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According to the Yomiuri Shimbun, the Japanese Prime Minister plans to reshuffle his cabinet in mid-to-late September.Conflict Status: 1. Kyiv Mayor: Russian airstrikes killed 8 people and injured 33 in Kyiv, Ukraine. 2. Russian Ministry of Defense: Russian forces attacked a drone parts manufacturing facility and an ammunition depot in Kyiv at night. 3. Ukrainian President Zelensky: Russia conducted a large-scale nighttime attack in the Chernihiv region of Ukraine, targeting gas infrastructure. 4. Ukrainian Prime Minister: Russia attacked food warehouses and Red Cross facilities in the Kyiv region. 5. According to TASS: An industrial complex in Nizhny Kamssk, Russia, experienced operational disruptions after a drone attack. 6. Ukrainian Military: Attacked the Taneko oil refinery and an oil terminal in the Krasnodar region of Russia. 7. Ukrainian President Zelensky: Ukraine will definitely respond to Russias large-scale attack, and the response will be through long-range strikes. Peace Negotiations: 1. Peskov: There are currently no preconditions for a peaceful resolution to the Russia-Ukraine conflict. Other Information: 1. Ukrainian Railways: Since August, the volume of grain transported by Ukraine for export has decreased by 68% month-on-month, to 342,000 tons. 2. Ukrainian Agriculture Minister: Ukraine hopes to export 600,000 tons of grain per month via Poland, 1.5 million tons via Romania, and the remaining 400,000 tons via other routes. 3. Grain exports from Russia and Ukraine to the Black Sea have almost come to a standstill.On August 21, the Federal Reserves reverse repurchase agreement (RRP) facility, open to foreign central banks and other monetary authorities, continued to see increased usage, with the balance rising for two consecutive weeks, reflecting that overseas official institutions are continuing to increase their dollar cash reserves. As of August 19, the amount of foreign entities holding funds in the Feds reverse repurchase pool rose to $373 billion, up from $357 billion a week earlier. Since August 5, the usage of this tool has increased by approximately $56 billion, marking the largest two-week increase since October 2022. The market is closely watching changes in the foreign reverse repurchase balance for signs that Japan is rebuilding dollar liquidity after intervening in the foreign exchange market last month to support the yen.Conflict Update: 1. US military updates casualty figures for the Iranian conflict: 18 dead, 757 wounded. 2. Iranian Revolutionary Guard: Houthi forces combat capabilities surge; new war will utilize "more ruthless" weapons. 3. Houthi forces: Successfully attacked Saudi Najran airport and Saudi Aramco facilities in the area. Strait of Hormuz: 1. Negotiations between Iran and Oman on a passage mechanism in the Strait of Hormuz are nearing completion. 2. Oman and Japan emphasize the urgency of opening the Strait of Hormuz. Peace Talks: 1. US officials: The White House believes talks between Iran and Oman broke down weeks ago. 2. Qatar states that current efforts are focused on mediating relations between the US and Iran. 3. Qatar seeks to join forces with Egypt to push for a US-Iran ceasefire, calling for ensuring unimpeded navigation in the strait. Other Matters: 1. Trump announces "the toughest economic action in history" against Iran. 2. Bulgarian Defense Minister: No direct threats from Iran seen. 3. US Treasury Department: The US issues new sanctions related to Iran. 4. Iranian Ambassador: Welcomes Russias assistance in improving relations between Iran and Gulf states. 5. Israeli Defense Minister: Erdogan is dragging Turkey into a dangerous adventure in Syria. 6. Iraq: Construction of new oil export pipelines may take 2-3 years. 7. Iran: The US says Iran is "on the brink of collapse," and those seeking help know who is truly in control. 8. According to CNBC: Irans inflation rate has soared to 89%, with food prices rising by 164%. 9. US Central Command says the USS George Washington aircraft carrier has been deployed to the Middle East. 10. According to CNN: Sources reveal that the USS Abraham Lincoln aircraft carrier has begun its return voyage, but remains within the Fifth Fleets operational area. 11. Six countries, including France, Germany, and Italy, issued a joint statement opposing Israels progress on the E1 settlement project. 12. Iranian Supreme National Security Council Secretary Rezaei: Faced with economic pressure from Trump, Iran should withdraw from the Treaty on the Non-Proliferation of Nuclear Weapons. 13. Iranian Foreign Ministry: Condemns the USs new economic and trade sanctions against Iran, stating that Iran will use "all tools and capabilities" to safeguard its national interests and the legitimate rights of the Iranian people. 14. Iranian Foreign Minister Araqchi: Many of Trumps remarks are intended to divert the American publics attention from the domestic financial crisis, namely the record US debt and the sharp rise in bank interest rates. 15. UK Maritime Trade Operations Office: A report has been received of an incident 136 nautical miles east of Mukalla, Yemen. An oil tanker was approached by an unauthorized vessel while transiting the western Gulf of Aden.On August 21st, sources revealed that artificial intelligence company Anthropic is planning to bring in Citigroup as a lead underwriter for its initial public offering (IPO). If the deal goes through, Citigroup will join Morgan Stanley, Goldman Sachs, and JPMorgan Chase as lead underwriters. Anthropic may file for listing with regulators as early as the end of this month. Lead underwriter status for a large IPO not only means substantial underwriting commission income but also helps improve an investment banks ranking in the equity financing market. Citigroup currently ranks among the top IPO underwriters in the US due to its participation in SpaceXs record-breaking $86.2 billion IPO. Sources indicated that Anthropics listing preparations are still underway, and the final underwriting syndicate list may be adjusted, with the possibility of adding other investment banks.

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.


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