EUR/USD 1.16486
0.150%
Gold 4503.42
0.417%
Oil 90.183
-0.812%
USD/JPY 159.810
0.090%
GBP/USD 1.34799
0.190%
GBP/JPY 215.427
0.281%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
US Secretary of State Rubio: An Iran deal could be reached today, tomorrow, or next week.US Secretary of State Rubio: Iran may have agreed to consult on some aspects of its nuclear program that it had previously refused to discuss in negotiations.U.S. Secretary of State Marco Rubio: We are negotiating with Iran.On June 2, the Russian Ministry of Defense issued a statement saying that the Russian Armed Forces launched a large-scale attack on Ukraine from the evening of June 1 to the early morning of June 2, using a variety of long-range precision-guided weapons, including hypersonic ballistic missiles and drones, targeting Ukrainian defense industry enterprises, oil storage and transportation facilities, and military airfields. The statement said that in the precision-guided weapon strikes against Kyiv, 10 enterprises producing military products such as attack drones were attacked, and three Ukrainian military mobilization centers were damaged. In addition, several Ukrainian defense industry enterprises in regions outside Kyiv, including Zaporizhzhia, Dnipropetrovsk, Kharkiv, Sumy, Khmelnytskyi, and Poltava, were damaged, and the supporting infrastructure of six Ukrainian military airfields was simultaneously destroyed. The statement said that the Russian Armed Forces tactical aviation, attack drones, missile units, and artillery struck training grounds, long-range drone launch sites, and temporary deployment points of Ukrainian troops and foreign mercenaries in 133 regions of Ukraine.Bank of England Governor Bailey: We cannot wait for conclusive evidence of a second-round effect (before taking action).

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.


Suggestion