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S&P: Investor sentiment is key to Indonesias sovereign credit support.February 19th - According to the National Energy Administration, from midnight on the 28th day of the twelfth lunar month (February 15th) to midnight on the first day of the first lunar month (February 17th), statistics from the 53,300 highway charging piles included in the national charging infrastructure monitoring and service platform showed that during the first three days of the Spring Festival holiday, new energy vehicles were charged a total of 1.4099 million times, with an average daily charging volume of 11.8008 million kilowatt-hours, a 63.05% increase compared to the same period last year. The highway charging infrastructure operated smoothly, effectively ensuring the needs of people traveling by new energy vehicle for visiting relatives, tourism, and returning home during the holiday. In the coming days, the return travel peak of the Spring Festival holiday will arrive. The National Energy Administration, together with relevant departments, will further strengthen scheduling and monitoring to continue to ensure the charging needs of new energy vehicles during the Spring Festival holiday.The Indonesian rupiah fell to its lowest level against the US dollar since January 22, last trading at 16,915 rupiah to the dollar.On February 19th, China submitted its "Position Paper on WTO Reform under the Current Situation" to the World Trade Organization (WTO). The head of the WTO Department of the Ministry of Commerce provided an interpretation of the position paper. The overall position outlines Chinas general understanding of the WTO and its basic attitude towards WTO reform. The position paper states that the WTO provides open, non-discriminatory, stable, and predictable institutional guarantees for economic globalization. While the multilateral trading system has been impacted by unilateral tariff measures, and trade tensions have intensified, WTO rules and mechanisms remain a crucial barrier against trade turmoil. Unilateralism and protectionism are not the solution; all parties should address the real challenges brought about by economic globalization through multilateral cooperation, domestic reforms, and inclusive and mutually beneficial development. The position paper emphasizes that economic globalization is an unstoppable historical trend. WTO reform should aim to strengthen multilateral trade governance, uphold the most-favored-nation (MFN) treatment as the cornerstone of the WTO rules system, and place development at the center of the WTO reform agenda. It should address long-standing unresolved issues while exploring and formulating new rules for the future.Reserve Bank of New Zealand Assistant Governor Silk: Even with a small rate hike, interest rates will only be near the bottom of the neutral range.

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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