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On March 25th, the highest 7-day annualized yield of Tencent Wealth Managements "Current Account +" was 1.5280%, and the lowest was 0.7710%. The highest 7-day annualized yield of WeChat Pays "Lingqian Tong" was 1.1930%, and the lowest was 1.0200%. The highest 7-day annualized yield of Alipays "Yuebao" was 1.2230%, and the lowest was 1.0020%.The Peoples Bank of China (PBOC) announced today that it conducted 78.5 billion yuan of 7-day reverse repurchase operations, with both the bid and winning bids amounting to 78.5 billion yuan. The operating rate was 1.40%, unchanged from the previous rate.On Wednesday, March 25, the Hang Seng Index opened 216.81 points higher, or 0.87%, at 25,280.52; the Hang Seng Tech Index opened 47.75 points higher, or 0.99%, at 4,878.64; the H-share Index opened 60.43 points higher, or 0.71%, at 8,559.96; and the Red Chip Index opened 4.78 points higher, or 0.11%, at 4,214.86.Hang Seng Index futures opened 1.05% higher at 25,201 points, a premium of 140 points.On March 25th, Liao Min, Vice Minister of Finance, met with John S. Gerber, Chairman, President and CEO of Thermo Fisher Scientific, in Beijing on March 22nd to exchange views on China-US economic and trade relations and government procurement. Liao Min stated that China-US relations are the most important bilateral relationship in the world today, and the essence of China-US economic and trade relations is mutual benefit and win-win. He welcomed US companies to seize the opportunities presented by Chinas vast market, increase their investment in China, and inject more stability and positive energy into China-US economic and trade relations. China will continue to support both domestic and foreign-invested enterprises in participating in government procurement equally. Gerber introduced Thermo Fishers operations in China, expressed optimism about Chinas economic development prospects, and stated that the company will continue to deepen its presence in the Chinese market, actively participate in Chinese government procurement, and help promote the deepening of US-China economic and trade cooperation.

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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