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August 25th - According to the latest Reuters/Ipsos poll, public support for a war with Iran in the United States has fallen to its lowest level since the conflict began, at 31%, keeping Trumps approval rating at a historic low of 33%. Only 31% of Americans support military action against Iran, down from 37% in March and 34% earlier this month. The main reason for the decline is the decrease in support for the war among self-identified Republicans. Trumps popularity is clearly hampered by public dissatisfaction with the war with Iran, with his approval rating hitting a historic low for the second consecutive time, with only 33% of respondents approving of the presidents performance. The survey also shows that about 83% of Americans believe the war will "last a long time," up from 80% in a survey earlier this month.On August 25th, Iranian Economy and Finance Minister Madanizadeh stated on the evening of the 24th local time that the Iranian government has long been planning to counter US sanctions and is fully prepared to respond to new sanctions. He stated that the worlds financial and economic lifelines are not so simple, and the US cannot "completely sever Irans financial and trade ties." Madanizadeh said that if the US dares to take any action, it should expect a retaliation from Iran. On the afternoon of the 24th Eastern Time, US Treasury Secretary Bessenter held a press conference, announcing several economic sanctions against Iran to further increase pressure on the country. Bessenter stated that the US is launching an economic offensive against Irans global financial network, aiming to cut off all of Irans economic lifelines. The sanctions cover areas such as digital assets, technology, gold, aviation, and shipping.According to Iranian media outlet Fars News, Irans Minister of Economy stated that the current depreciation of the Iranian currency stems from tensions in the media environment. We are working to restore the foreign exchange market to normalcy.U.S. Defense Secretary Hergsays: Iran’s kinetic strikes have not been suspended, and we will act decisively if necessary.U.S. Defense Secretary Hergsays: Iran still has some capabilities, but its only option is to return to the negotiating table.

GBP/JPY Rises Above 160.0 Prior To BoJ Ueda's Speech

Alina Haynes

Mar 27, 2023 14:46

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During the Asian session, the GBP/JPY pair's recovery above 160.00 has continued. Following the release of better-than-expected United Kingdom Retail Sales data, the cross has strengthened. Monthly Retail Sales (Feb) data increased by 1.2%, exceeding both the consensus estimate of 0.2% and the most recent reading of 0.9%. The annual Retail Sales data for the United Kingdom decreased by 3.5%, whereas analysts had predicted a 4.0% decline.

 

A rise in consumer expenditure in the United Kingdom could be the cause of an increase in the Producer Price Index (PPI), which could increase the financial burden on households. In contrast, Bank of England (BoE) Governor Andrew Bailey stated in a BBC interview on Friday, "There are signs of encouraging inflationary progress, but we must remain vigilant."

 

Last week, the BoE increased interest rates by 25 basis points (bps) to 4.25 percent despite global banking turmoil. Due to an increase in food price inflation and a labor shortage, inflationary pressures in the UK zone are extremely elevated. The inflation rate remains in double digits, so the Bank of England was compelled to raise interest rates further.

 

Catherine Mann, a member of the Bank of Canada, stated on Friday that she voted for a 25bp rate increase instead of a larger increase at this week's meeting, in part because inflation expectations have begun to moderate, indicating that monetary policy is having an effect.

 

The Japanese Yen will remain active in Tokyo prior to Bank of Japan (BoJ) Governor Kazuo Ueda's speech. As the central bank strives to maintain an inflation rate above 2%, it is anticipated that the BoJ will adopt a dovish stance. The majority of Japan's inflation increase is attributable to higher import prices. Consequently, monetary instruments must exert a stronger influence on inflation.

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