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July 23 – A Reuters survey shows that investors have significantly reduced their bearish bets on the South Korean won as South Korea attempts to expand its foreign exchange market, trade performance is strong, and sentiment towards the won has improved. A two-week survey of 10 respondents showed that short positions in the won fell to their lowest level in five months, while bearish bets on the Thai baht and New Taiwan dollar rose to multi-month highs. A combination of factors has boosted market participants confidence in the won: the launch of 24-hour onshore USD/KRW spot trading, strong AI chip exports driving economic recovery, and tighter monetary policy. “Confidence in the won has increased as South Korean authorities have opened up the foreign exchange market. South Korea’s strong trade performance is also likely to drive capital inflows,” said Jeff Ng, head of Asia macro strategy at Sumitomo Mitsui Banking Corporation.UAE Foreign Trade Minister: The UAE will soon import high-end AI chips from the United States.On July 23, Chow Tai Fook (01929.HK) released its unaudited key operating data for the three months ended June 30, 2026, showing a 15.1% year-on-year increase in retail sales. Same-store average selling price for gold jewelry remained strong during the quarter. The average selling price in mainland China continued to rise to HK$10,600 (Q1 Fiscal Year 2026: HK$8,400), while the average selling price in Hong Kong and Macau rose to HK$17,100 (Q1 Fiscal Year 2026: HK$15,600).On July 23, a press conference was held in Shanghai. Huang Binbing, Deputy Director of the Publicity Department of the Shanghai Municipal Committee and Deputy Director of the Shanghai State-owned Assets Supervision and Administration Commission, stated that Shanghai will focus on building a service platform for the overseas expansion of games, continue to support the development of the online literature platform "Qidian International," and promote the establishment of micro-drama overseas expansion bases in relevant districts. The city will also continue to compile country-specific "Guides for Chinese Games Going Global," and, relying on universities and industry associations, provide copyright protection and financial services in the game industry. Furthermore, a one-stop service center for micro-dramas will be established, integrating overseas expansion services such as government consultation, marketing promotion, copyright protection, and financial support.Taiwans M2 money supply annual rate was 8.13% in June, compared with 7.83% in the previous month.

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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