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Japanese Chief Cabinet Secretary Minoru Kihara was aware of the meeting between Finance Minister Satsuki Katayama and U.S. Treasury Secretary Bessenter; however, he declined to comment further.June 23 (KCNA) – The 2nd Enlarged Plenary Session of the 9th Central Committee of the Workers Party of Korea was held from June 20 to 22. At the meeting, Kim Jong Un, General Secretary of the Workers Party of Korea, pointed out that the actions of the US and South Korea this year have seriously deteriorated the situation on the Korean Peninsula, and North Korea will further strengthen its defense capabilities. Kim Jong Un said that since the beginning of this year, the US and South Korea have increasingly promoted activities such as increasing troop deployments in the region, even advancing South Koreas nuclear submarine program, and holding another "Nuclear Consultation Group meeting," all of which have seriously worsened the situation on the Korean Peninsula. Kim Jong Un emphasized the need to accelerate the construction of a 10,000-ton strategic missile cruiser and to focus on the research and production of conventional weapons that are of great significance to enhancing the combat capabilities of the North Korean military. He also pointed out the need to complete the ongoing fortification project on the southern border with high quality and to build a new naval fleet base to strengthen defense capabilities.Japanese Chief Cabinet Secretary Minoru Kihara: No comment on exchange rates.Japanese Chief Cabinet Secretary Minoru Kihara: If necessary, appropriate measures will be taken to address foreign exchange fluctuations.On June 23, Sun Lei, Chinas Deputy Permanent Representative to the United Nations, stated during the Security Councils review of the Ukraine issue on June 22 that China calls on all parties involved to remain calm and restrained, strictly abide by international humanitarian law, avoid attacks on civilians, civilian infrastructure, and humanitarian workers, and strive to de-escalate the situation and achieve a ceasefire as soon as possible. Sun Lei said that the Ukraine crisis continues to drag on, the battlefield situation is escalating, and the suffering of the people is intensifying. All civilians should be protected, and any attack against civilians should be condemned. Recently, the antagonism between the two sides has intensified, and the military confrontation has spiraled out of control, only dimming the dawn of peace. This trend is extremely dangerous and must be reversed as soon as possible.

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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