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On September 12, BRICS countries, including Iran and the UAE, issued a joint statement expressing "deep concern" over the escalating tensions in the Middle East and calling on all countries in the region to exercise "maximum restraint." The 45-page communiqué covered a wide range of issues, from institutional reform to payment systems, but did not name the countries involved in the Middle East conflict, instead urging against "actions that could further escalate the situation." The Middle East conflict has lasted for more than six months, disrupting trade in the region and driving up global oil, fuel, and natural gas prices. Amid the significant escalation, Saudi Arabias east-west oil pipeline was attacked, forcing the country to shut it down on Friday. The United States also launched strikes against Iranian oil tankers. The BRICS countries stated that they encourage increased efforts through dialogue and diplomacy to reach a lasting understanding and contribute to lasting peace, security, and stability in the region. The BRICS statement did not offer a specific solution to the near closure of the Strait of Hormuz, but emphasized the "necessity of working together to maintain the smooth flow of global trade, supply chains, and energy in accordance with applicable international law."September 12th - Apples official website shows that pre-orders for the iPhone 18 Pro/Pro Max are now open, with starting prices of 9999 yuan and 10999 yuan respectively. They will officially go on sale on September 18th.According to data from the Congolese government, there have been more than 7,000 confirmed cases of Ebola (excluding deaths).Iraqi military: Iraq has agreed to Irans request to jointly investigate the existence of drone launchers along the border between the two countries.According to the Bahrain News Agency, Bahrain stated that it will not participate in any meetings with Iran until diplomatic relations between the two countries are restored.

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

Alina Haynes

Dec 12, 2022 15:42

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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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