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On June 20th, it was reported that Ukrainian President Volodymyr Zelenskyy stated on June 19th local time that negotiations between Ukraine and Russia might resume, with the specific format of the talks yet to be finalized. He emphasized that third-party partners must be involved in the negotiations. Zelenskyy also clarified Ukraines core demands, covering post-war security guarantees and EU accession, and stated that Ukraine would allow Russia to finalize the specific format of the negotiations. Currently, Russia has not responded to this.Ukrainian Foreign Minister: Polands decision to revoke Ukrainian President Zelenskys Order of Honor is a "strategic mistake".Polish President: Decides to revoke the Order of the White Eagle, the highest honor awarded to Ukrainian President Zelensky.According to Axios: US President Trump said that such a thing (about war with Iran) could trigger a global depression, and the agreement reached has averted that fate.On June 20th, Federal Reserve Vice Chairman for Supervision Bowman attended a private dinner hosted by Bank of America for its clients in New York on Wednesday evening. According to sources, the dinner was by invitation only. This came just hours after the Federal Reserve announced its latest policy decision. The dinner took place during the Feds communication blackout period, which prohibits Fed officials from publicly commenting on the economic situation or monetary policy in the days before and after a meeting, and lasts until the day after the meeting (Thursday). While the Feds rules do not explicitly prohibit closed-door meetings, they require officials to avoid sharing personal policy views with anyone who might financially benefit from them, unless those views are publicly available. The rules also state that officials should not allow any company to gain a prestige advantage relative to its competitors. Under the Feds communication policy, policymakers should carefully and rigorously consider this principle when arranging meetings with those who might benefit from exclusive access to Fed officials, and when considering accepting invitations to meetings hosted by for-profit organizations or not open to the public and media. It is unclear whether Bowmans attendance at the dinner violated these rules.

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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