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According to Ukraines state-owned oil and gas company, Russia attacked seven natural gas production sites overnight.August 7th - A report released Friday by the U.S. Bureau of Labor Statistics showed that despite a slight decline in the unemployment rate, the U.S. economy experienced an unexpected job loss in July, indicating a slowdown in the employment situation. Seasonally adjusted nonfarm payrolls fell by 23,000 in July, compared to a revised 20,000 in June. Market expectations had previously predicted an increase of approximately 80,000. Meanwhile, the unemployment rate fell to 4.1%, while the labor force participation rate further declined to 61.4%, the lowest level in more than five years.According to data and sources, the Caspian Pipeline Alliances oil loading in July fell 20% behind schedule, down to 1.2 million to 1.3 million barrels per day, due to the drone attack.Short-term geopolitical disturbances continue to dominate oil price movements. Attention should be paid to the progress of US-Iran negotiations and the passage of traffic in the Strait of Hormuz. A chart provides a quick overview of the pre-market conversion prices of crude oil between domestic and international markets.August 7th - The U.S. unexpectedly lost 23,000 jobs in July, far below the expected increase of 80,000. Junes increase was also revised down to just 20,000. Despite the weak job market, the unemployment rate unexpectedly fell from 4.2% to 4.1%. This disappointing report has reignited concerns about the labor market and could complicate the Federal Reserves interest rate decisions, as policymakers need to strike a balance between weak employment and persistent inflation.

GBP/JPY moves around 161.50 as Winter Energy Shock worries rise

Alina Haynes

Aug 26, 2022 15:14

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GBP/JPY is trading between 161.32-161.60 in Tokyo. After Wednesday's firmer rebound from 160.86, the cross is sideways. The cross rose after retesting Tuesday's low near 161.00, but the lack of a convincing reason caused it to drift sideways.

 

As the UK economy approaches a recession and energy shocks loom, the cross could reverse its drop. After Russia's invasion of Ukraine, British gas and power costs are rising due to an embargo on Russian energy imports. As winter approaches, the energy regulator has enforced an 80% price cap hike.

 

The energy price cap hike will undoubtedly depress British homeowners. The administration has failed to cut the labor cost index, which is at its highest level in 40 years. Rising energy prices will reduce consumer confidence in the economy. The pound could be affected.

 

The Bank of Japan's (BOJ) conservative monetary policy has failed to stimulate the yen zone. The Jibun Bank Manufacturing PMI for Japan was 51, lower than 51.8 and 52.1. Services PMI was 49.2, compared to 50.7 and 50.3.

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