intraday high above 1.1590 as bulls embrace Lizz Truss' leadership amid expectations of a large stimulus and a push to the Bank of England (BOE). Consequently, throughout Tuesday's Asian session, the Cable pair led the G10 currency pairs with intraday gains of 0.65%.

 

"Incoming Prime Minister Liz Truss has drafted plans to stabilize annual energy and gas costs for a typical UK residence at or below the current level of £1,971," As a result of Russia's decision to shut off gas supplies to Europe in response to sanctions imposed in response to the invasion of Ukraine, she is under pressure to find a solution to increasing energy prices that are crushing individuals and businesses in the United Kingdom.

 

After the results were revealed, Truss declared, "I will submit a solid proposal to cut taxes and stimulate the economy." According to Reuters, UK prime ministerial candidate Truss stated, "I would resolve the energy crisis by tackling people's energy prices and our long-term energy supply problems."

 

Aside from that, her criticism of the BOE's slow response to the fight against inflation is well-known, which suggests that the "Old Lady," as the UK's central bank is often known, will increase interest rates more quickly.

 

The dollar's loss also contributes to the GBP/USD recovery, it should be noted. Despite this, the US Dollar Index (DXY) fell 0.35 percent to 109.43 at press time, failing to justify higher US Treasury yields. In doing so, the dollar index versus the six major currencies extended its drop from yesterday's 20-year high.

 

The decrease in the DXY may also be attributable to the market's cautious optimism, as indicated by mildly optimistic stock futures, in anticipation that global authorities will be able to address the energy crisis. The recent reduction in hawkish Fed predictions, particularly in the wake of Friday's mixed US employment report, provides additional support for the GBP/USD recovery.

 

Alternatively, according to data released by payments provider Barclaycard on Tuesday, a decrease in Consumer Spending investigates the bears. The Financial Times said that "UK consumers cut spending on clothing, home improvement, and cosmetics in August, while business activity declined, a symptom of "collapsing" demand due to the escalating cost of living crisis" (FT).

 

Amid crowded markets, risk catalysts are likely to occupy pair traders in the future. Also essential will be the ISM Services PMI for August, which is predicted to be 55.5 as opposed to the prior reading of 56.7.

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