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On August 29, according to Irans Fars News Agency, Iranian Army Commander-in-Chief Amir Hatami stated that despite attempts by the "enemy" to destroy Irans drone and missile capabilities, Iran is continuing to launch its stockpiled weapons at "maximum intensity until the very last moment." He added, "According to military logic, the attacker and aggressor are only considered victorious when they achieve their objectives; but in a defensive war, the failure of the enemy to achieve their objectives means that the defender has won."On August 29, International Atomic Energy Agency (IAEA) Director General Grossi issued a statement saying that the Zaporizhia nuclear power plant has been without external power for over a week and is currently relying on emergency diesel generators to maintain the power needed for nuclear safety and security. The agency warned that if external power or diesel supplies cannot be restored in the near future, the plant may face a complete power outage in about 10 days. The Zaporizhia plant reported on August 29 that its current diesel reserves are sufficient to sustain operations for about 10 days, meeting minimum regulatory requirements. The IAEA stated that the plants last diesel fuel supply was in March of this year, and the subsequent supply, originally scheduled for May, was postponed due to frequent local military activity.On August 29, the Belgorod Oblast Operations Command reported that the city of Shebekino in the oblast was shelled and attacked by Ukrainian forces. Shells landed in a private residential area, killing three people. Seven others sustained shrapnel injuries, and one was injured by the shockwave. The city also recorded damage from three drones: one exploded after hitting the road, one exploded inside a house, and one caused a fire in an abandoned garage. Ukraine has not yet responded to the incident.On August 29th, local time, continuous gunfire and explosions were reported in several areas of Niamey, the capital of Niger, starting in the early hours of the morning. Sources stated that militants attacked Diori Hamani International Airport and attempted to breach the security perimeter around the presidential palace. Local residents reported intense gun battles and explosions near the Niamey 101 Air Force Base, which is closely connected to Diori Hamani International Airport. Diori Hamani Airport was attacked twice this year by extremist groups and militants in January and June. Bana Ougana Ibrahim, a member of parliament from the Sahel National Union and a member of the National Transitional Council of Niger, stated on social media that the attackers targeted the 101 Air Force Base, but Nigerien security forces have brought the situation under control. The Nigerien government and military have not yet confirmed these reports.On August 29, the Russian Ministry of Defense announced on Saturday that Russian forces had struck a transshipment point at the port of Mykolaiv, Ukraine. The Ministry stated that the berthing area for refueling ships and the unloading point for fuel and lubricants were also targeted.

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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