EUR/USD 1.18037
0.044%
Gold 4834.23
0.910%
Oil 87.478
-0.891%
USD/JPY 158.773
-0.126%
GBP/USD 1.35696
0.065%
GBP/JPY 215.453
-0.028%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
According to foreign media reports on April 16th, Malaysian crude palm oil futures on the Bursa Malaysia Derivatives Exchange (BMD) are likely to open higher on Thursday morning, following gains in external markets. International crude oil futures rose firmly on Wednesday as shipping in the Strait of Hormuz remained disrupted and hopes for a US-Iran peace deal were dashed. Lower-than-expected US soybean oil inventories boosted Chicago soybean oil prices, which will also help Malaysian crude palm oil futures in early trading. A weaker ringgit also contributed to the rebound in palm oil futures, as it made palm oil priced in the ringgit more affordable for buyers holding foreign currency. However, Malaysias increase in palm oil export tariffs for May, coupled with slowing export growth and increased palm oil production, will limit the markets rebound momentum.According to NewsNation: The Pentagon press briefing will be held at 8 p.m. Beijing time tonight.Market news: An explosion occurred in Kyiv, the capital of Ukraine. The mayor stated that air defense forces are on the scene.On April 16, White House documents revealed that US President Trump issued several pipeline permits on Wednesday, including one for a new pipeline aimed at facilitating the transport of crude oil and petroleum products between the United States and Canada. The permit was awarded to Bakken Pipeline for the construction of pipeline facilities in Burke County, North Dakota. He also issued other permits for the maintenance and operation of existing pipelines in North Dakota and Michigan, near the border.Fitch: Countries in the Asia-Pacific region are shifting the costs of curbing the energy shock to the public sector.

GBP/JPY falls below 161.50 as the rally pauses in the face of inflation concerns and remarks from BoE Governor Bailey

Alina Haynes

Mar 28, 2023 15:34

 GBP:JPY.png

 

GBP/JPY halted and attained a weekly high of 161.80 after a rapid ascent. Due to Monday's optimistic risk sentiment and rising global bond yields, the currency pair rose.

 

In a recent speech, Governor Bailey of the Bank of England (BoE) emphasized the need to remain vigilant for signs of persistent inflationary pressures. If these pressures manifest, he suggested, additional monetary tightening may be necessary. Although there are indications of economic resiliency, Bailey warned that the inflation trajectory may not be completely smooth. An important objective of monetary policy is to prevent persistent inflation resulting from external factors. Additionally, Bailey identified significant strains in portions of the global banking system, which could have implications for the global economy as a whole.

 

Bailey stated that the full impact of recent bank rate hikes has not yet been felt, and that inactivity due to early retirement may have contributed to an increase in cyclical rates. Due to these factors, the Bank of England has significantly raised interest rates. Bailey cautioned that inflation could be more persistent than anticipated, so it is crucial to remain vigilant for signs of inflationary pressure. If such pressures manifest, it may be necessary to tighten monetary policy further to contain inflation.

 

Overall, Bailey's speech emphasizes the Bank of England's commitment to economic growth and price stability. The Bank of England is assiduously managing risks to maintain inflation within its target range.

 

Due to the absence of a press conference at the March meeting of the Board of Governors, these remarks are notable. The majority of analysts predict that the BoE will suspend in May, while others anticipate that additional tightening will be necessary as inflation control remains the central bank's top priority over banking uncertainty.

 

The British Retail Consortium (BRC) reported that store price inflation rose to 8.9% in March, up from 8.2% in February, highlighting the inflationary pressure. Alternatively, Japan's Minister of Economy Goto announced plans to invest JPY 2,200,000,000,000 in a stimulus program.


Suggestion