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July 19 – U.S. Central Command announced that it completed another round of strikes against Iran at 11:30 p.m. (Eastern Time) on July 18, under the direction of the Commander-in-Chief. In the eighth consecutive night of airstrikes, Central Command forces successfully targeted Iranian military coastal surveillance and air defense facilities, naval combat capabilities, and missile and drone storage sites, in an effort to continue weakening Irans military capabilities. The U.S. military also targeted Islamic Revolutionary Guard Corps forces, following their July 17 attack on U.S. service members in Jordan. Currently, more than 50,000 U.S. military personnel, both men and women, are deployed in the Middle East, maintaining a high level of vigilance, focus, lethality, and readiness.According to the New York Post: US President Trump stated that the US strikes prevented Iran from acquiring nuclear weapons. He added that if Iran is not stopped, the region could descend into a wider conflict.July 19 – According to Irans Mehr News Agency, the Iranian militarys public relations department stated that, in response to repeated enemy aggression and attacks on bridges, infrastructure, and demilitarized zones, hours earlier, during the sixteenth phase of Operation Lightning, the Iranian military launched a large-scale drone strike against a US terrorist army ammunition depot at Camp Adir in Kuwait, as well as Patriot radar and air defense radar used by the invading forces at the Ali Salim base in Kuwait. Camp Adir is a key US military base, located 104 kilometers from the Iranian border, and serves as a crucial support and reorganization center for the US military. Disrupting the bases operations will significantly impact US support operations in the region.According to the Iranian news agency IRNA: A magnitude 5 earthquake with a depth of 12 kilometers struck the city of Sarand in Khuzestan province, Iran, a few minutes ago, according to a report from the Earthquake Center of the University of Tehran.The European-Mediterranean Seismological Centre reports a 5.6-magnitude earthquake in central Peru.

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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