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According to the German Geoscience Research Center GFZ: A 6.75-magnitude earthquake occurred in the New Britain region of Papua New Guinea.April 5th, Berkshire Hathaway said on Friday that reports on social media about the companys chairmans alleged remarks were "false." Earlier, US President Trump shared a video on social media suggesting that Warren Buffett supports the US Presidents economic policies. The video was posted by a user named American PapaBear, saying that Trump deliberately "smashed" the market to force the Federal Reserve to lower interest rates while making stocks more affordable for middle-class investors. The video also mentioned that this is why Warren Buffett just said that Trump is taking the best economic initiative he has seen in 50 years. Berkshire said in a statement: "There are currently reports circulating on social media that are alleged to be remarks made by Warren Buffett. All of these reports are false."On April 5, the Russian Ministry of Defense said that at 18:49 Moscow time on April 4, the Russian army launched a high-precision missile with a high-explosive warhead at a hotel in Krivoy Rog, Dnipropetrovsk Oblast (called Krivykh in Ukraine) where a Ukrainian commander met with Western instructors. The Russian Ministry of Defense said that the attack killed as many as 85 foreign soldiers and officers and damaged 20 vehicles. Earlier that day, Ukraines Pravda reported that Russian ballistic missiles attacked a residential area center in Krivykh that day, causing many casualties.The S&P 500, Nasdaq and Dow Jones suffered their biggest weekly percentage declines since March 2020.The Dow Jones Industrial Average closed at 38,314.86 on April 4 (Friday), down 2,231.07 points, or 5.50%. The S&P 500 closed at 5,074.08 on April 4 (Friday), down 322.44 points, or 5.97%. The Nasdaq Composite closed at 15,587.79 on April 4 (Friday), down 962.82 points, or 5.82%.

With positive market sentiment, GBP/USD targets momentum above 1.1360; the UK CPI is the main topic

Daniel Rogers

Oct 19, 2022 15:46

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The GBP/USD pair is hitting resistance near the immediate barrier of 1.1360 during the Tokyo session. The barriers surrounding 1.1360 seem to be thinning as market participants' risk tolerance increases. After two straight strong trading days, S&P500 futures have continued to increase their gains in the Tokyo session. After overcoming the aforementioned challenge, the pound bulls will grow stronger.

 

The US dollar index (DXY), which is now doing poorly, is circling about 112.00. The value of the asset can drop even further as a result of a decline in the demand for safe-haven assets. In contrast, despite the Fed's heightened hawkishness, US bond returns continue to be strong. The 10-year US Treasury yields have advanced over 4.01% as of the time of writing.

 

The likelihood of a fourth consecutive 75 basis point (bps) rate increase announcement is roughly 96%, according to the CME FedWatch tool.

 

According to Reuters, Neel Kashkari, president of the Minneapolis Fed Bank, said on Tuesday in response to escalating inflationary pressures, "Until I see some compelling indication that core inflation has at least peaked, I am not willing to pronounce a pause in rate hikes."

 

The rate of inflation hasn't changed much as a result of ongoing Fed rate rises. Although the core Consumer Price Index (CPI) is well-anchored due to rising service sector pricing, the headline CPI has declined as a result of decreasing fuel prices.

 

On the British front, the Bank of England (BOE) announced on November 1 that the Asset Purchase Facility will include its bond-selling program (APF). Market liquidity will decrease as a result.

 

In the UK, political unrest is at an all-time high as a result of the government's lack of confidence in Prime Minister Liz Truss. If given the opportunity to vote again, Rishi Sunak, who lost to Ms. Truss, would receive 55% of the Tory members' votes, while Ms. Truss would receive only 25%.

 

Future course will depend on the inflation figures released by the United Kingdom on Wednesday. Forecasts suggest that the headline and core inflation rates could both rise by 10 basis points, to 10% and 6.4%, respectively. An increase in inflation reaching double digits could pose new challenges for the British economy.