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April 27th - The State Council Information Office will hold a regular policy briefing at 3:00 PM on Tuesday, April 28th, 2026. Shen Zhulin, Vice Chairman of the National Development and Reform Commission; Zhang Li, Assistant Minister of Commerce; Gao Zheng, Vice Minister of Culture and Tourism; Deng Zhiyong, Vice Minister of the State Administration for Market Regulation and Director of the State Standardization Administration; and relevant officials from the Ministry of Industry and Information Technology will introduce the "Opinions on Promoting the Expansion and Quality Improvement of the Service Industry" and answer questions from reporters.April 27th - According to data from the Ministry of Commerce, my countrys wholesale and retail trade added value increased by 4.1% year-on-year in the first quarter, indicating a good start for the sector. In the first quarter, the added value of my countrys wholesale and retail trade reached 3.5 trillion yuan, a year-on-year increase of 4.1%, accounting for 10.5% of GDP. Market operations started smoothly, with most sectors maintaining growth. Looking at the wholesale sector, in the first quarter, the transaction volume of key commodity markets monitored by the Ministry of Commerce increased by 8.6% year-on-year, with the transaction volume of production materials and industrial consumer goods markets increasing by 16.1% and 10.7% year-on-year, respectively. Looking at the retail sector, in the first quarter, retail sales of goods reached 11.3 trillion yuan, a year-on-year increase of 2.2%.On April 27th, the National Energy Administration released data on national electric vehicle charging infrastructure for March 2026. According to data from the National Charging Infrastructure Monitoring and Service Platform, as of the end of March 2026, the total number of electric vehicle charging infrastructure (guns) in my country reached 21.481 million, a year-on-year increase of 46.9%. Among them, there were 4.863 million public charging facilities (guns), a year-on-year increase of 28.1%, with a total rated power of 234 million kilowatts and an average power of approximately 48.06 kilowatts; and 16.618 million private charging facilities (guns), a year-on-year increase of 53.5%, with a registered power capacity of 147 million kilovolt-amperes.On April 27, according to the Korean Central News Agency (KCNA), Kim Jong Un, General Secretary of the Workers Party of Korea and Chairman of the State Affairs Commission, met separately with visiting Russian State Duma Chairman Volodin and Defense Minister Belousov on April 26. Kim Jong Un stated that the victory achieved by the armies and people of North Korea and Russia in the Kursk military operation, fought side-by-side, is a historical event demonstrating the strength and consolidation of the alliance between the two countries. He reiterated that North Korea will, as always, fully support Russias policy of safeguarding its national sovereignty, territorial integrity, and security interests.On April 27, according to the Korean Central News Agency (KCNA), Kim Jong Un, General Secretary of the Workers Party of Korea and Chairman of the State Affairs Commission, met separately with visiting Russian State Duma Chairman Volodin and Defense Minister Belousov on April 26. Kim Jong Un stated that the victory achieved by the armies and people of North Korea and Russia in the Kursk military operation, fought side-by-side, is a historical event demonstrating the strength and consolidation of the alliance between the two countries. He reiterated that North Korea will, as always, fully support Russias policy of safeguarding its national sovereignty, territorial integrity, and security interests.

GBP/USD falls to around 1.2370 as the BoE considers taking swift action ahead of UK inflation and US purchasing managers' indices

Alina Haynes

Apr 17, 2023 13:53

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On Monday morning, the GBP/USD currency pair retested an intraday low of 1.2390 after extending Sunday's decline from a 10-month high. To provoke adverse after breaking a four-week uptrend, the Cable pair explains the most recent concerns emanating from the United Kingdom (UK) and the optimism surrounding the Federal Reserve (Fed).

 

According to the Financial Times (FT), "The Bank of England is considering a major overhaul of its deposit guarantee scheme, including increasing the amount covered for businesses and compelling banks to pre-fund the system to a greater extent to ensure faster access to cash when a lender collapses."  The revelation fuels banking concerns in the United Kingdom and places pressure on the Cable duo.

 

UK Chancellor Jeremy Hunt's concerns about US subsidies may also be exerting downward pressure on the GBP/USD exchange rate as British firms rush to claim benefits before leaving the country. According to the news, "Chancellor Jeremy Hunt warned Sky News that Britain should be wary of any new subsidies, warning that they could undermine the economy and possibly even spark a protectionist trade war."

 

A larger-than-expected decline in US retail sales was unable to offset positive data from US industrial production and the University of Michigan's (UoM) consumer confidence index from the previous day. Despite this, US retail sales decreased by 1.0% in March compared to the predicted -0.4% decline and February's -0.2% decline. As opposed to the 0.2% market consensus and previous reading, Industrial Production increased by 0.4% in the month in question. The preliminary result of the University of Michigan's (UoM) Consumer Confidence Index for April, which increased to 63.5 from 62.0 analysts' expectations and previous readings, was also encouraging. In addition, inflation forecasts for the next year increased from 3.6% in March to 4.6% in April, while inflation forecasts for the next five years decreased by 2.9% during the same month.

 

Notably, Fed officials have recently appeared more hawkish than their BoE counterparts, which has exerted additional pressure on the GBP/USD exchange rate.

 

In this environment, the S&P 500 Futures exhibit modest gains following Wall Street's pessimistic close, while bond yields remain unchanged following weekly increases.

 

Moving forward, the current week is crucial for GBP/USD speculators as it contains a variety of high-quality inflation, employment, and UK PMI data. These data may be used to support the Bank of England's (BoE) officials' waning hawkish inclination and may keep bears in play. However, the US PMIs and Fed discussions should not be disregarded when looking for clear guidelines.

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