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Futures Market Summary | Wednesday, August 19th, CCTV News Highlights: 1. Xi Jinping sends congratulatory message to Bauka on his inauguration as President of Hungary. 2. Building higher-level free trade zones to create new heights of reform and opening up. 3. Li Qiang meets with the President of Ecuador. 4. Zhao Leji meets with the President of Ecuador. 5. Promoting learning through practice to ensure effective implementation of education. 6. my country achieves its first land-based rocket recovery. 7. The Change-7 mission spacecraft and rocket assembly completes vertical transport. 8. Expanding and upgrading the service industry helps Chinese manufacturing enhance its global competitiveness. 9. Various regions strengthen field management to solidify the foundation for a bumper grain harvest. 10. my country will construct approximately 60,000 kilometers of high-quality self-driving tourism highways. 11. The number of movie screenings and audiences during the 2026 summer movie season will reach new highs, with the entire film industry chain exceeding 410 billion yuan in output value. 12. The Central Propaganda Department and the National Health Commission jointly release the advanced deeds of "Most Beautiful Doctors". 13. This year, my country will focus on promoting the construction and modernization of 122 large and medium-sized irrigation areas. 14. my country led the development of the worlds first international standard for intelligent manufacturing in the steel industry. 15. The 2026 World Robot Conference opened with over 3,000 exhibits on display. 16. The 33rd Beijing International Radio, Film and Television Exhibition was held in Beijing. 17. The 2026 "China in Childrens Voices" National Childrens Singing Competition was held in Liaoning. 18. CCTV released its 2026 list of innovative financial programs. 19. The 2026 CCTV Qixi Festival Gala will air tonight. 20. The US president stated he would not engage in any dialogue with Iran; Iran stated it would continue to close the Strait of Hormuz until the US meets its conditions. Market concerns about the impact of the Middle East situation on the US 30-year Treasury yield hit a 19-year high. 21. Israeli airstrikes on Syrian military bases; Syria condemns Israels aggression. 22. The number of confirmed Ebola cases in the Democratic Republic of Congo exceeds 5,000. 23. A series of explosions have occurred at energy and industrial facilities in the United States.On August 19th, Suren Thiru, chief economist at the Institute of Chartered Accountants in the UK (ICAEW), stated that the UKs inflation rate rebounded to 2.9% in July, reigniting the possibility of further interest rate hikes by the Bank of England. "The July increase is unlikely to be a one-off event. Drought has led to higher food prices and soaring energy costs, increasing the likelihood of inflation exceeding 3.5% later this year, especially given the ongoing disruptions to traffic in the Strait of Hormuz," he noted. He pointed out that the decline in services inflation is unlikely to reassure Bank of England policymakers, as it appears to reflect a temporary reduction in VAT on tourist attractions and childrens meals, rather than a cooling of underlying price pressures. While these figures are unlikely to trigger an interest rate hike in September, they increase the likelihood of further monetary tightening before the end of 2026.August 19th - Tesla has released a large-scale model of a steamed bun. It is reported that the Tesla infotainment system is now gradually rolling out this feature.On August 19, 2026, Pan Gongsheng, Governor of the Peoples Bank of China, met with a delegation from the Macau Banking Association led by Wong Sin Man, Chairman of the Administrative Committee of the Monetary Authority of Macau. The two sides exchanged views on the current macroeconomic and financial situation, deepening cooperation on financial market connectivity between the two places, and supporting Macaus economic prosperity and development.According to customer service hotlines and Reuters, Moscow gas stations have imposed restrictions on gasoline sales.

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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