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On August 9th, local time, the U.S. Central Command stated that on August 8th, U.S. Navy personnel were performing maintenance on F/A-18 Super Hornet fighter jets aboard the USS Abraham Lincoln aircraft carrier to ensure the carrier strike groups equipment remained operational and to continue strictly enforcing the naval blockade against Iran. As of that day, the U.S. military had diverted 53 merchant ships, rendered two ships inoperable, and boarded and inspected two other vessels. In addition, the U.S. military allowed more than 30 ships carrying humanitarian aid to pass through the blockade zone.On August 9th, US Vice President Vance stated on the 8th that the US and Iran are in dialogue, and the US-Iran conflict remains in the "middle of the game." In an interview with Fox News that day, Vance said the US-Iran conflict is not over, "but its clearly no longer in the initial stages, but has entered the middle stages." He stated that the US is using a combination of diplomatic, economic, and military means to ensure the best possible outcome. Vance said the USs current primary focus is "to maximize the amount of oil and gas transported through the Strait of Hormuz," and the US is observing whether Iran is willing to make the necessary long-term changes to establish a better relationship with the US. If Iran is unwilling, the US will continue to exert pressure. Vance also said the US is trying to establish a navigation mechanism to ensure the safe passage of ships. This includes mine-clearing operations, and "also requires a commitment from Iran to guarantee that it will not fire on merchant ships."The U.S. Geological Survey reports a 4.7-magnitude earthquake that struck the Kermadec Islands at a depth of 10 kilometers.Saudi Arabia reiterated its firm support for the legitimate Yemeni government.On August 9th, Ukrainian Foreign Ministry spokesman Tishi stated on the 8th that Ukraine is maintaining close contact with Bulgaria to ascertain the specific circumstances surrounding the drone crash in Bulgaria that day. He emphasized that the Ukrainian military did not intentionally launch any equipment towards Bulgaria. Tishi said that Ukraine is verifying all the circumstances and relevant technical facts of the incident and is willing to cooperate with Bulgaria to ascertain the details.

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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