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US President Trump: The United States is working to supplement and expand weapons production to strengthen U.S. defense manufacturing capabilities.On September 14th, Balaji Krishnamurthy, President of Chevron Australia, stated that liquefied natural gas (LNG) prices, which have surged since the outbreak of the Iraq War, are unlikely to decline in the short term. He said on Monday that he "doesnt see prices falling" in the next six months or so, noting that "Australian LNG currently enjoys a premium" due to Australias geographical proximity to Asia. The US oil giant operates the Gorgon and Wheatstone projects in Australia and has benefited from the price surge caused by the disruption of Qatari exports. Qatar previously accounted for about one-fifth of global LNG production. However, this has also led to some demand disruption in the short term, and there is a risk of declining consumption in the long term as countries seek alternatives to mitigate future supply shocks. Krishnamurthy stated that the rise of artificial intelligence will be a key source of LNG demand growth, presenting opportunities for Australian data centers. He added that the war has also led customers to increasingly seek long-term supply contracts, as energy security is now a top priority. He said, "In the short term, we will continue to see some demand adjustments," but "in the long term, the fundamentals, especially for LNG, remain very strong."Chevron Australia President: LNG prices are expected to remain high over the next six months.According to US financial media Semafor: US President Trump has agreed to allow states to file lawsuits against violations of the Clarity Act.On September 14th, the State Administration for Market Regulation (National Standardization Administration) approved and released four mandatory national standards for mine safety, including the "Specification for Survey of Hidden Disaster-Causing Factors in Mines" and the "Technical Conditions for Lithium-ion Power Batteries Used in Underground Mines," providing unified mandatory technical standards for mine risk prevention and equipment safety. These standards, formulated by the National Mine Safety Administration, will come into effect on March 1, 2027.

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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