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On September 12th, Liz Miller, founder and president of Summit Place Financial Advisors, stated that although the market widely expects the Federal Reserve to raise interest rates next week, further tightening is "fundamentally unnecessary" given the overall economic stability. Miller said, "I think most investors believe the Fed will raise rates next week, and I think the probability is high. But fundamentally, its unnecessary. Id love to hear the discussion at the decision-making meeting, because some Fed governors firmly believe that they need to act before overall inflation rises and bring it back to the 2% target. However, if we look at the rest of the economy from a patient perspective, its actually quite stable, and Im not sure if a broad-based rate hike is truly necessary. We can continue to observe whether rising oil prices will spread and see core inflation gradually decline."On September 12, 2026, Zhu Hexin, Vice Governor of the Peoples Bank of China and Director of the State Administration of Foreign Exchange, met with Wong Tin-yau, Chairman of the Hong Kong Securities and Futures Commission, and Leung Fung-yee, Chief Executive Officer. The two sides exchanged views on consolidating and enhancing Hong Kongs status as an international financial center and strengthening financial regulatory cooperation between the two places. Li Bin, Deputy Director of the State Administration of Foreign Exchange, accompanied the meeting.The Russian Ministry of Defense stated that Russian troops also attacked a metallurgical plant in the Zaporizhzhia region of Ukraine.Russian Defense Ministry: Russian troops hit two cargo ships in the port of Chernomorsk, Ukraine.On September 12, South Korean President Lee Jae-myung addressed the current energy situation, emphasizing that domestic refined oil prices and supply remain stable and that the public need not worry about oil prices. Lee stated that by dispatching special envoys for crude oil, strengthening crude oil diplomacy, promoting import diversification, and subsidizing long-distance transportation costs, South Korea has reduced its dependence on Middle Eastern crude oil, which once reached 70%, to around 50% within a few months, and will continue to promote import diversification. Simultaneously, through the strategic reserve oil swap system, South Korea has maintained stable crude oil supply without depleting its reserves. He pointed out that despite the surge in international crude oil and refined oil prices, domestic refined oil prices and supply have remained stable thanks to the price ceiling system and export controls. He stressed that South Korea is fully capable of overcoming the current crisis and is even turning it into an opportunity, and the public need not worry about oil prices. However, he also cautioned that dependence on the Middle East remains at 50%, the future of the war is uncertain, and the crude oil market is mired in difficulties. The government will do its utmost to ensure unimpeded transportation routes and the safety of transport ships and crew.

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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