EUR/USD 1.13802
0.032%
Gold 4029.61
-0.486%
Oil 90.207
-0.957%
USD/JPY 163.828
-0.016%
GBP/USD 1.33118
-0.013%
GBP/JPY 218.090
-0.013%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
The Federation of Thai Industries reported that automobile exports fell 7.45% year-on-year in June (compared to a 26.69% year-on-year decline in May).EU High Representative for Foreign Affairs and Security Policy Karas: EU sanctions are aimed at cutting off Russias financial support for the war in Ukraine, making it more difficult for Russia to raise funds overseas.Futures News, July 24th: International crude oil prices are expected to maintain an upward trend next week, strongly supported by geopolitical conflicts in the Middle East. The change rate is expected to widen positively, with the price adjustment window closing at 24:00 on July 31st. It is anticipated that gasoline and diesel prices will increase by more than 0.8 yuan per liter, providing a positive boost to the market. On the supply side, the operating rates of major refineries are steadily increasing, while the operating rates of independent refineries are fluctuating slightly, resulting in a relatively stable overall supply of refined oil products. Due to the continued widening of the retail price increase in this round, downstream operators are more willing to replenish their stocks. Recently, sales of refined oil products from independent refineries have been smooth, with concentrated shipments and most refineries currently facing no inventory pressure. Furthermore, some major refineries are implementing wholesale quantity limits in certain regions to ensure stable supply, further supporting the overall market. Overall, driven by positive factors, refined oil prices are expected to remain high and firm next week.On July 24, in response to rumors that "Mercedes-Benz may suspend CLA production in China," Mercedes-Benz stated, "The CLA model is still in production, and monthly sales are relatively stable. As is customary, different production lines will rotate for high-temperature breaks, and we will also take this opportunity to conduct equipment maintenance."JPMorgan Chase raised its price target for Thermo Fisher Scientific (TMO.N) to $690 from $600.

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.


Suggestion