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May 18th - Despite the Middle East conflict driving up energy and living costs, Thailands economy unexpectedly accelerated in the first quarter, demonstrating surprising resilience. Thailands National Economic and Social Development Council (NEDC) said on Monday that the countrys GDP grew by 2.8% year-on-year in the quarter ending March, exceeding expectations. In a statement, the council said that Thailands better-than-expected growth was driven by improved government spending, investment, and exports, while private consumption remained stable. This growth means that Thailand, a perennially lagging economy, is growing at a rate comparable to the Philippines first-quarter growth. However, its growth rate still lags behind other Southeast Asian economies such as Singapore, Vietnam, Malaysia, and Indonesia.On May 18th, at 00:21, a 5.2-magnitude earthquake struck Liunan District, Liuzhou City, Guangxi Province, with a focal depth of 8 kilometers. A second earthquake of magnitude 3.3 occurred at 07:41. As Guangxi is an important source of zinc raw materials, according to SMM, the earthquake has not affected the production of zinc smelters, and all enterprises are operating normally.On May 18th, Fu Linghui, spokesperson, chief economist, and director of the Department of Comprehensive Statistics of the National Economic Bureau, stated at a press conference held by the State Council Information Office that the booming cultural tourism and sports events have become new highlights in the development of service consumption, with related service retail sales maintaining rapid growth. Data shows that from January to April, retail sales of tourism consulting and rental services, transportation services, and cultural and sports leisure services all maintained double-digit growth, significantly faster than the overall growth rate of service retail sales.May 18 - According to Lebanese sources on the 18th, between midnight on the 17th and early morning on the 18th, the Israeli Defense Forces used missiles to attack a building in the suburbs of Baalbek in eastern Lebanon, killing Wael Abdul Halim, a commander of the Palestinian Islamic Jihad, and his daughter. Search and rescue teams are currently at the scene looking for survivors.On May 18, Fu Linghui, spokesperson, chief economist, and director of the Department of National Economic Comprehensive Statistics of the National Bureau of Statistics, stated at a press conference held by the State Council Information Office that although the impact of the Middle East geopolitical conflict continues to escalate, international energy market volatility has increased, and the stability of global industrial and supply chains has been impacted, my country has maintained overall stable industrial production, continued its transformation and upgrading, and unleashed the vitality of innovative development, demonstrating strong resilience, thanks to its complete industrial system, strong supporting capabilities, and the support of domestic energy green transformation.

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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