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August 25th - According to the Financial Times, citing sources familiar with the matter, Trump administration officials last week requested Kyiv not to use long-range missiles and drones to attack Moscow, St. Petersburg, and northern Russia during Monday, Tuesday, and Wednesday, while a U.S. plane carrying senior officials was en route to the Russian capital. The sources said Ukraine agreed to this request. Today, a U.S. Air Force C-17 transport plane landed in Moscow. Russia previously stated it was unaware of the specific circumstances of the planes arrival; the Kremlin also stated that no meetings with U.S. government representatives were scheduled for this week.U.S. new home sales fell to their lowest level in six months in July, indicating that even with builders lowering prices and offering incentives, high mortgage rates are still suppressing homebuying demand. According to data released by the government on Tuesday, pending sales of new single-family homes in the U.S. fell 10.5% in July to an annualized rate of 607,000 units. Economists median forecast was 620,000 units. The median price of new homes fell 0.9% year-over-year to $393,800. New home sales have declined in three of the past four months, further indicating that the housing market is under pressure from both high financing costs and high home prices. While builders have achieved some success in boosting demand through free upgrades, subsidized mortgage rates, and price reductions, the entry-level housing market remains constrained by insufficient affordability.US President Trump: (Regarding Iran) We are closely monitoring every inch of the Strait of Hormuz and the land of the Golan Heights.US President Trump: (Regarding Iran) The US Navy has been notified that all mines in international waters of the Strait of Hormuz have been removed and/or detonated. Iran has been notified that any vessels or small boats that lay new mines will be destroyed immediately and systematically.U.S. consumer confidence fell in August to its lowest level since the beginning of the year, as consumer views on the business environment and labor market outlook deteriorated. Data released Tuesday by the Conference Board showed that the consumer confidence index dropped 0.8 points to 89.4, with the previous months figure revised downward. The median forecast from economists was 90.2. The report indicated that high gasoline prices, rising overall cost of living, and slowing hiring continued to weigh on American households this month. The survey was conducted from August 3 to 16. During this period, as the renewed escalation of the U.S.-Iran conflict pushed up gasoline prices, the average price of gasoline at U.S. gas stations hovered above $4 per gallon. The Conference Board survey showed that consumer views on the current job market improved somewhat in August. The proportion of consumers who thought there were "ample" job opportunities rose, while the proportion who thought "jobs are hard to find" fell. The difference between the two was the largest this year. However, respondents were more pessimistic about the employment and income prospects over the next six months.

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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