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Spains manufacturing PMI for July was 50.2, in line with expectations of 50 and the previous reading of 49.7.August 3 – Swiss inflation slowed to its lowest level in four months in July, showing resilience amid rapidly rising costs driven by energy prices across Europe. Data from the Swiss National Statistical Office showed that the Consumer Price Index (CPI) rose 0.4% year-on-year in July, down from 0.5% in June and in line with economists median forecast. Cost pressures from rising diesel and heating oil prices were offset by lower prices for a range of goods and services, including clothing and car rentals. Core inflation, excluding volatile factors such as energy, remained at 0.3%. The latest data contrasts with the Swiss National Banks (SNB) previous forecast of a moderate, temporary acceleration in inflation. According to sources, based on the current weak inflation trend, the SNB internally expects interest rates to remain at zero until the end of next year, barring any new shocks.Futures News, August 3rd: Shanghai Futures Exchange (SHFE) Energy and Chemical Warehouse Receipts and Changes on August 3rd: 1. Pulp futures warehouse receipts: 356,739 tons, an increase of 3,672 tons compared to the previous trading day; 2. Pulp futures mill warehouse receipts: 20,000 tons, unchanged compared to the previous trading day; 3. Offset paper futures warehouse receipts: 2,758 tons, unchanged compared to the previous trading day; 4. Offset paper futures mill warehouse receipts: 6,520 tons, a decrease of 80 tons compared to the previous trading day; 5. Fuel oil futures warehouse receipts: 1,696 tons. 0 tons, unchanged from the previous trading day; 6. Petroleum asphalt futures warehouse receipts: 11,290 tons, unchanged from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts: 18,210 tons, unchanged from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts: 2,961,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts: 5,000 tons, unchanged from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts: 0 tons, unchanged from the previous trading day.August 3 – Following the Houthi threat that disrupted regional shipping, Yanbu, a key Saudi export port on the Red Sea coast, appeared to be experiencing its busiest day yet. Meanwhile, an increasing number of ships turned off their tracking signals as they passed through the vital Bab el-Mandeb Strait. Satellite imagery showed five Very Large Crude Carriers (VLCCs) docked at Yanbus oil loading terminal on Saturday, potentially marking the ports most active day since the Iranian-backed Houthi blockade of Saudi ports two weeks ago. These photos were taken by the EUs Sentinel-2 satellite. Because the satellite only passes through the area every few days, continuous monitoring is not possible. Yanbu has become a crucial node for Saudi Arabia to maintain large-scale crude oil exports after the war with Iran severely impacted shipping through the Strait of Hormuz. Saudi Arabia bypasses the Strait of Hormuz by transporting millions of barrels of crude oil daily to the Red Sea via pipelines for export to global markets.Shares of UK-listed energy companies fell, with Ithaca Energy down 4.1%, BP down 2.9%, and Shell down 2.1%.

GBP/JPY Nears 161.50 As Risk-On Sentiment Roughens The Waters

Daniel Rogers

Mar 20, 2023 13:25

GBP:JPY.png 

 

In the early hours of Monday's Asian session, GBP/JPY appreciated as Japanese Yen demand waned in response to rising liquidity optimism. Monday's improvement in risk appetite was the consequence of a global effort to end the liquidity crisis of the previous week.

 

In order to restore confidence in the financial system, several major central banks, including the Bank of Japan (BoJ) and the Bank of England (BoE), have coordinated efforts to dilute the global banking ecosystem with US Dollars. This is the reason why the transition line has been implemented.

 

This swap line's principal source of financing is the Federal Reserve (Fed); the Fed will lend US Dollars to other central banks in exchange for local currency as a short-term loan. The exchange line will begin on Monday and continue through April.

 

Sunday, the Bank of England issued a statement welcoming the Swiss government's decision to merge Credit Suisse and UBS Group and reiterating that the UK banking system is adequately capitalized and funded. The Bank of England (BoE) will make a decision regarding interest rates on Thursday, and it will be crucial to observe their future direction. Given the ongoing liquidity crisis, this may be the last time the BoE raises interest rates.

 

March meeting of the Bank of Japan The previously released Summary of Opinions contains no new information, as the Federal Reserve has maintained an extremely permissive monetary stance for decades. In addition, Japanese Finance Minister Shunichi Suzuki stated on Monday that he was closely monitoring market movements in the wake of Credit Suisse Group's rescue agreement over the weekend.

 

This week, it is also crucial to monitor the liquidity situation, citing reports that two European banks are under close observation. Therefore, it is probable that upward advances in the GBP/JPY pair will continue to be fragile.


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