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On April 6, Ukrainian President Volodymyr Zelensky said on social media on April 5 local time that French Chief of the General Staff Thierry Burkhard and British Chief of Defense Staff Admiral Tony Radakin met with the Ukrainian military in Kiev. Zelensky said that all parties are making every effort to ensure Ukraines security, and the negotiations on the deployment of European partner security teams have made substantial progress and initial details.On April 6, the Russian Ministry of Defense issued a notice on the 5th saying that in the past 24 hours, the Ukrainian army had carried out 14 attacks on Russian energy infrastructure, resulting in power outages in Bryansk Oblast, Belgorod Oblast and other places, and residents were evacuated. The Russian side said that it has launched emergency repair work and strengthened air defense deployment for key facilities. In response, the General Staff of the Ukrainian Armed Forces responded that the Russian statement was not true.On April 6, Meta Platforms (META.O) released a new set of artificial intelligence models in its Llama series, Llama 4, on Saturday. There are a total of four new models in the series: Llama 4 Scout, Llama 4 Maverick and Llama 4 Behemoth. Meta said that all these models have been trained with "a large amount of unlabeled text, image and video data" to give them "extensive visual understanding capabilities." Meta AI has been updated to use the Llama 4 model in 40 countries. Currently, multimodal features are only available in English in the United States.Ukrainian President Volodymyr Zelensky lashed out at the U.S. Embassy on April 5, calling its statement "weak" and failing to blame Russia for the missile attack on the Ukrainian city of Krivyh.On April 5, OPEC+ major members reiterated that they must strictly abide by their oil production quotas after the group unexpectedly announced an accelerated pace of production increases, causing crude oil prices to plummet. According to a statement released by the group on its official website on Saturday, the OPEC+ Joint Ministerial Monitoring Committee (JMMC) noted that some member countries had failed to fully comply with production restrictions and had not further cut production as promised to make up for excess production. These countries were told to submit compensation plans by April 15. OPEC+ shocked the oil market last week when it announced that it would accelerate production increases. Delegates privately said the move was aimed at urging member countries such as Kazakhstan and Iraq to strengthen enforcement discipline.

The EUR/GBP exchange rate recovers above 0.8000 in advance of Eurozone inflation and UK gross domestic product

Alina Haynes

Mar 30, 2023 16:05

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The EUR/GBP pair extended its recovery above 0.88 during the Asian trading session. Anticipating that the European Central Bank (ECB) will continue to raise interest rates to combat persistent inflation, the cross has depreciated progressively. Friday will see the publication of preliminary Eurozone Harmonized Index of Consumer Prices (HICP) and Gross Domestic Product (GDP) (Q4) figures. Prior to the publication of these figures, it is anticipated that the asset will exhibit explosive activity.

 

It is anticipated that the preliminary Eurozone HICP will decelerate significantly from 8.5% to 7.3%. While it is anticipated that the core HICP will rise to 5.7% from 5.6% in the previous release. Weak energy prices are anticipated to have a significant impact on Eurozone inflation. In light of Christine Lagarde's prediction that inflation will remain elevated for an extended period of time, the European Central Bank (ECB) is expected to continue tightening monetary policy.

 

In the interim, banking tensions are subsiding as the absence of information regarding additional collateral damage has a positive impact on the market. Chief Economist Philip Lane stated on Wednesday that ECB interest rates must rise if banking tension has no or a "relatively limited" impact.

 

Investors avidly anticipate the United Kingdom's Gross Domestic Product (GDP) data. According to the consensus, the United Kingdom's growth in the fourth quarter of CY2022 remained unchanged. It is anticipated that the annual GDP will remain unchanged at 0.4%. It is expected that the British economy will undergo a severe recession as a result of high inflation and sluggish growth.

 

The Bank of England (BoE) policymakers appear confident that inflation will moderate in the near future and that the unexpected rise in February's inflation was a one-time anomaly; however, the absence of evidence raises doubts. If inflation persists, BoE Governor Andrew Bailey stated that additional rate increases would be announced. In contrast, Bank of America (BoA) analysts anticipate that the Bank of England (BoE) will not increase rates and will maintain current levels until 2024.


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