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On July 25, satellite images released by Iran showed that a US military ammunition depot at King Faisal Air Base in Jordan was completely destroyed. This came a day after Iran claimed to have struck US bases in the region. Jordan, meanwhile, stated that its air defense system and the Royal Jordanian Air Force intercepted and shot down seven missiles and six drones fired from Iranian airspace towards Jordanian territory on July 24.The Security Service of Ukraine (SBU) stated that Ukraine attacked the Russian Filanovsky oil platform and two cargo ships in the Caspian Sea.On July 25, Ukrainian President Volodymyr Zelenskyy stated that Ukraines long-range strikes in the Caspian region had achieved very good results, targeting ships transporting Iranian military goods and a warship. Other targets included a factory in the Kirov region, approximately 1200 kilometers from the Ukrainian border, which supplies components to Russia for its attacks on Ukraine. Additionally, strikes were also carried out on an oil refinery in the Tyumen region, a logistics facility in Yekaterinburg, and a fuel depot in Rostov-on-Don.Ukrainian President Zelensky: Ukraine attacked ships transporting military supplies involving Iran in the Caspian Sea.July 25 - Ukrainian President Volodymyr Zelenskyy announced on the 25th that Russian forces launched a large-scale airstrike on multiple locations in Ukraine in the early hours of the day, using two missiles and nearly 160 drones. The attack has resulted in at least six deaths and ten injuries, and damage to numerous civilian buildings and facilities. Russia has not yet responded to the report.

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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