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On August 22, Chris Turner of ING Bank stated in a report that the latest Federal Reserve custody data shows that foreign central banks are continuing to reduce their holdings of U.S. Treasuries and are likely reducing their dollar exposure in foreign exchange reserves. He noted that the impact on the U.S. Treasury market may be limited, as the U.S. private sector is absorbing the foreign official sales, but the impact on the dollar "is likely to remain negative." Data showed that as of Wednesday, the amount of U.S. Treasuries held by the Federal Reserve on behalf of foreign officials and international accounts was $2.83 trillion, down from $2.86 trillion the previous week and approximately $100 billion less than in early April.Hang Seng Indexes Company released the results of its quarterly review: there was no change in the constituent stocks of the Hang Seng Technology Index, and the number of constituent stocks remained at 30.On August 22, it was learned from the Beijing Stock Exchange that from August 18 to August 22, 2025, the Beijing Stock Exchange will continue to list "*ST Guangdao" and "*ST Yunchuang", two delisting risk warning stocks, as key monitored stocks to strengthen trading risk reminders; it will take self-regulatory measures such as issuing warning letters and suspending securities account transactions for 6 cases of abnormal securities trading behaviors, involving abnormal trading situations such as price manipulation, false reporting, etc.; and conduct special inspections on 3 major matters of listed companies.On August 22, Wall Streets attention was focused on Federal Reserve Chairman Powells speech on Friday. Following a string of strong inflation data, Powell may remain cautiously silent. StoneX senior advisor Jon Hilsenrath said, "Powell is in a very tricky position. He may admit that a September rate cut looks likely, but he wont give a timetable for a series of rate cuts because the Feds mission to control inflation is not yet complete." Powells speech comes at a time when the Fed does not yet have all the data needed to determine the direction of interest rates, and its decision will rely heavily on August employment data and CPI readings to be released next month. Andrew Tyler, head of global market intelligence at JPMorgan, wrote in a report on Wednesday, "Jackson Hole may be insignificant." Rose Advisors portfolio manager Patrick Fruzzetti also said, "Powell has struck this balance before. I dont think he will signal an aggressive rate cut, nor will he be more hawkish than he is now. Powell may indicate that policymakers are still prioritizing inflation over job growth."On August 22, Siquan New Materials announced that the cumulative deviation of the closing price of its stock exceeded 200% for 30 consecutive trading days, indicating possible overheated market sentiment and the risk of a decline in the stock price after a sharp rise. The companys recent operations, internal and external operating environment, and fundamentals have not undergone significant changes. The companys main products are thermal management products, which are used in consumer electronics and new energy sectors. The company has no material matters that should be disclosed but have not been disclosed. The controlling shareholder and actual controller did not buy or sell the companys shares during the period of severe and abnormal stock trading fluctuations.

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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