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U.S. 10-year Treasury futures climbed 21 ticks, while 30-year Treasury futures rose 1 big tick.European and American stock index futures rose, with S&P 500 futures extending gains to 0.95% and Nasdaq futures up 1.43%; Euro Stoxx 50 futures rose 1.1% and German DAX 30 futures rose 1.1%.On May 25th, according to statistics from the Hong Kong-Zhuhai-Macau Bridge Border Inspection Station of the Zhuhai Border Inspection General Station, since the implementation of the "Macau Vehicles Going North" and "Hong Kong Vehicles Going North" policies in 2023, as of 11:50 AM on May 25th this year, the total number of Hong Kong and Macau single-license plate vehicles entering and exiting through the Zhuhai Port of the Hong Kong-Zhuhai-Macau Bridge has officially exceeded 10 million. The flow of people, goods, and capital has accelerated, and driving north has become a mainstream mode of transportation for Hong Kong and Macau residents to integrate into the overall development of the country and share the policy dividends of the Guangdong-Hong Kong-Macau Greater Bay Area. Currently, the number of drivers who have completed the border inspection registration for "Macau Vehicles Going North" and "Hong Kong Vehicles Going North" exceeds 228,000, and the number of registered vehicles exceeds 192,000.May 25th, Futures News: Economies.com analysts latest view: WTI crude oil futures have continued to decline in recent intraday trading, constrained by negative pressure from prices consistently trading below the EMA50 moving average. Bearish momentum has further strengthened, causing prices to break below a major short-term bullish trendline. This negative technical signal increases the likelihood of further declines. The Relative Strength Index (RSI), despite the price easing from its previous oversold condition, continues to release negative signals, providing more technical space for the market to deepen its decline in the short term, with bearish momentum still dominating.May 25th, Futures News: Economies.com analysts latest view: Brent crude oil futures fell, mainly due to the previous break below a key short-term uptrend line. Current prices remain under pressure below the 50-day EMA, limiting any potential for a sustained short-term rebound. Simultaneously, prices have also broken below the $99.00 support level. The Relative Strength Index (RSI), after escaping oversold territory, is releasing negative signals, further increasing downward pressure in the current market structure.

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

 GBP:USD.png

 

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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