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January 10th - As 2026 begins, a new round of competition has kicked off in the Chinese auto market. Automakers are offering promotional discounts and launching updated models with added features but no price increases. However, unlike last year, the fierce competition in the auto market has arrived earlier this year. According to incomplete statistics, since January 1st, more than 20 automakers and over 75 models have launched limited-time promotional activities, with diverse promotional methods. Some models offer direct cash subsidies, some offer fixed-price sales, some offer 3-year or 5-year interest-free financing, and some combine trade-in subsidies with additional incentives.On January 10, Yonhap News Agency reported that South Korean Defense Minister Ahn Gyu-baek stated regarding the allegation of a South Korean drone violating North Korean airspace that this was "absolutely not true," and that the drone shown in the publicly released photos by North Korea was not a type owned by the South Korean military. He also indicated that a joint inter-Korean investigation could be conducted into the matter.On January 10th, the U.S. Department of Agriculture announced on the 9th that it was immediately suspending all federal funding to Minnesota due to a large-scale fraud investigation in the state. U.S. Agriculture Secretary Brooke Rawlings posted on social media: "The Trump Administration has uncovered a massive fraud in Minnesota and Minneapolis—billions of dollars have been misappropriated by fraudsters. The U.S. Department of Agriculture is immediately suspending all federal funding to Minnesota until there is sufficient evidence that the fraud has ceased."NASA plans to separate and dock SpaceX Crew 11 with the International Space Station no earlier than 5 p.m. ET on January 14 (6 a.m. Beijing time on January 15).On January 10th, Trump posted on social media: "I hereby declare that we will not tolerate the American public being ripped off by credit card companies charging 20% to 30% or even higher interest rates, a practice that was rampant during the sleepy Joe Biden administration. It must be affordable! Starting January 20, 2026, as President of the United States, I will implement a one-year cap on credit card interest rates at 10%." Its worth noting that this date coincides with the one-year anniversary of the "historic and extremely successful" Trump administration.

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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