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IDF: Sirens sounded in southern Israel after Yemen fired a missile for the second time today. The missile was intercepted before it entered Israeli territory.On January 18, the Financial Times reported, citing people familiar with the matter, that Commerzbank is considering laying off thousands of employees to fend off the strong stake of Italys UniCredit Group. Two people familiar with the matter said the plans have not yet been formalized and are expected to be announced to the workers committee in the coming weeks. A person familiar with the negotiations said the figure could be in the low range of "thousands." The report said that after approaching UniCredit Group, the German bank is under pressure to cut costs and improve returns. Bettina Orlopp, the new CEO of Commerzbank, will submit an updated strategy on February 13 to show that the bank can improve profitability and pay dividends to shareholders on its own. Earlier reports said that UniCredit Group suddenly took a stake in Commerzbank and could become the largest shareholder of Commerzbank if it obtains regulatory approval. Andrea Orcel, CEO of UniCredit Group, has made no secret of his ambitions for Commerzbank, including a full acquisition of the German competitor.On January 18, local time, the Houthi armed forces in Yemen issued a statement announcing that they had launched a military operation that day, using the "Zolfagar" ballistic missile to accurately strike the Israeli Ministry of Defense in Tel Aviv, and had successfully hit the target. In response, Israel has not yet responded. Earlier, the Israeli military said on the 18th that after a ballistic missile was launched from Yemen, air defense alarms sounded at Ben Gurion International Airport and other places. The Israeli military is investigating this.A spokesman for the Yemeni Houthi armed forces: They will coordinate closely with Palestinian resistance organizations to respond to any Israeli actions that violate the Gaza ceasefire agreement.According to the Financial Times: Commerzbank is considering cutting thousands of jobs to fend off a strong stake from Italys United New Low Group.

GBP/USD falls from a five-month high to 1.2200 as traders await NFP data from the United States

Alina Haynes

Dec 02, 2022 15:47

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GBP/USD reverses direction from yesterday's strongest levels since late June, as markets stabilise in front of Friday's critical US employment report for November. As of press time, despite this, the intraday low for the Cable pair is approaching 1.2230.

 

In addition to pre-NFP anxiety, the recent decline in the quote may also be ascribed to the market's modest pessimism and poorer UK statistics.

 

S&P 500 Futures decline 0.30 percent intraday to 4,070, mirroring market mood as US 10-year Treasury yields bounce from a 10-week low to 3.53 percent as of press time.

 

Potentially responsible are worries about the decline of the Initial Public Offering (IPO) markets. According to industry experts presenting at the Reuters NEXT conference, "a global slowdown in initial public offerings due to heightened market volatility and a regulatory cloud over fresh listings from China has created pent-up demand that might lead to an IPO boom in 2023."

 

The Business Times of Singapore stated that the United Kingdom's house prices dropped 1.4% in November, which was greater than the 0.2% reduction that had been forecast. In contrast, record-high fresh food inflation and a rise in the UK's final S&P Global/CIPS Manufacturing PMI statistics for November appear to pose a challenge to GBP/USD bears.

 

The Bank of England's (BOE) hawkish forecasts and the Federal Reserve's (Fed) recent dovish forecasts for its next move are on the same path. Moreover, weak US inflation and economic activity figures weigh on the US Dollar, keeping GBP/USD bulls bullish.

 

The November US jobs report will be crucial for GBP/USD buyers in light of negative data forecasts and fears of additional Greenback losses. As a result, the headline Nonfarm Payrolls (NFP) number is expected to decline from 261K to 200K, while the unemployment rate may remain unchanged at 3.7%. It should be noted that a likely decline in Average Hourly Earnings for the relevant month could potentially weigh on the DXY.

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