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British Chancellor of the Exchequer Reeves and the Science Secretary will hold a roundtable meeting with telecommunications industry executives.On November 27th, Russian President Vladimir Putin stated on Thursday that the outline of the draft peace plan discussed between the United States and Ukraine could form the basis for a future agreement to end the conflict in Ukraine, but if not, Russia will continue fighting. Putin said, "Generally speaking, we agree that this can serve as the basis for a future agreement." He added that the version of the plan discussed by the US and Ukraine in Geneva has been submitted to Russia. Putin stated that the US is considering Russias position, but some issues still need to be discussed. He also stated that Russia is willing to provide guarantees of non-aggression if Europe desires them. "The fighting will only stop when the Ukrainian army withdraws from the areas they occupy. If they do not withdraw, we will force them to withdraw. Thats it." Putin also stated that the Russian army is accelerating its advance in Ukraine. Meanwhile, Putin stated that he believes the Ukrainian leadership is illegitimate, therefore a legally improbable agreement with Ukraine is impossible, and any agreement must be recognized by the international community, which must acknowledge Russias achievements in Ukraine. Putin also refuted claims that US Special Envoy Witkov showed favoritism towards Moscow in the Ukrainian peace negotiations, calling them nonsense.The commander-in-chief of the Ukrainian army stated that Russia had to deploy reserves during its operations in Pokrovsk.A senior aide to the Ukrainian president said that the work of the Ukrainian and U.S. delegations on the peace plan will continue this weekend.German Chancellor Merz: Even after a peace agreement is reached, Ukraine will still need a strong armed force and security guarantees.

GBP/JPY Surpasses 161.00 Due to Firmer Rates, Discussions of UK Tax Cuts, and Concentration on BoE

Daniel Rogers

Jan 30, 2023 15:32

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GBP/JPY demonstrates moderate gains near 161.00 as it reflects the market's cautious disposition at the beginning of a key week that includes multiple monetary policy meetings and important data. Despite this, the cross-currency pair sustains its two-week recovery on the back of rising US Treasury bond yields and hawkish Bank of England forecasts (BoE).

 

Despite a tiny bid at press time, 10-year US Treasury rates remain uninspired about 3.51% after reversing a two-week decline last Friday. Concerns surrounding the Bank of England's 0.50 percentage point interest rate increase to contain inflation appear to keep GBP/JPY purchasers optimistic.

 

Notably, concerns regarding the United Kingdom's opposition to tax cuts appear to help the pair's upward momentum. Reuters quotes British finance minister Jeremy Hunt as saying on Friday that he plans to prioritize corporate tax cuts whenever public finances permit.

 

GBP/JPY sellers, on the other hand, are hopeful due to the Bank of Japan's (BoJ) continuing efforts to defend the Yield Curve Control (YCC) with recently higher inflation data from Tokyo. Japan's foundations may be on par with those of the United Kingdom, despite the former's greater stability.

 

The GBP/JPY exchange rate may experience a short-term rebound in the near future as a result of cautious optimism on the market and reduced fears of UK worker strikes. Nonetheless, the Bank of England's (BoE) rate hike and efforts to limit inflation without harming productivity will draw considerable attention.

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