EUR/USD 1.15248
-0.732%
Gold 4318.68
-3.497%
Oil 88.549
-2.697%
USD/JPY 160.177
0.098%
GBP/USD 1.33372
-0.643%
GBP/JPY 213.636
-0.547%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On June 6, according to Irans Tasnim News Agency, Iranian Deputy Foreign Minister for Legal and International Affairs, Kazem Gharibabadi, stated that at least 50% of Irans frozen financial assets must be immediately unfrozen should a memorandum of understanding be signed with the United States. Gharibabadi stated that Tehran would only consider any draft agreement as final if "its interests and concerns were fully considered." Gharibabadi said, "Iran insists at least that 50% of these funds must be provided to Iran immediately after the signing of the memorandum of understanding." He added that the remaining funds should be "unfrozen within a limited period of one to two months after the signing of the agreement." Gharibabadi stated that these assets belong to Iran and were "illegally frozen" by the United States, and unfreezing these assets is a core requirement of any potential understanding. He indicated that the remaining details of the access mechanism, including technical and financial arrangements, will be further negotiated during the 60-day implementation period following the signing of the memorandum.Saudi Arabia condemned Irans attacks on Bahrain and Kuwait.The Bahraini military stated that it successfully intercepted three missiles and several drones from Iran.According to Saudi media outlet Alhadath, sources say Iran has requested three months of negotiations regarding the details of its nuclear documents.On June 6th, Du Xiaogang, Secretary of the Wuxi Municipal Party Committee, chaired a special meeting to promote the development of the integrated circuit (artificial intelligence) industry in Wuxi. The meeting emphasized the need to strengthen project support. It stressed focusing on key aspects such as design, manufacturing, packaging and testing, and equipment materials, and targeting cutting-edge sectors like AIDC and Token. The meeting called for a tiered and categorized approach to project listings, the establishment of a promotion mechanism, and strengthened routine scheduling, targeted services, and precise support for key projects, especially benchmark projects. Simultaneously, the meeting emphasized close collaboration with listed companies, leading enterprises, research institutions, and investment institutions to grasp industry trends, accurately identify key sectors, and jointly implement more high-quality incremental projects.

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

 GBP:USD.png

 

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.


Suggestion