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January 10th - As 2026 begins, a new round of competition has kicked off in the Chinese auto market. Automakers are offering promotional discounts and launching updated models with added features but no price increases. However, unlike last year, the fierce competition in the auto market has arrived earlier this year. According to incomplete statistics, since January 1st, more than 20 automakers and over 75 models have launched limited-time promotional activities, with diverse promotional methods. Some models offer direct cash subsidies, some offer fixed-price sales, some offer 3-year or 5-year interest-free financing, and some combine trade-in subsidies with additional incentives.On January 10, Yonhap News Agency reported that South Korean Defense Minister Ahn Gyu-baek stated regarding the allegation of a South Korean drone violating North Korean airspace that this was "absolutely not true," and that the drone shown in the publicly released photos by North Korea was not a type owned by the South Korean military. He also indicated that a joint inter-Korean investigation could be conducted into the matter.On January 10th, the U.S. Department of Agriculture announced on the 9th that it was immediately suspending all federal funding to Minnesota due to a large-scale fraud investigation in the state. U.S. Agriculture Secretary Brooke Rawlings posted on social media: "The Trump Administration has uncovered a massive fraud in Minnesota and Minneapolis—billions of dollars have been misappropriated by fraudsters. The U.S. Department of Agriculture is immediately suspending all federal funding to Minnesota until there is sufficient evidence that the fraud has ceased."NASA plans to separate and dock SpaceX Crew 11 with the International Space Station no earlier than 5 p.m. ET on January 14 (6 a.m. Beijing time on January 15).On January 10th, Trump posted on social media: "I hereby declare that we will not tolerate the American public being ripped off by credit card companies charging 20% to 30% or even higher interest rates, a practice that was rampant during the sleepy Joe Biden administration. It must be affordable! Starting January 20, 2026, as President of the United States, I will implement a one-year cap on credit card interest rates at 10%." Its worth noting that this date coincides with the one-year anniversary of the "historic and extremely successful" Trump administration.

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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