EUR/USD 1.16138
-0.061%
Gold 4533.29
-0.272%
Oil 102.668
1.674%
USD/JPY 158.926
0.101%
GBP/USD 1.33054
-0.095%
GBP/JPY 211.462
0.006%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On May 18, Fu Linghui, spokesperson, chief economist, and director of the Department of National Economic Comprehensive Statistics of the National Bureau of Statistics, stated at a press conference held by the State Council Information Office that although the impact of the Middle East geopolitical conflict continues to escalate, international energy market volatility has increased, and the stability of global industrial and supply chains has been impacted, my country has maintained overall stable industrial production, continued its transformation and upgrading, and unleashed the vitality of innovative development, demonstrating strong resilience, thanks to its complete industrial system, strong supporting capabilities, and the support of domestic energy green transformation.On May 18th, Fu Linghui, spokesperson, chief economist, and director of the Department of Comprehensive Statistics of the National Economy at the National Bureau of Statistics, stated at a press conference held by the State Council Information Office that the national urban surveyed unemployment rate in April was 5.2%, a decrease of 0.2 percentage points from the previous month. Looking at the main employment group (aged 30 to 59), the surveyed unemployment rate also decreased compared to the previous month. These data reflect that employment has remained generally stable.On May 18th, ahead of the 618 shopping festival, Apples official flagship store lowered the price of all iPhone 17 Pro series phones by 1000 yuan, resulting in a surge in sales. Data from Tmall shows that in just three days after the sale began, searches for "iPhone" on Taobao and Tmall increased sevenfold compared to usual, with the iPhone 17 Pro series topping the sales charts in the 6000-10000 yuan price range. Affected by the continued rise in mobile phone storage prices, the memory price surge is expected to continue until at least the end of next year. The 618 promotion, with multiple platform subsidies and national subsidies, presents the best window for purchasing new phones. Following Apple, Huawei and Xiaomi also announced significant price adjustments, with the Huawei Mate X6 discounted by 3000 yuan and the Xiaomi 15 Ultra reduced by 1500 yuan.Hong Kong-listed chip stocks showed mixed performance, with GigaDevice (03986.HK) rising over 9%, Montage Technology (06809.HK) rising over 3%, and Hua Hong Semiconductor (01347.HK) and others following suit. Innoscience (02577.HK) fell over 5%, and Tianshu Zhixin (09903.HK) fell nearly 2%.The China Earthquake Networks Center officially reported that a 5.2-magnitude earthquake occurred in Myanmar (16.55°N, 96.25°E) at 10:05 a.m. on May 18, with a focal depth of 10 kilometers.

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

 EUR:GBP.png

 

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.


Suggestion