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On April 10th, Iranian Parliament Speaker Mohammad Ghalibaf issued a statement on the evening of April 9th regarding the regional situation, stating that Iran would only consider negotiations if the United States ceased violating the ceasefire agreement; otherwise, conflict would resume, and the Iranian people and military were prepared for this. In the statement, Ghalibaf said that Iran had achieved an "undisputed victory" in the war and enhanced its position in the regional and global order, but this victory was only the first step. Iran does not believe that military and diplomatic means can be separated and will continue to defend the rights of the Iranian people, achieving final victory through a combination of military and diplomatic struggle. The statement emphasized that Iran harbors complete distrust of its enemies and had refused to negotiate with the United States regarding Trumps ultimatum. Trump, in order to control his domestic financial markets, was forced to lie about negotiating with Iran and extended the ultimatums deadline three times.Turkish Presidential Palace: Turkish President Recep Tayyip Erdoğan held a telephone conversation with Iranian President Sergei Pezechzian. The two leaders discussed the ceasefire and the regional security situation. During the conversation, President Erdoğan noted that Turkey had cooperated closely with relevant countries in facilitating the ceasefire. Erdoğan emphasized that the upcoming negotiations, which will begin in the coming days, must be fully utilized to achieve lasting peace and stability. It is crucial not to give those attempting to undermine the process any opportunity, and our country is prepared to provide various forms of support, together with friendly nations, in this new phase.On April 10, Iranian Supreme Leader Mojtaba Khamenei stated on the 9th that Iran has never sought war and does not seek it now, but "we will never give up our legitimate rights." In this regard, Iran views the regional "resistance front" as a unified whole.On April 10, Iranian Supreme Leader Mojtaba Khamenei announced on April 9 that the Iranian nation had achieved a "decisive victory" in the current war imposed on Iran.Irans Supreme Leader Mojtaba Khamenei: We regard all resistance fronts as one.

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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