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February 25th news: February 24th was the third anniversary of the outbreak of the Russian-Ukrainian conflict. The 79th UN General Assembly resumed the 11th emergency special meeting on the situation in Ukraine on that day, voting on the draft resolution proposed by the United States and the draft resolution proposed by Ukraine and supported by the European Union. At the meeting, the relevant draft resolution proposed by Ukraine was passed. In addition, the UN General Assembly rejected Russias proposed amendment to the anniversary resolution on Ukraine drafted by the United States. The UN General Assembly also passed the second amendment to the US draft resolution on the Russian-Ukrainian conflict. The UN General Assembly also approved all amendments proposed by the European Union to the Ukrainian resolution drafted by the United States.Market News: The UN General Assembly approved all European-proposed amendments to the US-drafted resolution on Ukraine.Czech Prime Minister: We must use funds from frozen Russian assets to support Ukraines military.Market news: The United Nations General Assembly rejected Russias proposed amendment to the US-drafted anniversary resolution on Ukraine.Germanys DAX30 index closed up 161.57 points, or 0.73%, at 22,425.86 points on February 24 (Monday); Britains FTSE 100 index closed down 1.06 points, or 0.01%, at 8,658.31 points on February 24 (Monday); Frances CAC40 index closed down 63.52 points, or 0.78%, at 8,090.99 points on February 24 (Monday); Europes The STOXX 50 index closed at 5,452.95 points on Monday, February 24, down 22.90 points, or 0.42%; the Spanish IBEX 35 index closed at 13,011.13 points on Monday, February 24, up 59.33 points, or 0.46%; the Italian FTSE MIB index closed at 38,494.00 points on Monday, February 24, up 72.95 points, or 0.19%.

Prior to UK/US PMI, GBP/USD Justifies Monday's Bearish Doji to Drop to 1.2000

Alina Haynes

Feb 21, 2023 15:18

 GBP:USD.png

 

In the early hours of Tuesday morning, GBP/USD retests intraday lows at 1.2020 as traders celebrate the return of Western traders after a lengthy weekend owing to American holidays. In addition to the return of the entire market, the traders of the Cable pair express concern over the Brexit deal negotiations and worries regarding the trust of small industries.

 

Late on Monday, the UK Times claimed that British Ministers are willing to resign over (Prime Minister) Rishi Sunak's Brexit proposal if it undermines Northern Ireland's position inside the United Kingdom. The Times said that "the hostility of euroskeptic Tory lawmakers to the accord is rising."

 

In another article, The Times quotes a Barclay's industrial poll to show that small business owners are becoming more hopeful about the future. The same adds to evidence that the United Kingdom's economic outlook may not be as grim as feared and stated in the press.

 

Concerns of a monetary policy divergence between the Federal Reserve and the Bank of England (BoE) appear to be weighing on the GBP/USD exchange rate, as seen by the week's mixed British results and the robust American data.

 

Notwithstanding this, yields on 10-year U.S. Treasury notes are near their highest levels since early November 2022, with bids hanging around 3.86 percent.

 

Meanwhile, geopolitical concerns emanating from China and Russia appear to enhance the safe-haven demand for the US Dollar and weigh on the GBP/USD exchange rate.

 

The initial figures of the S&P Global PMIs for February will be crucial for GBP/USD traders. To stabilize prices, however, favorable news from the United Kingdom is essential, since recent US Treasury bond yield movements have favored the US Dollar ahead of the most critical US PMIs.


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