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According to Axios, US President Trump said the war with Iran is nearing a critical juncture and he needs to decide whether to resume large-scale military operations to push for an end to the conflict.Slovak Prime Minister Fico: I will travel to Ukraine to meet with other EU prime ministers.Slovak Prime Minister Fico: The situation is more serious than ever regarding the possibility of a pan-European military conflict.French Prime Minister Le Corny: We will not raise taxes.On September 18, Polish Prime Minister Donald Tusk warned that Russia may be planning a "hybrid" drone and missile attack against countries supporting Ukraine, including NATO member Poland. Tusk told parliament that, based on evidence gathered by intelligence agencies, Russias primary objective is to cripple Ukraines economic and logistical systems and weaken NATOs resolve to support Ukraine through attacks on NATO member states. He called this the "most likely scenario." Poland, a crucial conduit for aid to Ukraine, has recently experienced several suspicious incidents, including cyberattacks targeting water supply, energy facilities, and hospitals, as well as damage to the Warsaw-Ukrainian border railway line. Tusk stated that Russia may be attempting to create the risk of drones or missiles entering the airspace of NATOs eastern flank, describing it as an "accidental incident." Tusk said that Russia has recently intensified its attacks on Ukraine, including targets near the Polish border. He anticipates that six major Ukrainian cities will face sustained, high-frequency attacks targeting warehouses, defense supplies, and railway infrastructure.

GBP/USD Attempts To Protect 1.2300 As Market Sentiment Remains Tenuous Due To Rising Crude Prices

Daniel Rogers

Apr 03, 2023 14:15

During the Asian session, the GBP/USD pair is attempting to defend its round-number support level at 1.2300. As a consequence of OPEC+'s announcement of additional oil production cuts, investors in the early Tokyo session discounted the impact of higher oil prices on the Cable. Concerns about global inflationary pressures have been reignited by the crude price increase. Therefore, it may be necessary for central banks to maintain high interest rates for an extended period of time.

 

Following a series of favorable sessions last week, S&P500 futures reported significant losses during the Asian session, as higher oil prices will increase input costs for companies that rely on oil for transportation and manufacturing. The sentiment on the market has deteriorated, and risk-perceived assets have been punished.

 

The US Dollar Index (DXY) is exhibiting a minor correction after reaching a new weekly peak of 102.95. The impact of the deceleration in the US core Personal Consumption Expenditure (PCE) Price Index data on the USD Index was mitigated by rekindled inflation expectations in the United States due to higher crude prices.

 

The US PCE Price Index increased by 0.3% on a monthly basis, which was below both the consensus estimate of 0.4% and the prior reading of 0.5%. In addition, the annual rate of US PCE inflation decreased to 4.6% from 4.7% in the previous report and the consensus estimate.

 

If inflation spikes due to elevated crude prices, the Federal Reserve (Fed) may contemplate additional rate hikes in May.

 

Increasing inflationary pressures on the front of the British Pound are causing the Bank of England more trouble. (BoE). As food prices continue to rise, retail price inflation has increased in the United Kingdom. Moreover, labor shortages continue to influence inflation expectations. However, BoE policymakers are optimistic that the rate of inflation in the United Kingdom will soon begin to fall sharply.


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