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August 27th - Sources revealed that the Hong Kong IPO price for fast fashion platform Shein (00625.HK) may be set at approximately HK$48.56 per share, slightly higher than the median of the offering price range of HK$47.6 to HK$49.5. Based on the offering price of approximately HK$48.56 per share, Shein will raise HK$13.6 billion. It is understood that the offering price is still under discussion and may be subject to change.On August 27th, Bank of Japan Deputy Governor Ryozo Himino stated on Thursday that timely interest rate hikes would help prevent a sharp rise in inflation, thus preventing a forced, sudden rate increase in the future. Speaking to business leaders, Himino said, "If core inflation deviates from and exceeds our 2% target, it will have an adverse impact on the economy. Compared to the past, we should pay more attention to the upside risks to prices." He added, "Every monetary policy meeting should be conducted in depth from these perspectives."On August 27th, the State Administration for Market Regulation announced that Chinas Enterprise Credit Index for July was 158.87, showing a temporary pullback from previous highs, but the resilience of enterprise credit remains evident. The overall credit foundation of enterprises nationwide remains solid. In July, the China Enterprise Credit Index decreased by 2.35 points compared to June, influenced by factors such as the increase in the number of newly added enterprises to the list of enterprises with abnormal operations, resulting in a significant decline in regulatory sub-indicators. Simultaneously, the credit repair process accelerated, with a corresponding increase in the number of enterprises removed from the list of enterprises with abnormal operations, continued improvement in regulatory activity, a decrease in the number of enterprise deregistrations compared to the previous month, and a stronger willingness of business entities to continue operating. The fundamental trend of improving enterprise credit remains unchanged. Industry-specific enterprise credit levels declined compared to the previous month. In July, the top five industries in terms of credit index ranking were finance, electricity, heat, gas and water production and supply, residential services, repair and other services, water conservancy, environment and public facilities management, and manufacturing. Industry credit indices generally stabilized this month. Amidst index fluctuations, the mining industry index rose against the trend, while the credit index rankings for agriculture, forestry, animal husbandry and fishery reached new highs this year.Qantas executives said outbound demand from Australia to the United States is strong, while inbound demand is also performing well, and the market is recovering.August 27th - According to US media reports on the 26th, US diesel inventories have fallen to their lowest level for this time of year in history. With increased demand for agricultural fuel and winter heating, diesel prices, already nearing record highs, may rise further. Data released by the US Energy Information Administration on the same day showed that as of the week ending August 21st, US distillate fuel oil inventories (whose main component is diesel) stood at 103.4 million barrels, a decrease of 2.2 million barrels from the previous week, and about 14% lower than the average for the same period over the past five years. Bloomberg, analyzing data dating back to the early 1980s, said that current inventories are at their lowest level for this time of year in history. Data released by the American Automobile Association showed that on August 26th, the average retail price of diesel across the US was $5.62 per gallon, higher than $3.70 a year ago, and approaching the record high of $5.82 per gallon set in June 2022.

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

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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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