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On April 7, the U.S. Senate passed a Republican budget blueprint last Saturday, aimed at extending President Trumps 2017 trillion-dollar tax cuts and drastically cutting government spending. The Senate voted 51:48 to pass the "budget reconciliation" initiative, which will allow Republicans to bypass the Senates filibuster, which requires 60 votes to pass Trumps tax, border security and military priorities later this year without Democratic votes. The bill will be submitted to the Republican-led House of Representatives, which is expected to review it this week. Nonpartisan analysts say that if Trumps agenda is passed, it will increase the federal government debt by about $5.7 trillion over the next 10 years. Senate Republicans believe the measure costs $1.5 trillion and say the impact of extending existing tax policies that were scheduled to expire at the end of this year should not be included in the cost of the measure.Oil company Horizon Oil conducts hedging operations to reduce the risk of oil price fluctuations.Gold continued to fall at the start of this week as investors weighed the worsening risks of the U.S.-led trade war. Gold fell 1.3% to $3,000.37, having fallen more than 2% on Friday. From stocks to commodities, global financial markets have been hit by the wave of tariffs unleashed by U.S. President Trump and retaliatory measures taken by other countries. While gold typically benefits from turbulence, it can also be sold off during periods of extreme market chaos as investors seek to make up for other losses.Wall Street stocks were hit hard again on Monday after the Trump administration said it would continue to impose sweeping tariffs despite concerns that they could trigger a global recession. U.S. stock index futures fell sharply in early trading, with S&P 500 futures down 5% and Nasdaq 100 futures down 5.5%. Trading activity is usually light during early Asian trading hours, which could exacerbate market volatility. "The biggest problem right now is uncertainty, and we havent even reached the peak of policy uncertainty," said Dec Mullarkey, managing director of SLC Management. Bill Ackman, an activist investor who publicly supported Trump during the election campaign, posted on the X platform that the risk of "massive and disproportionate tariffs" "destroys our confidence as a trading partner, a place to do business, and an investment market." He urged Trump to stop the tariffs on Monday. "Otherwise, we will have a self-induced economic nuclear winter, and we should start preparing."Spot gold fell $13, or 0.45%, to $3,023 an ounce in early trading on Monday.

GBP / USD Advances To 1.1950 As Investors Ignore Aggressive Fed Bets And Concentrate On UK Data

Alina Haynes

Mar 10, 2023 11:35

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During the Asian session, the GBP/USD pair successfully relocated its business above 1.1950. The Cable is attempting to extend its recovery towards 1.1950 despite investors' lack of concern regarding the United States Nonfarm Payrolls (NFP) report. Moreover, investors have begun to disregard the volatility associated with aggressive Fed rate hike wagers. Investors are aware that higher inflation could be contained by restrictive Fed measures; consequently, an increase in Fed interest rates is likely.

 

In the Asian session, S&P500 futures have extended their losses from Thursday, when investors were discouraged by higher taxes on corporations, billionaires, and wealthy investors. Higher taxes on corporations will reduce their Net Profit margins, resulting in lower dividends for shareholders.

 

The US Dollar Index (DXY) fell below Thursday's low of 105.13 on expectations that the US labor market is not as robust as previously thought. The US labor market may decelerate soon, according to an increase of 11% in Initial Jobless Claims and a quadrupling of planned layoffs by US companies. This may compel the Fed to continue its gradual pace of rate increases.

 

Notwithstanding, the release of the US NFP will be of the utmost importance to the market. The number of payrolls in the United States increased by 203K in February, as predicted. It is anticipated that the unemployment rate will remain at 3.4%.

 

On the front of the British Pound, manufacturing sector data will be intently observed. Monthly Manufacturing Production (January) and Industrial Production are anticipated to decrease by 0.1% and 0.2%, respectively.

 

Investors should be aware that the performance of the manufacturing sector in the United Kingdom has remained fragile over the past few months. This may compel the Bank of England (BoE) to pause policy tightening for the time being, allowing current monetary policy to demonstrate its impact.


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