EUR/USD 1.17797
0.486%
Gold 4723.80
0.784%
Oil 92.012
-2.817%
USD/JPY 156.725
-0.130%
GBP/USD 1.36276
0.570%
GBP/JPY 213.582
0.450%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On May 9th, Japans Ministry of Economy, Trade and Industry (METI) announced on social media that Japan may send government officials to Russia as early as the end of May to maintain communication channels and provide support to its companies still operating in Russia. METI stated that it is necessary to protect the assets of Japanese companies remaining in Russia, and to support these efforts, the Japanese government has been maintaining government-level communication with Russia and has made relevant requests.May 9th - As the war with Iran disrupts oil transport in the Persian Gulf, global oil inventories are being depleted at a record rate, eroding the buffers originally intended to withstand supply shocks. The rapid shrinking of inventories means the risk of more extreme price spikes and supply shortages is looming. With the Strait of Hormuz nearing closure for two months, governments and industries have fewer options to cope with a supply loss of over 1 billion barrels. The sharp depletion of inventories also means that even after the conflict ends, the market will remain vulnerable to future supply disruptions for a longer period. Morgan Stanley estimates that global oil inventories fell by an average of about 4.8 million barrels per day between March 1st and April 25th, far exceeding previous peaks in quarterly inventory declines compiled by the International Energy Agency. Crude oil accounted for nearly 60% of the decline, with the remainder being refined products. Crucially, the oil system also needs to set a minimum inventory level. Natasha Kaneva, global head of commodities research at JPMorgan Chase, stated that this means that the untouchable safety stock will be reached before inventories truly bottom out.On May 9th, the China Association of Automobile Manufacturers (CAAM) clarified that rumors circulating online claiming "new energy vehicle companies were summoned for talks and placed under investigation for battery locking issues" are false. A CAAM representative stated that the claims circulating online regarding "eight new energy vehicle companies being summoned for talks due to battery locking issues" and "three companies being placed under investigation" lack official source and are seriously inconsistent with the facts. All industry regulatory updates and enforcement measures should be based on official information from the relevant authorities. Furthermore, CAAM hopes that new energy vehicle companies will optimize their battery management systems, maintain transparency, protect consumers right to know and choose, establish efficient after-sales communication channels, actively handle complaints and disputes related to battery locking, and safeguard their brand reputation through honest business practices.On May 9, Ukrainian President Volodymyr Zelenskyy announced via social media that he had spoken with European Council President Costa, exchanging views on Ukraines cooperation with Europe and its integration into European integration. Zelenskyy stated that he and Costa focused on joint efforts to further Ukraines integration into Europe, clarifying Ukraines commitment to becoming a full member of the EU and that preparations are underway for initiating negotiations and subsequent decisions.On May 9th, the chairman of the Iranian Parliaments Energy Committee stated that production continues uninterrupted at multiple oil fields across the country. He asserted that the actions of adversaries targeting Iranian oil tankers are entirely illegal, and that pressure on Iranian oil exports has been ineffective. There are currently no official reports of an oil spill near Kharg Island. Earlier reports indicated that satellite images suggested a large-scale oil spill near Kharg Island, a key Iranian oil export hub, with pollution covering tens of square kilometers of sea surface.

At 1.2100, Bulls in the GBP/USD Market Are Challenging Bear Commitments

Alina Haynes

Mar 13, 2023 11:48

 GBP:USD.png

 

GBP / USD is 0.33 percent higher after the pair rose from a low of 1.2063 to a high of 1.2103, its largest gain since January 6 as the US Dollar largely weakens following Friday's US employment report.

 

The markets have reduced their bets that the Federal Reserve will raise interest rates as aggressively despite the rise in the unemployment rate and signs of wage inflation moderating. The United States added 311,000 positions in February and the unemployment rate increased to 3.6%. Reuters polled economists, who predicted that the United States would have added 205,000 jobs last month and that the unemployment rate would remain unchanged at 3.4%. After gaining 0.3% in January, average hourly earnings increased 0.2% in February, which was less than the 0.3% increase anticipated.

 

In addition, the United Kingdom's economy grew faster than expected in January, easing concerns about a recession. Following a 0.5% decline in December, the Office for National Statistics (ONS) reported that the British economy grew 0.3% month-over-month in January. A survey of economists conducted by Reuters indicated growth of 0.1%.

 

The bankruptcy of SVB Financial Group is the largest bank failure since the financial crisis. However, the Biden administration guaranteed on Sunday that all Silicon Valley Bank customers will have access to their funds on Monday. Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell, and FDIC Chairman Martin J. Gruenberg announced in a joint statement on Sunday that the FDIC will compensate SVB and Signature's customers in full.

 

The imminent schedule is jam-packed with US consumer Price Index and UK labor market data. As official data continues to catch up to high-frequency indicators, analysts at TD Securities anticipate that the labor market will deteriorate in January, with the unemployment rate increasing and wage growth diminishing. Following last month's upside surprise, the Bank of England will be particularly pleased to see wage growth slow. The release of the US CPI later in the day may result in a muted market reaction, barring a significant surprise.

Suggestion