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On June 15th, Baidus DuMate platform completed a core engine upgrade. Through continuous optimization of the Harness engine and multiple engineering aspects, the token consumption during task execution was reduced by 75%, and the corresponding user points consumption was also reduced by 75%, while ensuring that the agents intelligent capabilities and task execution performance were not affected. This is the first time that a significant reduction in task consumption has been achieved in a general-purpose intelligent agent product in China through the Harness engine and engineering optimization.Futures News, June 15th - According to foreign media reports, Malaysian palm oil futures fluctuated downwards on Monday, dragged down by weakness in related edible oil markets in Dalian and Chicago, as well as a drop in crude oil prices. Oil prices fell to their lowest level since March on Monday. This followed statements from US President Trump and the Iranian Deputy Foreign Minister that the two sides had reached a preliminary agreement to end the war and were prepared to resume navigation in the Strait of Hormuz. Weak crude oil futures reduced the attractiveness of palm oil as a feedstock for biodiesel. Asian stock markets generally surged on Monday, the US dollar weakened, and oil prices fell sharply, as the preliminary peace agreement between the US and Iran signaled an easing of global inflationary pressures and reduced the need for further interest rate hikes.On June 15th, Futures News reported that the National Development and Reform Commission and other departments issued a notice on launching a three-year action plan for energy conservation and carbon reduction in key industries. The notice proposes promoting energy conservation and carbon reduction upgrades in key processes and equipment such as blast furnaces and converters; applying advanced technologies such as high-proportion pelletizing in blast furnaces, top-pressure equalization gas recovery, and oxygen-enriched combustion in hot blast stoves; promoting inter-process interface connection technologies such as one-pot molten iron; orderly carrying out the application of technologies such as hydrogen metallurgy; and accelerating the upgrading of energy-consuming equipment such as motors, fans, water pumps, heat pumps, boilers, oxygen generators, air compressors, and transformers. It also calls for implementing upgrades such as waste heat recovery and waste energy power generation, and strengthening the recovery and utilization of by-product gas, waste heat, and waste pressure. Top-loading coke ovens with a carbonization chamber height of less than 6 meters (rammed coke ovens with a height of less than 5.5 meters), pelletizing equipment with a capacity of less than 1.2 million tons/year, blast furnaces with a capacity of less than 1,200 cubic meters, converters with a capacity of less than 100 tons, electric arc furnaces with a capacity of less than 100 tons (50 tons for alloy steel), and old and inefficient self-owned coal-fired units should be upgraded and transformed as soon as possible. Coke ovens should be equipped with high-efficiency dry quenching devices.Market news: Russian airstrikes in Kyiv, Ukraine, have killed two people.On June 15th, a notice was issued proposing to improve price guidance and regulation. All regions should fully leverage the role of price mechanisms, comprehensively considering factors such as the implementation of capacity and output control policies, energy consumption and carbon emission levels, and environmental performance. The existing differentiated electricity pricing, tiered electricity pricing, and punitive electricity pricing policies can be merged into a unified differentiated electricity pricing policy, with a surcharge of no more than 0.1 yuan per kilowatt-hour on top of the market transaction price. This surcharge will be used to offset system operating costs.

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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