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August 25th - According to the latest Reuters/Ipsos poll, public support for a war with Iran in the United States has fallen to its lowest level since the conflict began, at 31%, keeping Trumps approval rating at a historic low of 33%. Only 31% of Americans support military action against Iran, down from 37% in March and 34% earlier this month. The main reason for the decline is the decrease in support for the war among self-identified Republicans. Trumps popularity is clearly hampered by public dissatisfaction with the war with Iran, with his approval rating hitting a historic low for the second consecutive time, with only 33% of respondents approving of the presidents performance. The survey also shows that about 83% of Americans believe the war will "last a long time," up from 80% in a survey earlier this month.On August 25th, Iranian Economy and Finance Minister Madanizadeh stated on the evening of the 24th local time that the Iranian government has long been planning to counter US sanctions and is fully prepared to respond to new sanctions. He stated that the worlds financial and economic lifelines are not so simple, and the US cannot "completely sever Irans financial and trade ties." Madanizadeh said that if the US dares to take any action, it should expect a retaliation from Iran. On the afternoon of the 24th Eastern Time, US Treasury Secretary Bessenter held a press conference, announcing several economic sanctions against Iran to further increase pressure on the country. Bessenter stated that the US is launching an economic offensive against Irans global financial network, aiming to cut off all of Irans economic lifelines. The sanctions cover areas such as digital assets, technology, gold, aviation, and shipping.According to Iranian media outlet Fars News, Irans Minister of Economy stated that the current depreciation of the Iranian currency stems from tensions in the media environment. We are working to restore the foreign exchange market to normalcy.U.S. Defense Secretary Hergsays: Iran’s kinetic strikes have not been suspended, and we will act decisively if necessary.U.S. Defense Secretary Hergsays: Iran still has some capabilities, but its only option is to return to the negotiating table.

GBP/USD seeks to regain 1.2300 as higher UK CPI strengthens the case for a rate hike by the Bank of England and the USD retreats

Alina Haynes

Mar 23, 2023 15:00

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During the Asian session, the GBP/USD pair attempts to reclaim the resistance level at 1.2300. Following a vertical correction, the Cable has recovered to near 1.2260 as the market anticipates that the absence of hawkish interest rate guidance from Federal Reserve (Fed) chair Jerome Powell while addressing the economy at the monetary policy meeting indicates that the Fed is close to ending its policy-tightening spell.

 

S&P500 futures have generated some gains in the Asian session following a decline on Wednesday as a result of Fed Powell's confirmation that the fight against intractable U.S. inflation will continue. Chairman of the Federal Reserve Jerome Powell has ruled out rate cuts in 2023, citing the difficulty of controlling inflation. In addition, US Treasury Secretary Janet Yellen's statement that the government "does not plan to insure all uninsured bank deposits" heightened fears of a banking sector collapse.

 

Following a recovery move, the US Dollar Index (DXY) has retreated on expectations that additional credit tightening to protect banking institutions will reduce overall demand, economic activity, and inflation. In the interim, the demand for US government bonds has increased as a result of expectations that US Janet Yellen will end further policy restrictions and reduce support for all bank deposits.

 

On the front of the United Kingdom, the Pound Sterling is likely to maintain its strength as the Bank of England (BoE) is scheduled to raise rates for the eleventh consecutive time. Governor Andrew Bailey of the Bank of England is expected to raise interest rates by 25 basis points (bp) in response to rising food and non-alcoholic beverage prices, as well as rising energy costs, which have contributed to inflation in the United Kingdom.

 

In the midst of global banking turmoil, the Bank of England's (BoE) interest rate decision will be difficult, as policymakers were divided over whether to raise rates further or maintain them at their present level.


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