US CPI expected to stabilise in May; Sino-US relations worst since Cold War; Yen nears 24-year lows.
June 10, 2022
GBP/USD 1.2479 GBP/EUR 1.1757 EUR/USD 1.0614 USD/CAD 1.2713 EUR/CHF 1.0386 EUR/SEK 10.5214 EUR/NOK 10.1706 EUR/DKK 7.4396 USD/ILS 3.3720 AUD/USD 0.7130 NZD/USD 0.6428 USD/SGD 1.3807 USD/JPY 133.75 USD/CNH 6.7047 USD/INR 77.8588 EUR/ILS 3.5788 GBP/ILS 4.2077 USD/ZAR 15.4870
Parliament’s spending watchdog found the government spent £4 billion on unusable PPE during the pandemic. The NIESR also found that the treasury lost £11 billion by paying too much interest on government debt, by failing to take out insurance against interest rate rises.
The government is set to layout plans to override the Northern Ireland protocol on Monday.
GBPUSD trades down -0.1% intraday, the FTSE100 opened lower trading down 67 points, 0.9% lower.EUR
The CAC40 has outperformed all major European benchmarks since Macron came to power. The CAC trades up 20% over that period, despite falling -12.2% YTD.
Austrian industrial growth reached a 3-month high surging to 9.1% YoY in April, bolstered by the nation’s energy production.USD
US inflation data is likely to show prices have climbed 8.3% from a year earlier. Persistent inflation could raise pressure on the Fed to continue with 0.5% hikes. Treasury Sec Yellen has warned that there’s a risk of higher food and energy prices but played down recession concerns.
The US ambassador in Beijing has stated that Sino-American relations are at their lowest since the 1970s attributing it to significant divisions on economics, technology and human rights.ASIA/PACIFIC
China’s factory-gate inflation moderated in May, led by Covid lockdowns slowing consumer inflation, and easing commodities prices. PPI rose 6.4% YoY, whilst consumer prices rose 2.1%.
If the Yen depreciates further, it could reach it weakest in 24 years. Driven by a widening division on monetary policy between the Fed and BOJ.ILS
USDILS trades flat on yesterday, since late May USDILS has remained stable above 3.3.Data & Events
Italy Industrial Production
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