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August 17th - According to Irans Tasnim News Agency, Irans Minister of Agriculture stated: "Despite numerous problems and difficulties in recent months, there are no threats to food security, and the enemy has lost hope in this area. There has been no panic buying by the public in recent months. Based on the credibility built over the past 14 months, and the contingency plans and forward-looking arrangements implemented by the government and various levels of authority, food security will remain stable. Most affairs in the agricultural sector are now integrated into intelligent systems and under comprehensive control. Our assertion of perfect food security is based on a complete grasp of information systems. Nevertheless, we acknowledge that the public still bears a heavy economic burden due to factors such as war, blockades, rising prices, increased insurance and transportation costs, and fluctuations in international market prices."Irans Agriculture Minister: Despite the numerous problems and difficulties faced in recent months, there are no threats to food security, and the enemy is desperate in this area.The China Earthquake Networks Center officially determined that a magnitude 2.5 earthquake occurred at 14:15 on August 17 in Lixian County, Longnan City, Gansu Province (33.92 degrees north latitude, 104.95 degrees east longitude), with a focal depth of 10 kilometers.August 17th - AstraZeneca announced the official launch of Tezspire® (generic name: teszelinumab injection) in China. Based on positive results from the DIRECTION and WAYPOINT Phase III clinical trials in March 2026, teszelinumab received approval in China for two indications: maintenance therapy for severe asthma in adults and adolescents aged 12 years and older; and for use in combination with nasal corticosteroids to treat adult patients with chronic rhinosinusitis with nasal polyps (CRSwNP) whose disease is not adequately controlled by systemic corticosteroids and/or surgery.On August 17th, Daiwa Securities economist Kento Minami stated that given the weak economic growth data released on Monday, the Japanese government is unlikely to announce a formal exit from deflation in the current fiscal year ending March 2027. The Sanae Takaichi government previously stated that it would closely assess whether the Japanese economy is strong enough to avoid falling back into deflation before formally announcing the end of deflation. The market is closely watching the timing of the governments announcement, as it could influence the governments attitude towards further tightening monetary policy by the Bank of Japan. Minami stated that the fundamentals of the Japanese economy are improving, and key indicators such as the inflation rate, output gap, and unit labor costs also suggest that the risk of Japan falling back into persistent deflation is low.

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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