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The final June services PMI figures for France, Germany, and the Eurozone will be released in ten minutes; ECB President Christine Lagarde will attend an economic forum.On July 3, in response to so-called concerns expressed by the United States and the European Union regarding the "Law of the Peoples Republic of China on Promoting National Unity and Progress," which came into effect on July 1, Foreign Ministry Spokesperson Guo Jiakun stated at a regular press conference that these countries, clinging to ideological bias and driven by political manipulation, have turned a blind eye to Chinas achievements in economic and social development and human rights governance. They have generalized from limited evidence, maliciously slandered Chinas ethnic policies, fabricated and disseminated false information, grossly interfered in Chinas internal affairs, and undermined Chinas national unity. China firmly opposes this. Guo Jiakun added that China urges these countries to respect basic facts, stop spreading lies, and stop hyping up so-called ethnic issues and interfering in Chinas internal affairs.July 3 - According to traders, French oil giant Total Energy is supplying millions of barrels of Iraqi crude oil to the Asian market with rapid delivery, further exacerbating the markets oversupply. Total Energys supply is expected to accelerate Iraqs oil exports. Iraq has lagged behind other Persian Gulf oil-producing countries in crude oil exports following improved shipping conditions in the Strait of Hormuz. Traders who received the offers revealed that Total Energy is marketing Basra Medium and Basra Heavy crude oil to refiners. The Iraqi National Oil Marketing Organization had previously attempted to sell crude oil on the spot market at extremely low prices, but cargoes were only supplied by load, meaning buyers had to arrange for ships to traverse the Strait of Hormuz and penetrate deep into the Persian Gulf to collect the goods. In contrast, traders said Total Energy now offers services for collecting and transporting this crude oil to customers throughout Asia.July 3 – Foreign Ministry Spokesperson Guo Jia-kun held a regular press conference on July 3. In response to a question regarding the reopening of the Strait of Hormuz, Guo Jia-kun stated that the Strait of Hormuz is a strait used for international navigation, and restoring safe and free passage through the strait as soon as possible is in the interests of all parties. The issue of navigation through the strait should be handled properly, and the widespread concerns of the international community should be addressed prudently. China is willing to maintain communication with relevant countries and the international community on this matter.On July 3, Foreign Ministry Spokesperson Guo Jiakun held a regular press conference. A reporter asked about the 2026 International Fisheries Management Improvement Report released by the U.S. National Oceanic and Atmospheric Administration. Guo Jiakun stated that the so-called "determination" made by the United States based on its domestic law is neither in line with objective facts nor has any basis in international law. Its purpose is to maliciously suppress the development of Chinas distant-water fisheries and is a blatant political manipulation. China expresses its strong dissatisfaction and firm opposition to this. The United States should reflect on its own actions instead of resorting to slander and smear campaigns.

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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