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A Republican senator has proposed repealing Californias vehicle emissions regulations.U.S. EIA natural gas storage for the week ending July 31 was 33 billion cubic feet, compared with an expected 30 billion cubic feet and a previous reading of 28 billion cubic feet.The U.S. EIA natural gas storage data for the week ending July 31 will be released in ten minutes.On August 6th, Tesla (TSLA.O) announced that earlier this year, SpaceX and Tesla launched Project Terafab—the worlds largest chip manufacturing initiative, integrating logic chips, memory chips, and advanced packaging technologies within a single facility. In April, Tesla broke ground on its new R&D wafer fab at its Texas Gigafactory North Campus, the precursor to Terafab. Today, we are officially announcing that Terafab will be located in Grimes County, Texas. This facility will be an advanced semiconductor wafer fab designed to bridge the huge gap between current global chip supply capacity and future computing demands. SpaceX and Teslas combined chip demand is projected to exceed 1 terawatt (TW) of computing power, a scale far exceeding current global supply capacity. We are highly grateful to existing chip suppliers and encourage them to expand capacity where possible, but the widening gap between future supply and demand is the core reason for the existence of Project Terafab. Terafab aims to manufacture new computing power at an unprecedented scale and speed. The project plans to build a vertically integrated factory with a manufacturing area exceeding 100 million square feet. The facility will encompass the manufacturing, packaging, and testing of advanced logic and memory chips. Centralizing these processes in one location will facilitate rapid iterative improvements and accelerate the deployment of new computing capabilities.Tesla (TSLA.O): TeraFab aims to produce more than 1 terawatt of computing power per year.

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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