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Futures news on April 2: 1. The trading volume of WTI crude oil futures was 958,249 lots, a decrease of 3,523 lots from the previous trading day. The open interest was 1,836,896 lots, a decrease of 2,747 lots from the previous trading day. 2. The trading volume of Brent crude oil futures was 183,942 lots, an increase of 28,118 lots from the previous trading day. The open interest was 188,972 lots, an increase of 199 lots from the previous trading day. 3. The trading volume of natural gas futures was 413,837 lots, a decrease of 48,458 lots from the previous trading day. The open interest was 1,636,177 lots, an increase of 11,561 lots from the previous trading day.Futures April 2, Economies.com analysts latest view today: Brent crude oil futures prices fell as it tried to release the overbought saturation in the stochastic indicator and a negative signal appeared. At the same time, prices are accumulating positive momentum, ready to rebound and rise again. In the short term, the upward correction trend dominates, and prices are trading along the trend line.Futures News, April 2, Economies.com analysts latest views today: US WTI crude oil futures prices fell slightly due to profit-taking, while trying to accumulate positive momentum to rebound again. In the short term, the upward correction trend dominates, and the stochastic indicator has reached an oversold level, suggesting a positive divergence, which will strengthen the upward momentum.Futures April 2, Economies.com analysts latest views today: Spot gold prices have rebounded. In the short term, the upward trend is dominant as prices trade along the minor trend line and receive positive support as prices trade above the 50-period simple moving average. At the same time, the stochastic indicator sends a positive signal after reaching the oversold level, pushing prices upward.Russian air defense forces destroyed 93 Ukrainian drones overnight, according to Russian media reports.

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.