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Ukrainian President Volodymyr Zelensky lashed out at the U.S. Embassy on April 5, calling its statement "weak" and failing to blame Russia for the missile attack on the Ukrainian city of Krivyh.On April 5, OPEC+ major members reiterated that they must strictly abide by their oil production quotas after the group unexpectedly announced an accelerated pace of production increases, causing crude oil prices to plummet. According to a statement released by the group on its official website on Saturday, the OPEC+ Joint Ministerial Monitoring Committee (JMMC) noted that some member countries had failed to fully comply with production restrictions and had not further cut production as promised to make up for excess production. These countries were told to submit compensation plans by April 15. OPEC+ shocked the oil market last week when it announced that it would accelerate production increases. Delegates privately said the move was aimed at urging member countries such as Kazakhstan and Iraq to strengthen enforcement discipline.April 5th news: So far, the strong earthquake in Myanmar has caused 3,455 deaths, 4,840 injuries and 214 missing persons.On April 5, after US President Trump announced the "reciprocal tariff" plan, Apples stock price suffered a heavy blow for two consecutive trading days, and its market value shrank significantly. According to the calculation of investment bank Morgan Stanley, the imposition of tariffs on China will increase Apples costs by about US$8.5 billion each year. Reuters quoted analysts as saying that if Apple passes all tariff costs on to consumers, the retail price of iPhone16 Pro Max in the United States will rise from the current US$1,599 to US$2,300 (about RMB 16,750). During Trumps first term, Apple began to promote the diversification of its supply chain, but the Trump administrations plan to impose high "reciprocal tariffs" on Southeast Asian countries will undoubtedly hit Apples supply chain hard.Ukrainian military: Russian troops used cluster weapons in "brutal" attack on Krivelikh.

GBP/USD Attempts To Protect 1.2300 As Market Sentiment Remains Tenuous Due To Rising Crude Prices

Daniel Rogers

Apr 03, 2023 14:15

During the Asian session, the GBP/USD pair is attempting to defend its round-number support level at 1.2300. As a consequence of OPEC+'s announcement of additional oil production cuts, investors in the early Tokyo session discounted the impact of higher oil prices on the Cable. Concerns about global inflationary pressures have been reignited by the crude price increase. Therefore, it may be necessary for central banks to maintain high interest rates for an extended period of time.

 

Following a series of favorable sessions last week, S&P500 futures reported significant losses during the Asian session, as higher oil prices will increase input costs for companies that rely on oil for transportation and manufacturing. The sentiment on the market has deteriorated, and risk-perceived assets have been punished.

 

The US Dollar Index (DXY) is exhibiting a minor correction after reaching a new weekly peak of 102.95. The impact of the deceleration in the US core Personal Consumption Expenditure (PCE) Price Index data on the USD Index was mitigated by rekindled inflation expectations in the United States due to higher crude prices.

 

The US PCE Price Index increased by 0.3% on a monthly basis, which was below both the consensus estimate of 0.4% and the prior reading of 0.5%. In addition, the annual rate of US PCE inflation decreased to 4.6% from 4.7% in the previous report and the consensus estimate.

 

If inflation spikes due to elevated crude prices, the Federal Reserve (Fed) may contemplate additional rate hikes in May.

 

Increasing inflationary pressures on the front of the British Pound are causing the Bank of England more trouble. (BoE). As food prices continue to rise, retail price inflation has increased in the United Kingdom. Moreover, labor shortages continue to influence inflation expectations. However, BoE policymakers are optimistic that the rate of inflation in the United Kingdom will soon begin to fall sharply.


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