Will discuss consequences of Russia’s invasion of Ukraine at NATO summit

The White House said in a press release on Tuesday that at the NATO summit in Madrid, leaders will discuss the consequences of Russia’s invasion of Ukraine. At the NATO summit, the “alliance will take historic decisions to strengthen the alliance’s collective defense and security,” the White House said. Related reads .

USD/TRY dribbles around 16.50 as Turkish President Erdogan teases wage increase

USD/TRY struggles for clear directions after bouncing off three-week low. Turkish Erdogan signals to review minimum wage to battle inflation. US dollar weakenss, risk-on mood could entertain traders ahead of key data/events. USD/TRY seesaws around 16.50 as traders seek more clues to extend the latest recovery of the Turkish lira (TRY). In doing so, the … Read more

UK’s Truss says they don’t rule out using Article 16 down the line

British Foreign Minister Liz Truss said on Monday that they don’t rule out using Article 16 further down the line, as reported by Reuters. “Triggering Article 16 would not resolve fundamental issues in the Northern Ireland Protocol,” Truss added. Regarding the upcoming vote on proposed legislation to override parts of the post-Brexit agreement, “It is … Read more

GBP/USD slides below 1.2300 as downbeat UK Retail Sales join political jitters

GBP/USD takes offers to justify downbeat UK Retail Sales data for May. UK Retail Sales shrank more-than-expected on YoY but improved on MoM. Conservatives Chairman Oliver Dowden resigns after a humiliating defeat in UK by-elections. USD pullback tests bears but recession woes, BOE-linked disappointment keep bears hopeful. GBP/USD slips 20-pips to refresh intraday low around … Read more

GBP/USD retreats towards 1.2250 as Conservatives fail in UK by-elections, Retail Sales eyed

GBP/USD pulls back from intraday high during the first positive day in three. Conservatives lost two Parliamentary seats in the UK by-elections, challenges to PM Johnson mounts. Downbeat UK data and disappointment from BOE keep cable bears hopeful. British Retail Sales for May will be important considering its lion share in GDP. GBP/USD justifies UK’s … Read more

Reduced gas supply is an economic attack by Russia

German Economy Minister Robert Habeck said on Tuesday that the reduced gas supply had “another dimension” and that it was an economic attack by Russia against Germany, as reported by Reuters. Habeck further argued that the gas supply situation could become worse than the coronavirus pandemic. Market reaction These comments don’t seem to be having … Read more

Inflation is a global problem – Bloomberg

National Economic Council Deputy Director Bharat Ramamurti told Bloomberg TV on Tuesday that inflation was a global problem but added that the United States was “well prepared.” Ramamurti further argued that oil refiners were to blame for high prices. Market reaction Markets remain risk-averse following these comments. As of writing, the S&P 500 Index was … Read more