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EIA Natural Gas Report: As of the week ending October 10, total U.S. natural gas inventories were 372.1 billion cubic feet, an increase of 80 billion cubic feet from the previous week and 26 billion cubic feet from the same period last year, a year-on-year increase of 0.7%. At the same time, it was 154 billion cubic feet higher than the five-year average, an increase of 4.3%.The EIA natural gas inventory in the United States for the week ending October 10 was 80 billion cubic feet, which was in line with expectations of 81 billion cubic feet and the previous value of 80 billion cubic feet.New York silver futures hit $53 an ounce, up 3.16% on the day.Russian Deputy Prime Minister Novak: OPEC+ cooperation will help balance global supply and demand.On October 16, ECB board member Wunsch said that the ECB has done almost perfect in dealing with this "once-in-a-century" inflation shock. Wunsch pointed out that although he had hoped that the ECB would start the tightening cycle earlier after the inflation surge in 2022, overall he was satisfied with the subsequent decision. "I was one of those who thought we should act earlier, but then we did catch up. I would say that we have done almost perfect since then." He reiterated his previous view that there are no obvious upside or downside risks to inflation at present. "If you have to choose between upside or downside risks, I would say that the risk is slightly biased to the downside, which is mainly affected by the appreciation of the euro and the economic trend. But overall, we are in a good position."

GBP/USD is Testing 1.3020 and is Under Pressure at the Hourly Resistance Level

Drake Hampton

Apr 22, 2022 09:55

GBP/USD is flat in Asia at 1.3029, pressured by an hourly barrier, and has traded in a narrow range between 1.3022 and 1.3035. However, the pound has been losing ground against a strong euro, while remaining relatively stable against the US dollar in the late afternoon on Wednesday.

 

Overnight, investors focused on hawkish comments from European Central Bank officials, which fueled speculation that the central bank will soon boost interest rates, sending the euro to a one-week high. It was also solid in anticipation of French President Emmanuel Macron's reelection victory on Sunday following yesterday's debate.

 

Joachim Nagel, president of Germany's Bundesbank, joined a chorus of experts in predicting an ECB rate hike in the third quarter. Meanwhile, traders have remained focused on the Bank of England's future monetary policy course.

 

The Bank of England modified its rhetoric last month on the necessity for additional interest rate hikes while emphasizing the economy's downside risks. Catherine Mann, a Bank of England monetary policymaker, provided an in-depth and counterbalancing assessment of the MPC's issues.

 

"The critical aspect was the need to combat inflation," analysts at Westpac said, adding that the latter was viewed as more worrying and exhibiting signs of spreading to pricing schemes (second-round effects), including front-loaded rate hikes. "While tightening may be reconsidered if demand deteriorates, the converse may also be true if the economy continues to perform well and inflation remains persistent.' By the end of 2022, money markets are pricing in 160 basis points of BoE rate hikes.

GBP/USD

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