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On September 5th, US President Trump called the more than six-month-long US-Iran conflict "insignificant" and said he would not describe it as a major war. Trump stated on Friday that it was a "military conflict," but "not a big deal for us," and that there was no ongoing fighting between the two sides. Responding to Vice President Vances earlier statement that it "shouldnt be called a war," Trump said, "In many places, it is," and indicated that the US was currently only conducting intermittent strikes. Trump again compared the 18 US military personnel killed in the conflict to the Vietnam War and the Afghanistan War, saying, "Losing even one person is too much," but those two wars resulted in tens of thousands of US military deaths. He also stated that the US had achieved significant progress on the Iran issue. Polls show that the American public has a low approval rating for Trumps handling of the Iran conflict. The conflict has pushed up energy prices, putting pressure on Republicans to maintain control of Congress in the November midterm elections. Previous comments by Trump administration officials downplaying the impact of the conflict have also drawn criticism from Democrats.According to the U.S. Commodity Futures Trading Commission (CFTC), as of the week ending September 1, net short positions in the Swiss franc were 22,876 contracts. Net short positions in the British pound were 49,575 contracts. Net short positions in the euro were 24,925 contracts. Net short positions in the Japanese yen were 92,227 contracts.September 5th - According to the Wall Street Journal, the U.S. Department of Justices antitrust division was ordered this week to suspend all cooperation with the Canadian government, the latest development in the escalating trade dispute between the two countries. Linda Marshall, head of international affairs at the Justice Departments antitrust division, requested officials in an email to cease cooperation with Canada on cases and policy issues, but did not specify the reasons. The report stated that Justice Department officials indicated such directives are rare, as the U.S. typically cooperates with competition regulators in other countries, even if the governments are not closely aligned. The U.S. and Canadian antitrust agencies have a long history of cooperation, covering areas such as auto parts price manipulation, air freight investigations, and mergers and acquisitions in the technology and aerospace industries. This suspension of cooperation comes as the U.S.-Canada trade dispute continues to escalate. After trade negotiations broke down last month, the Trump administration imposed a 50% tariff on $20 billion worth of Canadian goods, and Canadian Prime Minister Mark Carney subsequently imposed similar tariffs on some U.S. goods. Neither the U.S. Department of Justice nor the White House has commented on this.September 5th - On September 4th local time, US President Trump stated that US special envoys Witkov and Kushner would submit a plan to Russia to end the Russia-Ukraine conflict. Previously, sources indicated that Witkov and Kushner planned to visit Russia and Ukraine in the near future.Note: The signing ceremony for President Trumps executive order at the White House has concluded.

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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