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The USD/KRW pair rose, last trading at 1477.65, after South Korea relaxed its capital controls on overseas dollar lending.Bank of Thailand Governor: Gold trading is affecting the Thai baht.On December 18th, PTA prices initially fell before rising this week, primarily due to a rebound in crude oil prices. Easing tensions between Russia and Ukraine and an oversupply of crude oil caused Brent crude to fall to a near four-year low, negatively impacting the PTA market. However, Trumps order to blockade oil tankers in a South American country led to a rebound in European and American crude oil futures from their near four-year lows. This week, the PTA supply and demand situation remained relatively stable, with PTA operating rates stable and downstream demand slightly recovering due to the commissioning of 300,000 tons of new polyester capacity. Next week, a 2.2 million-ton PTA plant in East China is scheduled to restart. Attention should be paid to the impact of the South American geopolitical situation on crude oil prices, as cost support is expected. A slight increase in PTA prices is anticipated in the short term.On December 18th, the overnight SHIBOR was 1.2730%, down 0.20 basis points; the 7-day SHIBOR was 1.4260%, down 0.20 basis points; the 14-day SHIBOR was 1.5820%, up 11.10 basis points; the 1-month SHIBOR was 1.5500%, up 0.90 basis points; and the 3-month SHIBOR was 1.6030%, up 0.20 basis points.On December 18th, silver prices broke through $66 per ounce for the first time on Wednesday, with a year-to-date increase of nearly 130%. A new round of price surge that began that day propelled its price up by more than 4%, bringing silvers total market capitalization to $3.75 trillion, surpassing AI giant Google to become the worlds fourth-largest asset, after gold, Nvidia, and Apple.

GBP/JPY finds support close to 167.30 as focus shifts to UK inflation and BOE policy

Alina Haynes

Dec 12, 2022 15:42

 GBP:JPY.png

 

The GBP/JPY pair is gauging demand after slipping to approximately 167.30 during the early Asian session. After failing to surpass the 168.00 round-level barrier, there was selling pressure on the cross. In the interim, the GBP/USD pair has retraced ahead of the Federal Reserve's (Fed) monetary policy, suggesting a cautious market tone.

 

As the policy divergence between the Bank of England (BOE) and the Bank of Japan (BOJ) is projected to widen further in the wake of the Bank of England's (BOE) interest rate hike on December 15, the cross is forecast to recover significantly.

 

Despite the recession, the Bank of England will increase interest rates by another 50 basis points (bps) next week, boosting the cost of borrowing to 3.50 percent, according to a Reuters poll. To eliminate inflationary pressures in the United Kingdom, additional policy tightening is necessary.

 

But before that, investors will focus on the United Kingdom's inflation data on Wednesday. According to projections, the annual inflation rate for November would likely increase from 11.1% to 11.5%. The recent rise in food price inflation, caused by a labor shortage and rising input costs, has raised expectations for the headline inflation rate.

 

As a result of a decrease in Gross Domestic Product (GDP) data, the likelihood of a dip in Tokyo's inflation has increased. A decline in demand never causes the price increase index to rise. Even if salaries climb by 3%, Bank of Japan (BOJ) Governor Haruhiko Kuroda believes the BOJ would retain its current easy monetary policy until inflation reaches 2%.


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