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On July 9th, at a press conference following the NATO summit on July 8th, US President Trump was asked why he had praised Iranian leaders last month as very rational, tough, intelligent, and easy to deal with, but now accused them of being distorted and pathological. Trump responded that it was because he "saw through Iran" and was "unsure whether to reach a deal with them." In answering a reporters question, Trump also claimed to be "number one on Irans assassination list." Trump further stated that he "does not believe there will be a large-scale, protracted war between the US and Iran" and that the conflict would "end quickly."1. Two Russian oil tankers were damaged in a drone attack. 2. The commander of the Ukrainian drone force in Kyiv stated that Ukrainian drones struck nine oil tankers belonging to Russias "shadow fleet" in the Sea of Azov last night. 3. South Korean officials: South Korea will provide $100 million in aid to Ukraine. 4. NATO announced several arms purchase and defense investment plans totaling tens of billions of dollars during the organizations summit, involving the development of counter-drone capabilities and drone procurement. 5. NATO summit statement: NATO allies pledged €70 billion in support for Ukraine by 2026. 6. US President Trump: Will work with Zelensky to explore what assistance can be provided to the country.US President Trump: (Regarding NATO) They had the opportunity to help us on Iran, but they chose to stand by. But we seem to have forgotten about it. Now, they are all eager to offer assistance on Iran.July 9th - According to foreign media reports, sources familiar with the matter revealed that AI chip startup Positron is in talks for a two-stage funding round, aiming to raise approximately $750 million. Positron focuses on developing high-efficiency inference chips for running AI models and is one of many companies seeking to challenge Nvidias dominance. The first stage of this funding round is expected to value the company at $3.5 billion, and the second stage could value it at approximately $5 billion. If the funding round is successfully completed, the companys valuation will more than triple in just five months. Positron has a large investor base, including Valor Equity Partners, Atreides Management, and DFJ Growth, as well as Arm and the Qatar Investment Authority.The UKs three-month RICS house price index for June was -33, compared to a forecast of -30 and a revised previous reading of -34 (from -35.00).

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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