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On June 24, the Bank of Korea reiterated its hawkish stance, stating that rising housing prices, expanding household debt, and increased leveraged investment could exacerbate financial imbalances, necessitating further interest rate hikes at an appropriate time. The Bank of Koreas semi-annual Financial Stability Report, released Wednesday, noted that despite increased domestic and international uncertainties, the South Korean financial system remained generally stable thanks to strong economic growth, resilient financial institutions, and sound external payments. However, the report warned that the risk of financial imbalances could further increase as housing prices in Seoul and surrounding areas accelerate and investors become increasingly reliant on leveraged asset purchases. Furthermore, while banks and other financial institutions maintain capital and liquidity buffers, credit risks for vulnerable borrowers and businesses continue to rise. The report stated, "The Bank of Korea will maintain the benchmark interest rate at 2.5% from the second half of 2025, but considering inflationary pressures, economic conditions, and financial stability risks, it believes it is necessary to raise the policy rate at an appropriate time."ASE (ASE): Many customers are following Nvidia (NVDA.O) and AMD (AMD.O) in expanding their investments in Taiwan.On June 24th, according to The Hill, "U.S. Treasury Secretary Scott Bessant called Commerce Secretary Howard Lutnik an idiot to his face during a dispute over a Ukrainian mineral deal." The report noted that the conflict stemmed from preparations for the rare earth metals deal with Ukraine. Lutnik accused Bessant of "sabotaging" the agreement, while Bessant called Lutniks proposal a "shit deal" and called him an "idiot" to his face. On April 30, 2025, the United States and Ukraine signed an agreement on Ukraines natural resources. Under the agreement, the United States has the right of first refusal to purchase minerals mined in Ukraine. The agreement stipulates the establishment of an investment fund in Ukraine, with both parties sharing management and funding responsibilities equally (50% each).Futures News, June 24th - According to foreign media reports, data released by the Petroleum Institute of Japan (PAJ) on Wednesday showed that as of the week ending June 20th, Japans commercial crude oil inventories were 9,757,338 kiloliters, an increase of 33,755 kiloliters from the previous weeks 9,723,583 kiloliters. Refinery operational capacity utilization was 80.3%, compared to 81.9% the previous week. Refinery design capacity utilization was 70.5%, unchanged from the previous week. Due to changes in Japans petroleum product supply structure, the Petroleum Institute of Japan has suspended the release of weekly inventory details for gasoline, jet fuel, kerosene, and diesel.On June 24th, SoftBank Group Chairman Masayoshi Son stated at the shareholders meeting that Arm (ARM.O), SoftBanks UK-based chip design company, will evolve from a chip designer to a chip provider, and will be directly involved in manufacturing. He predicted that "the future AI era will be CPU-centric," and emphasized that Arm "still has more than 10 times the growth potential." He also mentioned SoftBanks approximately 300 billion yen investment in Intel, saying that "it was initially met with criticism," but currently "its profits, calculated by market capitalization, have reached trillions of yen."

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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