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According to Irans Tasnim News Agency, Iranian Parliament Speaker Qalibaf stated that the task of diplomacy is to translate military victories into political and legal outcomes.On May 31, Iranian Parliament Speaker Mohammad Ghalibaf, in his opening remarks at the first session of the third year of the 12th Parliament, stated that the fighters in the diplomatic arena have absolutely no trust in the words and promises of their enemies. Irans sole criterion is the attainment of tangible, objective results; only on this basis will Iran fulfill its commitments. Iran will never ratify any agreement until the legitimate rights and interests of the Iranian people are fully guaranteed.On May 31, it was reported that a San Francisco-based robotics startup plans to send an upgraded humanoid robot to Ukraine this year for continued military testing, according to a May 30 report from the United States. The company representative stated that the data collected in Ukraine will provide insights for future cooperation with the U.S. military, and the company plans to use the humanoid robot for frontline testing within 18 months. Neither the Ukrainian nor the U.S. Department of Defense has responded to the reports.On May 31, Aerolineas Argentinas announced the cancellation of its special World Cup flights to Miami, USA, due to rising fuel prices. In February, Aerolineas Argentinas announced special World Cup flights from Rosario, Córdoba, and Tucumán to Miami, USA, starting June 8, to facilitate viewing for fans in inland Argentina. Now, because rising fuel costs have impacted the expected profitability of these flights, Aerolineas Argentinas has decided to cancel them. Passengers who have already purchased tickets for these flights will be rebooked on alternative flights departing from Buenos Aires.Ukrainian President Zelensky: Ukraine received a new IRIS-T air defense system launcher from Germany yesterday.

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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