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Market news: Germany, Italy, Austria, Poland, Portugal and Spain are stepping up their efforts to impose a windfall profits tax on oil companies across the European Union.On August 23, Iranian Ambassador to Russia, Jalali, stated in an interview with Sputnik News that the morale of US troops was low. He said, "It is said that the infrastructure, food, logistics, and morale of the US military are in very poor condition, and in addition to suicides, many people have died in the large-scale conflict." The ambassador added that although the Pentagon or US officials have not confirmed this, "the poor condition of equipment and personnel is beyond doubt." He believes this situation is a result of a strategic miscalculation by the US in assessing the resistance capabilities of the Iranian people.According to Al Jazeera, Macron and the Saudi Crown Prince will meet in Paris to discuss the situation in Hormuz.On August 23, according to the Haikou Daily, the 2026 Hainan Cross-border Computing Power Industry Development Conference was held in Haikou on August 21. At the conference, the Haikou National High-tech Industrial Development Zone Management Committee and H3C Technologies Co., Ltd. signed a strategic cooperation framework agreement to jointly promote the implementation of the Haikou International Turing Town plan. The Hainan Token Industry Ecosystem Alliance was also launched, and Tsinghua Unigroup Yaochen (Hainan) Intelligent Manufacturing Co., Ltd. was unveiled. This is a key step for Haikou in leveraging the advantages of the Free Trade Port policy to develop cross-border computing power, AI hardware manufacturing, and the digital industry ecosystem. According to the agreement, Turing Town will be located in Haikou National High-tech Industrial Development Zone, and the two parties will cooperate in five major areas: cross-border computing power services, digital industry ecosystem, industrial investment and operation, industry-education talent cultivation, and computing power hardware manufacturing.The secretary of Irans Supreme National Security Council said that Iran has shipped out 70 million barrels of oil in just the past month or two.

GBP/USD seeks to regain 1.2300 as higher UK CPI strengthens the case for a rate hike by the Bank of England and the USD retreats

Alina Haynes

Mar 23, 2023 15:00

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During the Asian session, the GBP/USD pair attempts to reclaim the resistance level at 1.2300. Following a vertical correction, the Cable has recovered to near 1.2260 as the market anticipates that the absence of hawkish interest rate guidance from Federal Reserve (Fed) chair Jerome Powell while addressing the economy at the monetary policy meeting indicates that the Fed is close to ending its policy-tightening spell.

 

S&P500 futures have generated some gains in the Asian session following a decline on Wednesday as a result of Fed Powell's confirmation that the fight against intractable U.S. inflation will continue. Chairman of the Federal Reserve Jerome Powell has ruled out rate cuts in 2023, citing the difficulty of controlling inflation. In addition, US Treasury Secretary Janet Yellen's statement that the government "does not plan to insure all uninsured bank deposits" heightened fears of a banking sector collapse.

 

Following a recovery move, the US Dollar Index (DXY) has retreated on expectations that additional credit tightening to protect banking institutions will reduce overall demand, economic activity, and inflation. In the interim, the demand for US government bonds has increased as a result of expectations that US Janet Yellen will end further policy restrictions and reduce support for all bank deposits.

 

On the front of the United Kingdom, the Pound Sterling is likely to maintain its strength as the Bank of England (BoE) is scheduled to raise rates for the eleventh consecutive time. Governor Andrew Bailey of the Bank of England is expected to raise interest rates by 25 basis points (bp) in response to rising food and non-alcoholic beverage prices, as well as rising energy costs, which have contributed to inflation in the United Kingdom.

 

In the midst of global banking turmoil, the Bank of England's (BoE) interest rate decision will be difficult, as policymakers were divided over whether to raise rates further or maintain them at their present level.


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