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On June 26th, according to Japanese sources on the 24th, Japanese Prime Minister Sanae Takaichi accepted suggestions from the ruling Liberal Democratic Party (LDP) and the Japan Innovation Party regarding revisions to the "Three Security Documents." The Japanese government plans to formally revise the "Three Security Documents" through a cabinet meeting by the end of this year, and is expected to propose a policy of increasing defense spending, following the LDPs stance. While the LDP did not specify a concrete figure for Japans defense spending, it cited NATO member states aiming for 3.5% of GDP as a benchmark, requesting further research based on these examples. The Japan Innovation Party, on the other hand, demanded that the spending reach "more than 2%" of GDP by 2026. Furthermore, regarding the clause in the "Three Non-Nuclear Principles" against the introduction of nuclear weapons, the Japan Innovation Party stated that "a realistic discussion should be conducted," mentioning revisions and calling for the swift introduction of nuclear submarines.According to AXIOS: U.S. House Speaker Boris Johnson said he will submit the housing bill to the White House after meeting with Trump.The U.S. State Department has approved the sale of training services and related equipment for F/A-18F Super Hornet and EA-18G Growler aircraft to Australia for $250 million.British officials say King Charles will not be residing at Buckingham Palace after the renovations are completed next year.Sources say JPMorgan Chases (JPM.N) board expects Jamie Dimon to continue as CEO for several more years. After stepping down as CEO, Dimon will become executive chairman.

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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