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On May 18, Al Jazeera reported that the Saudi Ministry of Foreign Affairs issued a statement condemning the latest drone attack in the UAE earlier today, which caused a fire at the Barakah nuclear power plant. The statement read, "The Saudi Ministry of Foreign Affairs issues its strongest condemnation of the use of drones to attack the UAE."On May 18, local time, the Lebanese Ministry of Health issued a statement saying that since March 2, Israeli attacks on Lebanon have resulted in 2,988 deaths and 9,210 injuries.On May 18th, according to Al Jazeera, Iran stated that Trumps threatening rhetoric and pressure tactics are unacceptable and insisted that the United States should engage with Iran on the basis of mutual respect. Tehran responded to Washingtons escalating rhetoric with the same determination, demonstrating the same level of readiness and military preparedness on both sides. Iran stated that it is prepared for any form of escalation, whether the situation is in the Strait of Hormuz or on its territory. Iranian Foreign Minister Araqchi stated that Irans preparations are "currently" over 100%.According to Axios, US President Trump stated that he still believes Iran wants a deal and that he is awaiting an updated proposal from Iran, hoping it will be better than the one presented a few days ago. He declined to give a specific timeframe for negotiations with Iran.Saudi Foreign Ministry statement: Saudi Arabia condemns the drone attack on the Barakah nuclear power plant in the United Arab Emirates.

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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