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June 17 – According to sources, European Council President António Costa has contacted the Kremlin in an attempt to push Russian President Vladimir Putin to discuss ending the Russia-Ukraine conflict. Sources indicate that Costas chief advisor has spoken twice with a senior Russian official close to Putin, aiming to pave the way for more substantive negotiations in the future. Last month, Costa stated, "We need to engage in dialogue with Russia at the appropriate time to address the security issues we both face." The three largest European economies – Germany, France, and the UK – have also discussed strategies for coordinating with Ukrainian President Volodymyr Zelensky and encouraging Putins participation in peace talks. European officials believe that the current difficulties faced by Russian troops on the battlefield, Ukraines increased attacks on Russian territory, and the rising economic costs of the war have created an opportunity to bring Putin to the negotiating table. A senior European official stated that as the war enters a new phase, senior European officials are working to coordinate their positions and prepare for increased communication with the Kremlin in the future.June 17 - Iranian state television reported today (June 17) that three Iranian oil tankers carrying approximately 5 million barrels of crude oil have broken through the US maritime blockade and passed through the Strait of Hormuz, heading towards their destination.On June 17th, Bank of America analysts stated in a report that the Bank of England is unlikely to follow the European Central Bank in raising interest rates on Thursday, but this would not substantially damage market confidence in the pound. The market is currently concerned about a potential policy misstep by the ECB. Analysts said the "second-round effect" triggered by high energy prices will be closely scrutinized, which should support further rate hikes in the UK in the future. However, the market would welcome a more balanced stance from the Bank of England between high inflation risks and weak employment risks. If the price shock persists, the Bank of England might be seen as lagging behind, but this is not currently the case. Bank of America expects the Bank of England to keep interest rates unchanged on Thursday, but raise rates in July and September.June 17th - It was learned today that the State Administration for Market Regulation has revised and released three national standards: "General Technical Requirements for Bicycles," "Bicycle Assembly Requirements," and "Technical Requirements for Bicycle Testing Equipment and Instruments." These standards systematically regulate the technical performance, assembly process, and testing equipment and instruments for bicycles, providing solid standard support for improving the quality and performance of bicycle products in my country and promoting the high-quality development of the industry.Fitch Ratings: The outlook for more emerging market sectors has deteriorated due to the war in Iran.

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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