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September 14th - According to the Financial Times, persistently high inflation has led to a standoff between Trump and Federal Reserve Chairman Warsh this week, with markets bracing for a Fed rate hike despite the presidents demands. Economists warn that the Feds credibility will be at risk if it doesnt support a rate hike on Wednesday, as official data shows the Fed chairman previously stated he needed to see meaningful improvement before avoiding a rate hike, but the data hasnt shown any signs of that. However, a rate hike just weeks before the November midterm elections could anger the president, who has made it clear he wants significantly lower borrowing costs. Trump reiterated on Sunday that the US should have the "lowest interest rates in the world." Trumps National Economic Council Director, Hassett, warned, "If its a rate hike, then the president... Im sure he wont be particularly happy about it."On September 14th, the State Council Information Office held a press conference on the theme of "Starting the 15th Five-Year Plan," where the National Health Commission, the State Administration of Traditional Chinese Medicine, and the National Center for Disease Control and Prevention introduced the decisive progress made in promoting the construction of a Healthy China. Lei Haichao, Director of the National Health Commission, stated that during the 15th Five-Year Plan period, emphasis should be placed on health governance, highlighting the fundamental, long-term, and stabilizing role of health legislation. We will advance legislation in the health field to better protect the public and practitioners, and better adjust various social relationships. Lei Haichao stated that the National Health Commission is drafting a childcare service law, which has entered the review process of the National Peoples Congress. In addition, the Blood Donation Law, enacted more than 20 years ago, is also being revised to adapt to the current new situation of blood supply and demand. During the 15th Five-Year Plan period, the legal foundation in the health field will be further strengthened, and the legal environment will be further optimized.Japans final July inventory growth rate was 0.5%, unchanged from the previous month.Japans capacity utilization index rose 0.5% month-on-month in July, down from 4.10% in the previous month.Japans capacity utilization index was 107.7 in July, compared with 107.2 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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