EUR/USD 1.17877
-0.160%
Gold 4828.52
-2.762%
Oil 63.176
-1.644%
USD/JPY 156.936
0.040%
GBP/USD 1.35494
-0.753%
GBP/JPY 212.644
-0.691%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
The White House: (Regarding the South Korean tariffs) I do not yet have a timeline for that.On February 6th, Saudi Arabia cut prices for its main crude oil grades sold to Asian buyers to their lowest levels in years, further indicating that global oil supply has exceeded demand. Data shows that Saudi Aramco will reduce the price of its Arab Light crude oil to Asian buyers by 30 cents per barrel, bringing it in line with the regions March benchmark price. This price cut is even lower than the lowest expectations in a survey of refiners and traders. However, this is still the lowest Saudi oil price level since the end of 2020.The White House: A meeting between US President Trump and insurance companies will be held; the time has not yet been determined.February 6th - According to sources, BP (BP.N) is seeking partners to help boost production at one of the oldest oil fields in the Middle East and share some of the costs. The search for potential investors for the Kirkuk oil field in Iraq is underway, the sources said. The timing of any agreement is uncertain, with one source indicating the process is expected to continue into next year. Major oil companies are showing renewed interest in Iraq, which possesses abundant crude oil resources, and its extraction process is often simpler and cheaper than in other parts of the Middle East. Meanwhile, BP is seeking greater international growth in oil and gas production, abandoning its five-year pursuit of clean energy and net-zero emissions.On February 6th, Shell (SHEL.N) CEO announced that the company will suspend its investments in Kazakhstan due to a lawsuit filed against the oil giant that could involve billions of dollars. It is understood that Kazakhstan is pursuing compensation from several Western oil companies in multiple cases through its courts and international arbitration institutions. The case against Shell and its partners, disclosed this month, could involve damages of up to $4 billion. Furthermore, lawsuits concerning excessive sulfur emissions and project costs are still ongoing. Shells CEO stated, "This has indeed affected our willingness to invest further in Kazakhstan." Although the company believes there are significant investment opportunities in the future, "we will wait until we have a clearer assessment before making a decision."

According to Bailey of the BOE, the GBP/USD is under pressure at its two-year low of 1.1900

Alina Haynes

Jul 12, 2022 14:41

截屏2022-07-12 上午9.49.20.png 

 

Following a test of the two-year bottom at 1.1845 the day before, GBP/USD bears tinker with the 1.1900 level during Tuesday's Asian session. Recent losses for the Cable pair may be related to British political developments and concerns of a recession.

 

Following Boris Johnson's ouster, a number of well-known British officials are vying for the presidency, including former chancellor Rishi Sunak, foreign secretary Liz Truss, and current UK finance minister Nadhim Zahawi. Although Brexit is the main element supporting the candidate, tax cuts are being emphasized as the promise to win over supporters.

 

According to a survey of the retail sector, which was released on Tuesday by Reuters, British customers cut down on their purchases for the third month in a row, and sales volumes fell by the most since the COVID-19 outbreak.

 

The Bank of England's Andrew Bailey told Reuters that "the United Kingdom is facing a very substantial real income shock." Due to the nation's economic unease, the news also puts negative pressure on the GBP/USD exchange rate.

 

On a larger scale, fears of an economic downturn were exacerbated by historically high US inflation forecasts and comments from US leaders foreseeing future suffering, which fueled the risk-averse mood and pulled down the GBP/USD currency rate. Despite this, a research by the New York Federal Reserve found that one-year inflation estimates in the US rose to a record high of 6.8 percent in June from 6.6 percent in May. Expectations of Fed aggression, which were earlier reinforced by the most recent US job statistics, are another factor adding to the market doom. While the unemployment rate held stable at 3.6 percent, the US Nonfarm Payrolls (NFP) expanded by 372K in June, above projections of 268K and a downward adjustment of 384K.

 

In this setting, equities continued to decline, while US Treasury rates showed no signs of abating. S&P 500 Futures also keep an eye on Wall Street losses as of publication.

 

For traders of the GBP/USD pair, Governor Bailey of the Bank of England's second round of testimony will be essential. However, risk factors including political events and inflationary concerns will be the major emphasis.


Suggestion