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1. U.S. stock indexes closed mixed. The Dow Jones Industrial Average rose 0.29% to 51,712.71 points, the S&P 500 fell 0.37% to 7,472.79 points, and the Nasdaq Composite fell 1.32% to 26,166.6 points. Caterpillar rose more than 3%, and Amgen rose more than 2%, leading the Dow. The Wind U.S. Tech Big Seven Index fell 2.33%, with Google falling more than 5% and Amazon falling more than 4%. SpaceX fell more than 16%, wiping out $400 billion in market value and falling below its first-day closing price. 2. European stock indexes closed mixed. The German DAX rose 0.62% to 25,139.69 points; the French CAC40 fell 0.25% to 8,400.11 points; and the UK FTSE 100 rose 0.72% to 10,437.85 points. 3. US Treasury yields rose across the board. The 2-year Treasury yield rose 5.31 basis points to 4.226%, the 3-year Treasury yield rose 5.36 basis points to 4.246%, the 5-year Treasury yield rose 5.86 basis points to 4.287%, the 10-year Treasury yield rose 5.55 basis points to 4.509%, and the 30-year Treasury yield rose 4.97 basis points to 4.948%. 4. The most active US crude oil futures contract closed down 3.21% at $74.08 per barrel; the most active Brent crude oil futures contract fell 2.8% to $77.81 per barrel. 5. International precious metals futures generally closed higher. COMEX gold futures rose 0.88% to $4209.70 per ounce, and COMEX silver futures rose 0.42% to $65.19 per ounce. 6. Most London base metals rose, with LME zinc up 1.28% to $3,602.0/ton, LME nickel up 0.74% to $17,710.0/ton, LME copper up 0.56% to $13,671.0/ton, LME lead up 0.56% to $1,965.0/ton, LME tin down 0.11% to $53,235.0/ton, and LME aluminum down 1.07% to $3,360.0/ton.UK grid operator: Ample power supply expected this winter.June 23 - Asian stocks are poised for a higher open as market optimism about progress in US-Iran peace talks boosts oil prices, offsetting weakness in Wall Street stocks after declines in several tech giants dragged down benchmark indices. Stock index futures suggest gains in Sydney, Hong Kong, and Tokyo markets. SpaceX shares plunged 16% on Monday after announcing a large-scale investment-grade bond issuance. Market expectations of a US-Iran agreement, coupled with a recovery in AI trade and robust corporate earnings, have propelled the S&P 500 nearly 20% from its war-induced lows. UBSs Chief Investment Office stated that while geopolitical developments may remain a major source of market volatility in the short term, shifts in investor confidence regarding the sustainability of the AI rally could also cause market fluctuations.Air raid sirens have been issued in Kyiv, Ukraine, and the government is urging residents to seek refuge.June 23 – According to CNN, citing a source familiar with the matter, a large-scale layoff initiated by Bill Pulte, acting Director of National Intelligence appointed by US President Trump, began on Monday. The source stated, "The purge of the deep state has begun," but declined to specify the number of positions to be cut. Previously, sources indicated that Pulte was considering cutting hundreds of positions in the Office of the Director of National Intelligence (ODNI). The source said that Pulte arrived at his post the day before his official start date last week and requested a complete list of all office staff, a move that even caught outgoing Director of National Intelligence Gabbard off guard. Another source indicated that the National Counterterrorism Center and the National Counterintelligence and Security Center are expected to be the primary targets of the layoffs.

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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