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According to RIA Novosti, Ukrainian forces launched 41 attacks on Russias Belgorod region in one day, and 47 drones were intercepted.On July 11, the Ukrainian Presidential Office announced on the 10th that President Zelenskyy had signed a decree to establish a special command and a joint rapid reaction force. In a video address, Zelenskyy stated that a special command would be established within the Ukrainian Armed Forces to specifically handle long-range strike operations against Russia. This command would concentrate all available resources to further weaken Russias combat capabilities. He also said that existing assault forces would be reformed to form a modern, technology-driven joint rapid reaction force. This force would combine assault troops, artillery units, and unmanned combat capabilities to ensure rapid response on the front lines. He has appointed Brigadier General Dmytro Voloshin to lead this force. Zelenskyy also posted on social media that day that due to production constraints on the US Patriot air defense system and the European new-generation SAMP-T surface-to-air missile system, Ukraine would develop its own domestic air defense and anti-missile system.According to Saudi media Hadas, there are unconfirmed reports of loud explosions heard near Bakhdasht and Barshiin in Iran.July 11 - A 4.3-magnitude earthquake struck the Lima region of Peru at 11:42 p.m. local time on July 10, 2026. The epicenter was located approximately 22 kilometers southwest of Lurin, at a depth of 60 kilometers. The tremor was felt in the capital, Lima.The European-Mediterranean Seismological Centre reports a 4.9-magnitude earthquake in the Selam Sea, Indonesia, at a depth of 10.0 kilometers.

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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