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August 31 - According to a report from the National Seismological Center of the University of Chile, a 5.1-magnitude earthquake struck the Arica and Paranacota region in northern Chile at 12:04 local time on August 30, with a focal depth of 108.25 kilometers. There are currently no reports of casualties or property damage.According to the Financial Times, major tech companies have gained $160 billion in profits due to their stakes in other artificial intelligence companies.On August 31, local time, Russian Presidential Press Secretary Dmitry Peskov stated on August 30 that a meeting between Russian President Vladimir Putin, US President Donald Trump, and Ukrainian President Volodymyr Zelenskyy would only be possible when an existing agreement needs to be finalized. He emphasized that the agreement on the Ukraine issue is not a "primitive deal," but a complex process involving many details. Peskov also stated that Russia is open to negotiations, but currently lacks the necessary preconditions.On August 31, Al Jazeera, citing the Yemeni Armed Forces Media Center, reported that the Yemeni government navy intercepted a shipment of military parts and equipment in the Red Sea, which were "provided by Iran to its ally, the Houthi rebels." The shipment was intercepted on August 24. Subsequent video footage showed that the cargo included parts for manufacturing and developing drones. Meanwhile, the Yemeni government forces stated that they conducted a preemptive strike in the Red Sea, destroying an unmanned surface vessel operated by the Houthis. The Yemeni Armed Forces Media Center released a video claiming that the footage showed the unmanned surface vessel being destroyed "before it could be used to attack ships."On August 31, the Libyan Foreign Ministry announced that Acting Foreign Minister Tahir Baor met with Syrian Transitional Government Foreign Minister Shibani in Tripoli on August 30, exchanging views on strengthening bilateral coordination and consultations. On the same day, the Syrian Embassy in Tripoli resumed operations. The Libyan Foreign Ministry stated that the reopening of the Syrian Embassy in Tripoli after a 14-year closure will enhance diplomatic communication and facilitate consular services. The statement added that the talks also covered the initiation of the "Libya-Syria Joint High Committee" process, which will facilitate broader cooperation between the two sides in areas such as the economy. Shibanis visit marks the first visit by a senior Syrian official to Libya in 14 years, as the two countries strive to restore diplomatic relations and expand cooperation in the political, economic, and security fields.

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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