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On September 21, Ukrainian President Volodymyr Zelenskyy stated that he spoke with US President Donald Trump that day, and the two agreed to meet in New York. Zelenskyy said that this meeting "could bring about important changes," and that the diplomatic process is currently underway.On September 21, the Wall Street Journal reported that the Trump administration is preparing broader sanctions against the International Criminal Court (ICC) to expand its previous pressure campaign against the institution. According to documents, the new measures could prohibit most transactions with the ICC after a six- to seven-month grace period and may restrict its use of the US dollar, thus affecting its participation in the global financial system. The report, citing officials, stated that the final decision and announcement date are yet to be determined, but could be announced as early as this week during the UN General Assembly or in the following days. A State Department spokesperson did not disclose specific sanctions but stated that Secretary of State Marco Rubio believes the ICC poses a threat to US sovereignty. Previously, the US has sanctioned several ICC officials, including former Chief Prosecutor Karim Khan, ICC President Tomoko Akane, and several judges and prosecutors. The proposed measures would expand from targeting individuals to targeting transactions with the court as a whole. The deterioration in US relations with the ICC is linked to the courts 2024 arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Israeli Defense Minister Yoav Galant.On September 21, U.S. President Donald Trump will meet with New York City Mayor Nancy Mamdani at Gracie Mansion, the official residence of the New York City mayor, on Monday. Mamdanis office stated that the talks will focus on issues affecting New York City and its residents, but did not release a specific agenda or meeting arrangements. White House officials confirmed the meeting plans but did not provide further details. This will be Mamdanis third face-to-face meeting with Trump since being elected mayor.According to the Wall Street Journal, the Trump administration is preparing to impose sanctions on the International Criminal Court.Slovak Prime Minister Fico: We will not support any actions that could lead to conflict between NATO and Russia.

The EUR/GBP is fluctuating close to 0.8750 as focus shifts to UK inflation and BoE policy

Alina Haynes

Mar 20, 2023 13:22

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The EUR/GBP pair is exhibiting a lackluster performance around 0.8750 during the Asian session. As investors prepare for the release of the Bank of England's (BOE) interest rate decision and the United Kingdom's Consumer Price Index (CPI) this week, the cross has moved sideways.

 

Despite the fact that the headline asserts that UBS has revitalized Credit Suisse, the cross appears to be weak. Credit Suisse shareholders will receive one share of UBS for every 22.48 Credit Suisse shares they own, valuing the bank at $3.15 billion (£2.6 billion), according to BBC News. The Swiss National Bank (SNB) stated that the agreement was the most effective means of restoring market confidence and mitigating economic risks. Additionally, the BoE endorsed the "comprehensive set of actions."

 

The consensus opinion on the street is that Governor Andrew Bailey of the Bank of England (BoE) will provide a pessimistic outlook for the interest rate decision amidst concerns of banking turmoil, which will be his top priority.

 

Rabobank analysts also anticipate a 25 basis point (bps) rate hike and caution that the market has not fully factored in this scenario. Andrew Bailey, governor of the Bank of England, would raise rates by 25 basis points to 4.25 percent.

 

Prior to that, the UK inflation data released on Wednesday will be attentively monitored. The annual headline CPI is expected to decline from 10.1% to 9.8%, according to projections. At 5.8%, the core CPI, which excludes the cost of fuels and food, would not change. It should be aware that persistent inflation in the United Kingdom is due to rising food prices and a labor shortage.

 

After the European Central Bank (ECB) raised interest rates by 50 basis points (bps) last week, Gediminas imkus, a member of the ECB Governing Council, stated on Friday that "the terminal rate has not yet been reached" For further deflation, extremely persistent inflation in the Eurozone requires higher interest rates.


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