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August 20th - Since the beginning of this year, my countrys consumer market has maintained a trend of innovation and improvement, with the market size steadily expanding and the quality of development continuously improving. From January to July, the total retail sales of consumer goods and services increased by 2.6% year-on-year; the total retail sales of consumer goods reached 28.77 trillion yuan, an increase of 1.2%, of which retail sales of consumer goods excluding automobiles increased by 2.7%.Chinas July SWIFT RMB share in global payments and the one-year loan prime rate (LPR) up to August 20 will be released in ten minutes.The United States has secretly opened the Hormuz oil route, with 15 to 20 oil tankers passing through quietly at night each day, transporting approximately 10 million barrels of crude oil to the sea. A quick overview of the pre-market crude oil prices (converted between domestic and international markets) is provided in the chart.The US Treasury expanded its long-term Treasury bond repurchase program, causing precious metals to fluctuate at high levels. A chart provides a quick overview of the pre-market conversion prices of gold and silver in both domestic and international markets.On August 20th, according to news from China Optics Valley, on August 18th, at the signing ceremony for the cooperation between Tongji Hospital and Tianqin Biotechnology Research Platform, six scientific and technological innovation platforms were unveiled: the Experimental Animal Center of the National Medical Center for Major Public Health Emergencies, the Experimental Animal Center of Tongji Hospital, the Hubei Provincial Brain-Computer Interface Technology Innovation Center, the Hubei Provincial Brain Science and Brain-Computer Interface Concept Proof Center, the Tongji Hospital Brain-Computer Interface Research Institute, and the Tongji Hospital-Tianqin Biotechnology Brain-Computer Fusion Translational Medicine Joint Laboratory. On the same day, a number of major projects were launched simultaneously. Among them, the National Data Bureaus "High-Quality Brain-Computer Interface Dataset Construction Project" has a total investment of 122 million yuan and a construction period of 24 months. It will focus on building multimodal high-quality datasets for 10 types of diseases, including stroke rehabilitation, spinal cord injury, Parkinsons disease, and epilepsy. Simultaneously, the Hubei Provincial Health and Biomedical New Technology Research and Transformation Special Project, "Key Technologies and Clinical Transformation of Closed-Loop Neuromodulation Brain-Computer Interface" and the "Optics Valley Brain-Computer Interface Data and Computing Power Platform" project were also launched.

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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