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On July 18, Rezaei, an advisor to Irans Supreme Leader, stated that if the United States continues its attacks in the next two to three days, Iran will abandon its previous strategy of deterrence and reciprocal retaliation, shifting to a phase of "full-scale offensive and destruction," and may directly strike US military bases and personnel abroad. He claimed that Irans previous restraint was to avoid spillover of regional conflict, but the USs "miscalculation" could escalate the situation. Rezaei also called on Kuwait, Jordan, Qatar, the UAE, and other regional countries and governments to stop the US and Israel from expanding their operations, stating that the USs strategy of "simultaneous war and negotiation" has failed, and Iran will intensify its counterattacks in the coming days.July 18th - Crude oil futures recorded double-digit gains this week as the US expanded its military strikes against Iranian targets and Iran launched attacks on neighboring Gulf states. Another factor exacerbating concerns about escalating tensions is the possibility that Yemens Houthi rebels may take action to block shipping over the Red Sea; Saudi Arabia has been diverting its crude oil exports via the Red Sea while the Strait of Hormuz remains closed. Barclays analyst Amarpreet Singh stated in a report: "With inventories at near-record lows and most strategic petroleum reserve releases completed, the renewed escalation of tensions around the red line of the Strait poses significant upside risks to energy prices. As things stand, we believe the oil market is still too complacent about the potential impact on inventories."July 18th - According to the Wall Street Journal, sources revealed that SpaceX (SPCX.O) is in talks with the U.S. Department of Defense, hoping to provide the agency with billions of dollars worth of computing power to run artificial intelligence models, further strengthening the partnership between Musks company and the Department of Defense. These negotiations are ongoing but could ultimately fall apart. According to people familiar with the plans, SpaceX has signed similar agreements with Anthropic and Google in recent months and is currently planning a significant expansion of its cloud computing business. Sources also revealed that in recent weeks, SpaceX employees have discussed plans to offer computing power to AI customers at lower prices, thus competing more directly with existing vendors such as CoreWeave.Irans Supreme Leaders advisor, Rezaei, stated that if the US attacks continue for several days, Iran will enter a phase of full-scale offensive operations.SpaceX (SPCX.O) quickly narrowed its losses to 2.6%, after previously falling by more than 6%.

Prior to UK Employment, GBP/JPY Expects Gains Above 163.00

Alina Haynes

Mar 14, 2023 14:26

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In the early Asian session, the GBP/JPY pair is evaluating an intermediate cushion above 162.00 after detecting restrictions in the upside momentum above 163. As investors become concerned about the United Kingdom's labor cost index, which has occupied the Bank of England (BoE) with high inflation issues for the past year, the cross is expected to resume its upward trend.

 

The release of the UK's Employment data will be the primary catalyst for the British Pound in the near future. Claimant Count Change (Feb) is expected to decline by 12.4K compared to the previous release of 12.9K. The three-month Unemployment Rate is expected to increase to 3.8% from the previous release of 3.7%.

 

The primary catalyst will be the Average Earnings data, which is anticipated to decrease to 5.7% from the previous release of 5.9%. Investors should be aware that higher employment costs and persistent food price inflation in the British economy have fueled inflationary pressures. And now, a decline in the labor cost index will please Bank of England Governor Andrew Bailey, who is losing sleep over devising a strategy to slow the double-digit inflation rate.

 

It is essential to observe that the failure of Silicon Valley Bank (SVB) has repercussions outside of the United States. In a joint statement from the UK Treasury and the Bank of England (BOE) on Monday, Jeremy Hunt, the minister of finance, stated that "deposits will be protected without taxpayer support." The UK authorities have confirmed that HSBC has agreed to rescue Silicon Valley Bank's (SVB) UK subsidiary. UK Hunt added, "These actions have no direct material impact on any other British institutions."

 

Following the announcement of unchanged monetary policy by former Bank of Japan (BoJ) Governor Haruhiko Kuroda, investors are shifting their focus to BoJ Kazuo Ueda's commentary on the Yield Curve Control (YCC) and a transition to restrictive monetary policy.

 

Alvin Liew, senior economist at UOB Group, believes that Japan's exit from the YCC and negative interest rates are inevitable; the question is how Ueda will implement his plan. We anticipate a gradual, well-communicated change in Ueda's pace, as opposed to a sudden one. We see it as two primary steps: 1) Protracted adjustment to its forward guidance on YCC and interest rates (April to December 2023) and 2) Elimination of YCC and abolition of the negative policy rate in early 2024."


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