EUR/USD 1.16375
0.049%
Gold 4466.96
-0.899%
Oil 89.075
-3.649%
USD/JPY 159.376
0.054%
GBP/USD 1.34395
-0.054%
GBP/JPY 214.197
0.004%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On May 27, at the opening ceremony of the 20th Shenzhen International Financial Expo, Hong Danyi, Vice President of Tencent Financial Technology, announced that Tencents cross-border payment platform, TenPay Global, and PayPal World have achieved interconnection. PayPal users can now make purchases smoothly at tens of millions of WeChat Pay merchants in China. The first phase will be open to users in the United States.On May 27th, Futures News reported that, to further standardize the handling of preliminary procedures for coal-fired power projects and effectively improve the work efficiency of leagues, cities, and project construction units, the Development and Reform Commission of the Autonomous Region organized a service coordination meeting on energy conservation review and carbon emission assessment for coal-fired power projects on the afternoon of May 26th. The meeting, through policy interpretation and on-site Q&A, fully promoted the coordination of energy conservation review and carbon emission assessment services for coal-fired power projects. At the meeting, the Development and Reform Commission of the Autonomous Region systematically interpreted the latest policy requirements for energy conservation review of coal-fired power projects, deeply analyzed common problems in the project application process, clarified the list and standards for material submission, and, focusing on the core concerns of national review, provided detailed explanations of key aspects such as project energy efficiency levels, carbon emission control, and technical feasibility, providing clear guidance for project units and drafting agencies. Next, the Development and Reform Commission of the Autonomous Region will further strengthen overall coordination, proactively provide services, and solidly carry out all tasks such as joint assessment and demonstration and document preparation for preliminary projects.According to the Financial Times, the Czech Republic, Bulgaria, Poland, Romania, Greece, and Slovakia have called for an increase in carbon emission permits amid the global crisis and high energy prices.On May 27, local time, Irans Ministry of Intelligence issued a statement claiming that "hostile forces" are attempting to exert new pressure on Iran through "soft warfare," "cognitive warfare," and other "hybrid warfare" tactics. The statement said that, according to information obtained by Iran, the adversaries are currently focusing on seven areas: increasing economic pressure, exploiting social issues to incite public opinion, instigating ethnic and religious conflicts, carrying out terrorist attacks and sabotage, smuggling weapons and illegal communication equipment, launching cyberattacks, and conducting information warfare through foreign Persian-language media and social media platforms. The statement also indicated that the adversaries had attempted to launch ground operations from western and northwestern Iran using armed groups, but these plans were thwarted by Iran. The statement further accused some foreign media outlets of participating in information warfare and claimed that Iranian intelligence agencies had seized a large quantity of weapons and communication equipment.Scotiabank: The Bank of Canadas outlook is highly sensitive to the USMCA negotiations and geopolitical developments; it expects the Bank of Canada to raise its policy rate to 3% by the end of the year.

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