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On April 24, Li Xingqian, Vice Chairman of the China Council for the Promotion of International Trade (CCPIT), met with a delegation led by Rafael Nados, CEO of the African Union Development Agency, in Beijing. They exchanged views on topics such as promoting Chinas zero-tariff policy on 100% of products from 53 African countries with which it has diplomatic relations, better benefiting enterprises from both sides, promoting exchanges between Chinese and African business communities, and strengthening cooperation in industrial and supply chains.Futures News, April 24th: Shanghai Futures Exchange (SHFE) Energy and Chemical Warehouse Receipts and Changes: 1. Pulp futures warehouse receipts: 187,438 tons, unchanged from the previous trading day; 2. Pulp futures mill warehouse receipts: 15,000 tons, unchanged from the previous trading day; 3. Offset paper futures warehouse receipts: 957 tons, unchanged from the previous trading day; 4. Offset paper futures mill warehouse receipts: 5,160 tons, unchanged from the previous trading day; 5. Fuel oil futures warehouse receipts: 134,350 tons, unchanged from the previous trading day. The previous trading day saw no change; 6. Petroleum asphalt futures warehouse receipts totaled 31,510 tons, unchanged from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts totaled 43,170 tons, a decrease of 2,130 tons from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts totaled 3,511,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts totaled 8,170 tons, unchanged from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts totaled 0 tons, unchanged from the previous trading day.On April 24th, it was learned from the Ministry of Public Security that since 2025, public security organs nationwide have been deepening special operations such as "Kunlun" and "Anxin," cracking down on various infringement and counterfeiting crimes according to law. A total of 31,000 cases of intellectual property infringement and the production and sale of counterfeit and shoddy goods have been investigated and prosecuted. It is understood that in their work, public security organs across the country have relied on a new policing operation model of "professionalism + mechanism + big data" to combat intellectual property infringement crimes across the entire chain and comprehensively build a collaborative protection framework. They have also been fully committed to safeguarding innovative development, proactively addressing the development needs of high-tech enterprises, cracking down on crimes infringing on trade secrets according to law, investigating more than 140 criminal cases, promptly eliminating risks and hidden dangers, and effectively safeguarding the core competitiveness of enterprises.The German DAX 30 index opened 13.32 points higher, or 0.06%, at 24,194.00 on Friday, April 24th; the UK FTSE 100 index opened 55.20 points lower, or 0.53%, at 10,401.81; and the French CAC 40 index opened 54.00 points lower, or 0.66%, at 8,173.32. (European...) The Stoxx 50 index opened down 22.13 points, or 0.38%, at 5872.60 on Friday, April 24; the Spanish IBEX 35 index opened down 147.59 points, or 0.83%, at 17738.31 on Friday, April 24; and the Italian FTSE MIB index opened down 334.91 points, or 0.70%, at 47572.50 on Friday, April 24.According to Futures News on April 24, as of 15:00 Beijing time, spot platinum fell 1.61% and spot palladium fell 0.93%.

Focusing on UK politics and Retail Sales data, GBP/USD sellers probe 1.1200 barrier

Alina Haynes

Oct 21, 2022 15:15

 截屏2022-10-21 上午10.09.50.png

 

GBP/USD accepts offers to revisit intraday lows at the 1.1200 support level as traders await Friday morning's UK Retail Sales report. In the face of a stronger US Dollar Index (DXY) and US Treasury yields, in addition to the pre-data concerns, the political turmoil in Britain weighs on the Cable pair.

 

Liz Truss resigned as Prime Minister of the United Kingdom after the shortest tenure in the role. Truss's resignation was largely owing to the dismal economic plans detailed in the "mini-budget" and the British aversion for the same, which generated concerns regarding the return of Boris Johnson as UK prime minister. Notable is that Reuters said, "Britain's sixth prime minister in six years will be nominated by the Conservative Party on October 28.

 

According to the most recent data issued on Friday, GfK Consumer Confidence in the United Kingdom rose to -47 in September from a record low of -49 in August. As evidenced by a study conducted on Friday, Reuters reported that consumer confidence among British consumers remained around a record low this month, with households confronting double-digit inflation, rising interest rates, and political unrest.

 

The UK's headline inflation reached a multi-year high near 10% earlier in the week, increasing the chance that the Bank of England (BOE) may raise interest rates more rapidly/aggressively. Therefore, today's UK Retail Sales, which are expected to increase to -0.5% MoM in September from -1.0% MoM in August, will be crucial for GBP/USD buyers, as a better number could prevent the pair from breaking the immediate key support.

 

Along with aggressive Fedspeak, hawkish Fedbets and multi-year high US Treasury bond yields could weigh on the quote. Additionally, it will be essential to monitor political developments in the United Kingdom for additional impetus.

 

The 10-day simple moving average is accompanied by an upward-sloping trend line from September 28 to limit the immediate GBP/USD decline near 1.1200. Until the price crosses a five-week-old resistance line near 1.1330, however, the pair's buyers remain indifferent.


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