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April 17th - According to the latest data released by Counterpoint Research on Friday, Apples (AAPL.O) iPhone shipments in China grew by 20% in the first quarter of this year, the strongest growth among major suppliers. The data shows that smartphone shipments in China, the worlds largest smartphone market, declined by 4% between January and March, mainly due to supply chain disruptions and soaring memory chip prices. However, Huawei and Apple bucked the trend, achieving growth of 2% and 20% respectively.On April 17th, European Central Bank (ECB) Governing Council member Michel Mueller stated that the ECB needs to remain vigilant regarding potential inflation risks arising from the Iran war, but should not act rashly. There are currently no signs of a broader second round of price impacts, and the ECB is in a more favorable position than it was in 2022. However, it would be "too dangerous" to assume that the energy shock is temporary and can be completely ignored. He stated, "We can perhaps exercise a little patience and not rush into action. But of course, we dont want to hesitate and fall behind the developments."On Friday, April 17, the Hang Seng Index closed down 233.93 points, or 0.89%, at 26,160.33; the Hang Seng Tech Index closed down 49.4 points, or 0.97%, at 5,042.68; the H-share Index closed down 60.09 points, or 0.67%, at 8,845.02; and the Red Chip Index closed down 21.69 points, or 0.5%, at 4,325.72.The Eurozones unadjusted current account balance for February was €21.1 billion, compared to €13 billion in the previous month.The Eurozones seasonally adjusted current account balance was €25 billion in February, compared to €37.9 billion in the previous month.

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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