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According to AXIOS: Ukrainian President Zelensky said on Monday that the United States is exploring whether Ukraine and Russia can take steps to de-escalate the war during the winter, while restarting negotiations to reach a broader peace agreement.September 8th - Downing Street announced that the British Prime Minister spoke by phone with US President Donald Trump this afternoon local time. The two discussed the economy, Ukraine, and the Middle East. The Prime Minister congratulated Trump on the latest US jobs data and noted positive signs of growth in the British economy. He stated that the government is working to improve public perception of the UK, and while progress has been made, more work remains to be done. On Ukraine, both leaders agreed to continue pushing for a ceasefire to avoid further casualties; the Prime Minister reiterated his support for Ukraine and the recent US-led peace negotiations. On the Middle East, the Prime Minister stated that the UK is committed to promoting regional peace and security and emphasized the importance of implementing the two-state solution, reopening the Strait of Hormuz, and ensuring that Iran can never acquire nuclear weapons.On September 8th, OpenAI Chief Scientist Jakub Pachocki warned that artificial intelligence is developing too rapidly and is becoming increasingly difficult for humans to understand and control, stating that "extreme caution is now necessary." He pointed out that AI models can already operate computers, collaborate with humans and other AI to conduct research, and may soon achieve "recursive self-improvement" without human intervention. Pachocki expressed concern that no one is prepared for the potential consequences of the continued rapid increase in machine intelligence. Developers can make AI more aligned with human interests and can also slow down future development when necessary. He anticipates and hopes that "voluntary slowdowns" in AI lab development will become the norm until common safety standards are established in the industry. Currently, OpenAI has adopted a limited release approach due to the advanced cybersecurity capabilities of GPT-6 Astra.A spokesperson for the British Prime Ministers office said: "The British Prime Minister spoke by phone with US President Trump. They discussed the economy, the situation in Ukraine, and the Middle East."According to Israeli media, 14 terrorists have been killed in the Gaza Strip in the past week, including five Nukhba company commanders and five other platoon leaders from the same unit.

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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