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On November 16th, Iranian Foreign Minister Araqchi stated at an event that the United States is transforming pacifism into a hegemonic system based on force. He said the White House once used the slogan "peace through strength," but it was quickly discovered that this theory was merely a facade to mask a new framework for US action based on force, leading to overt hegemony and the blatant use of force. Now, US officials openly declare that they have no intention of acting based on effective political principles or international law, but only want to "win." This approach is clearly a return to the law of the jungle.On November 16th, Roscosmos, the Russian state space corporation, announced that Russian cosmonaut Alexei Zubritsky successfully completed a transaction on the Russian "State Service" website aboard the International Space Station using biometric technology. Zubritsky logged into the website from space using biometrics and completed a transaction that prohibited the application for a mobile phone SIM card, a process that took only 30 seconds. After completing this transaction, even if someone possesses Zubritskys identification, they will not be able to apply for a mobile phone SIM card in his name. "State Service" is a government service portal created by the Russian government, where users can apply for drivers licenses, book doctor appointments, pay taxes, and process paperwork online. The website can be accessed using a username and password or facial recognition.On November 16th, it was reported that U.S. federal officials confirmed on the 15th that they had increased enforcement efforts against undocumented immigrants in Charlotte, North Carolina. On the same day, federal law enforcement officers conducted arrests at multiple locations, drawing strong opposition from local government and residents. Assistant Secretary of Homeland Security Tricia McLaughlin stated in a statement that they were deploying additional Homeland Security law enforcement personnel to Charlotte.According to TASS, Russian air defense systems shot down 57 Ukrainian drones last night.On November 16, it was reported that Li Baian, former member of the Party Committee and Vice President of China Merchants Group Limited, is suspected of serious violations of discipline and law and is currently under disciplinary review and supervisory investigation by the Central Commission for Discipline Inspection and the National Supervisory Commission.

GBP/USD maintains a defensive posture above 1.2400, with focus on US inflation, BoE Governor Bailey, and Fed minutes

Alina Haynes

Apr 12, 2023 13:47

 GBP:USD.png

 

GBP/USD fluctuates between 1.2415 and 1.2420 in the early hours of Wednesday's crucial session as bulls struggle to maintain control. This reflects a cautious outlook advance of the US Consumer Price Index (CPI) for March and the minutes from the most recent Federal Open Market Committee (FOMC) Monetary Policy Meeting. The speech of Bank of England (BoE) Governor Andrew Bailey is also crucial to monitor.

 

The most recent Bloomberg headlines indicate, however, that the British labor market is no longer constrained. "For the first time in two years, the number of people available for work in the United Kingdom increased, easing one of the tightest labor markets in more than a decade," reported the news.

 

In a similar vein, Reuters reported optimistic UK housing prices, allowing GBP/USD buyers to remain optimistic prior to high-profile data events. Reuters reported on Wednesday that British housing sales recovered to within a whisker of pre-crisis levels in March, signifying a rebound from September, when the failed economic plan of former prime minister Liz Truss caused market turmoil.

 

Recently, Neel Kashkari, president and CEO of the Federal Reserve Bank of Minneapolis, stated, "The inflation target of 2% should not be changed." However, other Fed policymakers have recently signaled divergent concerns, which has depressed the Cable investors. President of the Federal Reserve Bank of Philadelphia, Patrick Harker, stated that the Federal Reserve will continue to scrutinize available data to determine if additional action is required. John Williams, president of the New York Fed, had previously stated that interest rates will need to be lowered if inflation declines. In addition, the president of the Chicago Fed, Austan Goolsbee, stated on Tuesday that they should be cautious about increasing interest rates in light of recent developments in the banking sector.

 

In its January report, the IMF lowered its forecast for global real Gross Domestic Product (GDP) growth for 2023 from 2.9% to 2.8%. However, the international lender defends the efforts of the main central banks to combat inflation and gives GBP/USD pair traders no substantial indications.

 

After Wall Street's muddled close, S&P 500 Futures remain directionless in this environment, while US Treasury bond yields rise and encourage US Dollar sellers.

 

To thwart GBP/USD investors, the FOMC Minutes must defend the rate hike path. The meeting between US President Joe Biden and British Prime Minister Rishi Sunak in Northern Ireland is also notable. (NI).


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