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Japanese Minister of Economy, Trade and Industry Minoru Jonouchi: The CPI is expected to gradually rise due to the situation in the Middle East.Destri, a candidate for governor of Central Bank Indonesia, said that the central banks interest rate policy will be forward-looking and preventative.On August 26th, DBS Bank economists Taimur Baig and Radhika Rao predicted that the Bank of Korea (BOK) will raise its benchmark interest rate by 25 basis points to 3.00% at its August meeting. They also noted significant room to revise its 2026 GDP growth forecast from the current 2.6% to approximately 3.5%, and its 2027 CPI inflation forecast from the current 2.3% to near 3.0%. They pointed to stronger-than-expected economic growth in the first half of the year, continued core inflation, and rising housing prices as supporting factors. However, they also stated, "However, we cannot rule out the possibility that the BOK will adopt a hawkish stance and remain on hold at this meeting. This assessment mainly reflects the recent tightening of financial market conditions due to the sharp appreciation of the won and increased volatility in the KOSPI index. Therefore, the BOK may maintain the current interest rate at this meeting while hinting at a possible further rate hike at the October meeting."On August 26th, in response to passenger concerns regarding flight ticket refund and change services, the China Air Transport Association (CATA) has taken the lead in coordinating and promoting the upgrading and optimization of these services, launching several measures. These include researching and issuing refund and change standards to comprehensively improve the transparency of the rules. CATA is currently leading the development of a special group standard for flight ticket refunds and changes, which is planned to be officially released and implemented this year. The standard will clearly define refund and change requirements. All ticketing platforms and official airline channels must proactively disclose refund and change rates, restrictions, and free refund and change scenarios to passengers before they pay for their orders, using prominent fonts, mandatory pop-up prompts, exclusive logos, and upfront notifications. This will address the issues of hidden, incomprehensible, and uninformed rules, ensuring passengers right to know and right to choose.The yield on Japans two-year government bonds rose 2.0 basis points to 1.695%.

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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