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On August 22, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, met with Luhut Binsar Pandjaitan, Chairman of the National Economic Council of Indonesia, in Jakarta. Wang Yi stated that under the strategic guidance of President Xi Jinping and President Prabowo Subianto, China-Indonesia relations have maintained a good momentum of development. Practice has proven that strengthened friendly cooperation between China and Indonesia has not only powerfully promoted the development of their respective countries but also set a model of mutually beneficial cooperation among the Global South. China is a trustworthy, long-term, and stable strategic partner for Indonesias development and revitalization. Currently, the Global South is experiencing a collective rise, and China and Indonesia are important representatives of this trend. The two countries are geographically close and economically complementary, and both adhere to a friendly policy towards each other. Further deepening cooperation between China and Indonesia enjoys favorable conditions in terms of timing, location, and people. China is willing to work with Indonesia to fully utilize the comprehensive strategic dialogue mechanism and the "2+2" dialogue mechanism, eliminate interference, enhance mutual trust, further tap potential, and promote the timely advancement and upgrading of cooperation in various fields.Iranian Deputy Foreign Minister Khatibzadeh: The United States and Israel have always believed that carrying out a terrorist attack would lead to a split within Irans political and security system. But they have witnessed firsthand how the Iranian people, officials, and soldiers have all stood their ground in the name of Iran, without even submitting leave applications.Iranian Deputy Foreign Minister Khatibzadeh: What has happened in Iran over the past year is a prime example of the terrorist camp taking action against the camp of justice and resistance. It is necessary to establish a museum to display the remains of all the victims.Iranian Deputy Foreign Minister Khatibzadeh: Everything that the “terrorist camp” has done to the Iranian people over the past few years will be forever recorded in history.Market news: The Vatican will invest 100 million euros to build renewable energy power plants.

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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