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On August 16th, according to a report by the U.S. military newspaper Stars and Stripes on the 14th, the U.S. Navy recently discovered an unidentified drone at its largest base in Italy and implemented base-wide security measures. The report stated that the small drone was discovered on the 13th at a support point at the U.S. naval base, prompting security forces to take precautionary measures. Before and after the drones discovery, the U.S. naval base issued a brief shelter-in-place order at a location approximately 13 miles (21 kilometers) from the incident site. It is currently unclear whether this shelter-in-place order was related to the drone discovery, or whether a similar order was issued at the support point.August 16th - At 12:10 PM Beijing time on August 16, 2026, my country successfully launched 24 low-Earth orbit satellites for its satellite internet service using a Long March-12 carrier rocket from the Hainan Commercial Space Launch Site. The satellites successfully entered their predetermined orbits, and the launch mission was a complete success.According to the Jerusalem Post: The Israel Defense Forces killed senior Hezbollah commander Abu Hassan Alaa in a weekend attack on the Deir Zahrani region in southern Lebanon.August 16th - The 2026 Wenchang International Aerospace Forum will be held in Wenchang, Hainan from August 24th to 26th, showcasing the latest achievements of Hainans aerospace industry. The forum aims to seize the new opportunities presented by the industrialization of reusable rockets, gather global aerospace resources, and help strengthen the rocket, satellite, and data chains, as well as the "aerospace+" industry, building a comprehensive and multi-layered aerospace industry ecosystem. Hainan will fully promote the implementation of key projects, accelerate the formation of high-density, high-reliability, and low-cost commercial launch capabilities, and efficiently support the "hundreds of rockets, thousands of satellites" mission.August 16th - According to Indonesian rescue official Shafii, as of 9:00 AM on the 16th, the death toll from the 7.7 magnitude earthquake in Indonesia has risen to 51. According to the China Earthquake Networks Center, a 7.7 magnitude earthquake struck off the coast of Flores Island, Indonesia, on the morning of the 15th local time, with a focal depth of 20 kilometers. The tsunami warning triggered by the earthquake has been lifted. According to the Chinese Consulate General in Denpasar, the earthquake caused minor injuries to three Chinese citizens.

GBP/USD hits 1.16 because to Truss' fiscal boost and rising BOE rates

Alina Haynes

Sep 06, 2022 15:27

截屏2022-09-06 上午11.21.16.png 

 

GBP/USD receives bids to retest the intraday high above 1.1590 as bulls embrace Lizz Truss' leadership amid expectations of a large stimulus and a push to the Bank of England (BOE). Consequently, throughout Tuesday's Asian session, the Cable pair led the G10 currency pairs with intraday gains of 0.65%.

 

"Incoming Prime Minister Liz Truss has drafted plans to stabilize annual energy and gas costs for a typical UK residence at or below the current level of £1,971," As a result of Russia's decision to shut off gas supplies to Europe in response to sanctions imposed in response to the invasion of Ukraine, she is under pressure to find a solution to increasing energy prices that are crushing individuals and businesses in the United Kingdom.

 

After the results were revealed, Truss declared, "I will submit a solid proposal to cut taxes and stimulate the economy." According to Reuters, UK prime ministerial candidate Truss stated, "I would resolve the energy crisis by tackling people's energy prices and our long-term energy supply problems."

 

Aside from that, her criticism of the BOE's slow response to the fight against inflation is well-known, which suggests that the "Old Lady," as the UK's central bank is often known, will increase interest rates more quickly.

 

The dollar's loss also contributes to the GBP/USD recovery, it should be noted. Despite this, the US Dollar Index (DXY) fell 0.35 percent to 109.43 at press time, failing to justify higher US Treasury yields. In doing so, the dollar index versus the six major currencies extended its drop from yesterday's 20-year high.

 

The decrease in the DXY may also be attributable to the market's cautious optimism, as indicated by mildly optimistic stock futures, in anticipation that global authorities will be able to address the energy crisis. The recent reduction in hawkish Fed predictions, particularly in the wake of Friday's mixed US employment report, provides additional support for the GBP/USD recovery.

 

Alternatively, according to data released by payments provider Barclaycard on Tuesday, a decrease in Consumer Spending investigates the bears. The Financial Times said that "UK consumers cut spending on clothing, home improvement, and cosmetics in August, while business activity declined, a symptom of "collapsing" demand due to the escalating cost of living crisis" (FT).

 

Amid crowded markets, risk catalysts are likely to occupy pair traders in the future. Also essential will be the ISM Services PMI for August, which is predicted to be 55.5 as opposed to the prior reading of 56.7.

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