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On September 12th, CNN, citing two US officials, reported that Saudi Arabias crucial East-West oil pipeline system was attacked by projectiles on Thursday. Preliminary analysis indicates that pumping stations adjacent to the pipeline were hit; satellite images show one pumping station severely damaged by a fire, while another experienced a smaller fire and emitted thick smoke. It is currently unclear who was responsible for the attack, whether the pipeline itself was damaged, and the time required for repairs. A US official stated that the drone that carried out the attack originated from Iraq. The East-West oil pipeline has become increasingly important since the outbreak of the Iraq War. Due to Irans de facto closure of the Strait of Hormuz, Saudi Arabia has diverted approximately 5 million barrels per day of crude oil originally destined for the Persian Gulf to the Red Sea port of Yanbu via this pipeline. Meanwhile, the Houthi rebels have declared their intention to strike any Saudi vessels attempting to pass through the Bab el-Mandeb Strait, putting this alternative oil export route at risk.A spokesperson for the Yemeni Ministry of Defense stated that the Air Force has begun bombing the previously announced strike areas. We urge civilians to avoid using the Taiz-Muha and Muha-Zubab highways.Apple (AAPL.O): Starting at 5 a.m. Pacific Time on September 12, customers can pre-order the iPhone 18 Pro and iPhone 18 Pro Max on the Apple website and Apple Store app.Polish central bank monetary policy committee member Dabrowski: The possibility of a rate cut in Poland is slightly higher than a rate hike. Interest rates are expected to remain unchanged in the second quarter of 2027.Tesla (TSLA.O): Semi Truck is coming to Europe.

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

Alina Haynes

Mar 10, 2023 11:35

 GBP:USD.png

 

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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