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Conflict Updates: 1. The UAE reports an attack on a ship in the Strait of Hormuz. 2. Lebanon condemns Israeli attacks on southern Lebanon as a violation of the framework agreement. 3. Israeli airstrikes in Lebanon kill 11. 4. Lebanon condemns Israeli attacks on southern Lebanon as a violation of the framework agreement. 5. The UAE Foreign Ministry condemns Irans attack on an ADNOC vessel. 6. Israeli airstrikes on the southern Lebanese town of Deir Zahrani kill 4 and injure 17. 7. Irans Communications Minister: Over 500 telecommunications sites have been attacked during the war, and some facilities were hit again after being repaired and service restored. 8. According to Saudi Arabias Al Arabiya TV: The Yemeni military vowed a strong response to the Houthi attack on the port city of Mocha. 9. Israeli Prime Minister Netanyahu: Hezbollah violated the ceasefire agreement in Lebanon and attacked our fighters within the "yellow line." In response, the Israel Defense Forces attacked the Hezbollah command post that issued the order for the attack. Strait of Hormuz: 1. A maritime accident occurred in the Strait of Hormuz; a bulk carrier was hit by an unidentified flying object. 2. Iran and Oman have reached an agreement on shipping routes through the Strait of Hormuz. 3. Iranian Foreign Minister: The United States must meet (Irans) conditions before shipping through the Strait of Hormuz can resume. 4. Iranian Foreign Minister: Qatar and Pakistan are exchanging information with us, but this is not a negotiation. The talks between Iran and Oman are being conducted independently, focusing on sea routes through the Strait of Hormuz. Other Matters: 1. US media: Trumps demands are putting pressure on the US Navy. 2. Iranian Foreign Minister: Iran has not yet decided whether to resume negotiations with the United States. 3. Bandar Abbas International Airport resumes flight operations today. 4. Iran and Tajikistan sign a long-term oil cooperation agreement. 5. Head of Mocha Port, Yemen: The port of Mocha in Yemen ceased operations after the Houthi attack. 6. US media: The root cause of the US aircraft carrier predicament lies in the attack on the logistics hub of the Bahrain base in the early stages of the war. 7. According to Iranian media Fars News: Iranian military officials say three Iranian Air Force personnel went missing after an operation targeting US bases in March and are currently being held in Qatar. 8. The head of Irans Energy Optimization Organization: As part of three ongoing proposals to manage Irans gasoline supply, Iran is considering a proposal to allocate 30 liters of gasoline per person per month, and that this quota be transferable and tradable.August 16th - According to Fox News, Harvard Universitys investment arm disclosed a $2.2 billion stake in SpaceX. Harvard Management reported the holding in a regulatory filing on Friday, making SpaceX the largest single stock holding disclosed in its $4.3 billion U.S. equity portfolio. SpaceXs record IPO in June generated substantial returns for university endowments that acquired stakes in the company through venture capital investments—some as early as over a decade ago. Harvard is not the only university investor to benefit from SpaceXs IPO. The University of Californias investment arm disclosed a holding of approximately $1 billion in a filing this week, and the University of North Carolina and Washington University in St. Louis also hold shares in the company.According to Sky News: Yemeni sources say Yemeni air defense forces responded to a Houthi drone attack over Mocha, Hodeidah province.According to Fox News, Harvard has made a significant investment of up to $2.2 billion in SpaceX (SPCX.O).On August 16th, Iranian Foreign Ministry spokesman Bagaei stated on the 15th that the current situation in the Strait of Hormuz is a direct result of the "illegal actions" of the United States and Israel. Recently, the US and Iran have engaged in fierce exchanges over the Strait of Hormuz, with both sides making frequent statements and refusing to compromise. Analysts point out that the continued standoff and irreconcilable differences may lead to a cyclical situation, making full navigation through the Strait of Hormuz unlikely in the short term. Analysts believe that the current standoff between the US and Iran over the Strait of Hormuz makes significant concessions from either side unlikely in the short term. Unless the US decides to launch a new large-scale military strike against Iran, the ongoing stalemate will not change significantly, and Trumps ambition to "defeat Iran" and "incorporate the Strait of Hormuz into US territory" will remain mere rhetoric.

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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