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Kremlin: During the phone call between Putin and Trump, the two sides discussed the Ukraine issue.July 5th - Ukrainian President Volodymyr Zelenskyy announced on social media on July 4th, local time, that he spoke with US President Donald Trump on Independence Day. Zelenskyy stated that during the call, the two presidents exchanged in-depth views on the latest situation on the front lines of the Russia-Ukraine conflict, diplomatic progress, and the realistic prospects for a ceasefire. They agreed to hold a face-to-face meeting during the NATO summit in Ankara to continue in-depth consultations on related issues.An advisor to the Ukrainian Interior Minister stated that Russia continues its terrorist attacks on Zaporizhia. The city has been hit at least five times.The Iraqi cabinet has authorized Basra Oil Company to sign a consulting service contract with KBR for the Basra-Hadisha oil pipeline project.U.S. Vice President Vance stated that Britain has "long been let down by its leadership" and hopes the countrys next prime minister will deliver the structural changes voters expect after years of political turmoil. "What Ive seen is six prime ministers in the last few years," Vance said. "The message to me is that there are serious problems in British politics, and people are desperately calling for major structural changes. I hope Andy Burnham—or if not him, then someone else—can deliver that change." He added that whoever becomes prime minister must find a way to get Britain back on track.

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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