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On June 14, local time, the Security Service of Ukraine (SBU) announced that its Alpha Special Operations Center, acting on orders from Ukrainian President Volodymyr Zelensky, used drones to strike a state oil reserve depot in Rybinsk, Yaroslavl Oblast, Russia. The Ukrainian side stated that the oil depot, located over 700 kilometers from the Ukrainian border, belongs to Russias state reserve system and stores various types of fuel and lubricants, serving as a fuel supply provider for northeastern Russia and a strategic fuel reserve for the military. After the drone struck, the oil depot caught fire, with at least three large fire points appearing within its more than 60 tank areas. The SBU also stated that oil supply, refining, and fuel logistics infrastructure within Russia are legitimate targets for Ukrainian strikes, as these facilities provide operational resources for the Russian military and support Russian military operations against Ukraine. Russia has not yet responded to this.Ukrainian President Zelensky: Russia launches hundreds of attacks daily on Ukrainian cities and communities, targeting our civilian infrastructure. In the past week alone, Russia has launched 1,920 attack drones, 1,790 guided air-to-ground bombs, and 17 missiles of various types.The State Flood Control and Drought Relief Headquarters maintains a Level IV emergency response for flood control in Zhejiang, Fujian, Jiangxi and other areas.Ukrainian President Zelensky: Air traffic restrictions have been imposed at six Russian airports, and 28 regions in Russia have been under air raid alert since last night.Ukrainian President Zelensky: The Ukrainian army has achieved its objectives in the Tula region of Russia—particularly the Azot plant, whose operation is crucial to explosives production capacity.

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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