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The German DAX 30 index opened 73.28 points higher, or 0.30%, at 24,755.00 on Monday, June 29th; the UK FTSE 100 index opened 18.52 points lower, or 0.18%, at 10,489.50; and the French CAC 40 index opened 10.60 points lower, or 0.13%, at 8,374.27. The Stoxx 50 index opened 4.50 points higher, or 0.07%, at 6226.05 on Monday, June 29; the Spanish IBEX 35 index opened 53.45 points lower, or 0.28%, at 19371.85 on Monday, June 29; and the Italian FTSE MIB index opened 47.15 points higher, or 0.09%, at 51312.50 on Monday, June 29.As of 3:00 PM Beijing time, spot platinum fell 0.38%, while spot palladium rose 1.62%.Spains harmonized CPI rose 0.6% month-on-month in June, below the expected 0.4% and the previous reading of 0.10%.June 29th - According to the State Administration for Market Regulation, Chinas corporate credit index was 161.53 in May, indicating that the overall credit level of enterprises remained stable. The top five industries in terms of credit index were finance, electricity, heat, gas and water production and supply, residential services, repair and other services, water conservancy, environment and public facilities management, and manufacturing. Among them, the residential services sector saw the largest increase in the index, entering the top five for the first time this year. The culture, sports and entertainment industry also saw a slight increase in its index score, indicating continued strengthening of its credit resilience.Spains preliminary CPI monthly rate for June was 0.6%, below the expected 0.4% and the previous value of 0.10%.

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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