EUR/USD 1.14361
0.036%
Gold 4174.79
1.240%
Oil 68.721
0.443%
USD/JPY 161.358
0.158%
GBP/USD 1.33529
0.053%
GBP/JPY 215.465
0.226%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
July 4th - A Reuters survey showed that OPEC crude oil production rebounded sharply in June, increasing by approximately 3.3 million barrels per day to 19.43 million barrels per day, a significant rebound from the more than two-decade low reached in May, but still far below quota levels. This production increase was mainly driven by the resumption of supply from Gulf countries, with Kuwait seeing the largest increase, followed by Iran, Saudi Arabia, and Iraq. Nigeria and Libya also saw slight increases in production. The UAE withdrew from OPEC on May 1st and is no longer included in the statistics. The report noted that the previous war with Iran and the de facto blockade of the Strait of Hormuz had caused supply disruptions, but the subsequent lifting of restrictions on ships at Iranian ports by the United States helped to restore some production. Although OPEC+ had planned to increase production in June, it could not be fully implemented due to the war. Overall, global crude oil supply is recovering, but has not yet returned to normal levels.Iranian Parliament Speaker Ghalibaf: The United States must "accept the established realities in the trade arena."Hang Seng Index futures closed down 0.2% at 23,253 points in overnight trading, a discount of 97 points.On July 4th, Labour politician Andy Burnham stated that if he succeeds Starmer as Prime Minister, he will not dissolve Parliament early and call a new general election. Instead, he will continue to implement Labours campaign promises from the 2024 general election, including maintaining the triple lock on pensions. He also outlined several policy positions: advocating for stronger regulation in the public service sector, even considering nationalization in some industries; supporting further improvements in UK-EU relations; willing to negotiate with countries including Afghanistan to repatriate rejected asylum seekers; supporting electoral reform; ensuring adequate funding for defense investment programs; and explicitly stating continued firm support for Ukraine. If the party nomination proceeds smoothly and without competition, he could become Labour leader in mid-July and subsequently become Prime Minister.July 4th - As of 2:30 PM closing, the Shanghai Gold futures contract rose 0.81%, the Shanghai Silver futures contract rose 1.61%, and the SC crude oil futures contract fell 0.16%.

GBP/USD perceives barriers below 1.1980 as Fed hawks strengthen risk-averse sentiment

Daniel Rogers

Nov 29, 2022 15:13

 截屏2022-11-29 上午9.50.08.png

 

The GBP/USD pair has faced selling pressure around 1.1976 during the Tokyo session. The brief Cable recovery from the 1.1940 support level has terminated as hawkish remarks from Federal Reserve (Fed) policymakers have strengthened the risk aversion theme.

 

The US Dollar Index (DXY) has resumed its advance after a retracement to approximately 106.60. Futures on the S&P500 have rebounded marginally during the Asian session, although a reversal is still quite distant. In the interim, rates on 10-year US Treasury securities have rebounded to approximately 3.69 percent.

 

As investors feel the slowing in the interest rate hike is not indicative of a suspension in policy tightening, US Treasury bonds have regained its alpha. Policymakers at the Federal Reserve (Fed) expended much effort to reach an inflation rate of 2%, yet the headline inflation rate in the United States is 7.7%.

 

Thomas Barkin, president of the Richmond Fed Bank, remarked on Monday, as reported by Reuters, that he favors fewer future interest rate hikes as the central bank works to decrease overly high inflation.

 

According to Financial Times, Loretta Mester, president of the Cleveland Fed Bank, believes the Federal Reserve is not close to stopping its rate hikes. She highlighted that additional favorable inflation statistics and indications of moderation are required prior to establishing a plan to halt rate hikes.

 

In the future, the US Gross Domestic Product (GDP) numbers will be closely scrutinized. The third quarter GDP estimate is anticipated to remain unchanged at 2.6%. As the Fed is devoted to achieving price stability, it is strongly recommended to reduce the growth rate. A period of rising growth rates will continue to keep inflation in check, as a robust GDP indicates robust demand from individuals, which does not translate to a decline in price rise.

 

Economists at Danske Bank have concluded that the United Kingdom has officially entered a recession. Expectations are for four consecutive quarters of negative GDP growth, with growth not resuming until the fourth quarter of CY2023.


Suggestion