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On August 15th, Mexican President Jacques Sinbaum stated at a morning press conference on August 14th that the US decision to revoke the visa of the son of former Mexican President López Obrador was politically motivated and constituted interference in Mexicos internal affairs. Sinbaum emphasized that Mexico must remain steadfast in the face of such events, and that Mexico and the US should maintain a mutually respectful bilateral relationship. In fact, the US revoked the visas of at least six Mexican ruling party officials in 2026 alone. Simultaneously, citing involvement in drug trafficking to the US, the US requested the extradition of four current governors, mayors, and members of parliament, as well as six former officials, to the US for trial. The Mexican government rejected the US request, citing insufficient evidence from the US.UK Maritime Trade Organization: No damage assessment reported; environmental impact unknown.UK Maritime Trade Organization: A projectile struck the hull; crew reports safety.The UK Maritime Trade Organization: We have received reports that a bulk carrier was attacked by an unidentified object in the Strait of Hormuz on Friday.On August 15th, the Indonesian Ministry of Foreign Affairs Consular Department reported that no foreign citizens were injured or killed in the earthquake. The department stated that a 7.7-magnitude earthquake struck off the coast of Nagkeo Regency, East Nusa Tenggara (NTT) at 4:58:24 AM local time on August 15th. The epicenter was located approximately 38 kilometers northeast of Mbay, with a depth of 15 kilometers. The earthquake initially raised concerns about a potential tsunami, prompting the evacuation of some coastal residents. The Indonesian Meteorology, Climatology and Geophysics Agency reported that as of 11:00 AM Central Indonesian Time on August 15th, 111 aftershocks had been recorded since the 7.7-magnitude earthquake in Nagkeo Regency, East Nusa Tenggara, with the most recent measuring 3.8. Seismic activity is ongoing, and the tsunami warning was lifted at 7:31 AM. The main risks in the area are currently aftershocks and secondary hazards such as damaged buildings.

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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