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On June 27th, Yu Weining, Chief Statistician of the Industrial Statistics Department of the National Bureau of Statistics, interpreted the industrial enterprise profit data for January-May 2026. Yu stated that profits in the raw materials manufacturing sector grew rapidly. From January to May, profits of enterprises above designated size in the raw materials manufacturing sector increased by 83.1% year-on-year, contributing 10.2 percentage points to the overall profit growth of industrial enterprises above designated size. By industry, driven by increased demand from emerging industries such as new energy and artificial intelligence, prices of products such as copper and aluminum remained at high levels, pushing profits in the non-ferrous metals industry to increase by 117.1%, contributing 5.3 percentage points to the overall profit growth of industrial enterprises above designated size. Driven by rising prices of products related to the petroleum industry chain, the petroleum processing industry turned a profit year-on-year, and the chemical industry saw a profit increase of 71.6%.On June 27th, Yu Weining, Chief Statistician of the Industrial Statistics Department of the National Bureau of Statistics, interpreted the industrial enterprise profit data for January-May 2026. Yu stated that the profits of high-tech manufacturing maintained double-digit growth. From January to May, the profits of large-scale high-tech manufacturing enterprises increased by 44.7% year-on-year, contributing 8.0 percentage points to the overall profit growth of large-scale industrial enterprises, demonstrating its continued leading role. By industry, the semiconductor industry chain performed well. In electronic device manufacturing, the profits of optoelectronic device manufacturing and semiconductor discrete device manufacturing increased by 53.8% and 40.6% respectively; in electronic component and electronic special material manufacturing, the profits of electronic special material manufacturing and electronic circuit manufacturing increased by 665.4% and 19.7% respectively. The medical equipment and related industries saw rapid profit growth, with the profits of dental equipment and instruments manufacturing and hygiene materials and medical supplies manufacturing increasing by 26.4% and 23.2% respectively.Chinas industrial profits rose 21.1% year-on-year in May, up from 24.70% in the previous month.Chinas year-to-date profits for major industrial enterprises rose 18.8% in May, up from 18.20% in May.On June 27, following the US militarys airstrikes against Iran on June 26, US Vice President Vance stated that if Iran resorts to violence, it will face a military response. Vance posted on social media that day: "Iran signed a ceasefire agreement, and we have honored it. If they have objections to how the memorandum of understanding is being implemented, they can communicate directly by phone. But if violence is used, it will be met with a military response." Earlier on June 26, the US Central Command issued a statement saying that the US military launched strikes against Iran that day in response to the attack on a merchant ship transiting the Strait of Hormuz the previous day.

Despite the Bank of England's less hawkish forecasts, GBP/USD is expected to rise beyond 1.2170

Daniel Rogers

Aug 04, 2022 11:52

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The GBP/USD pair has showed a modest retreat after failing to reclaim the 1.2170 resistance level. As the US dollar index (DXY) is projected to extend losses below 106.30, the upside stays favored. After a good fall to the round-number support around 1.2100, the asset has resumed its general uptrend.

 

As investors await the Bank of England's monetary policy decision, the cable might exhibit some volatility in the near future (BOE). In consideration of market expectations, BOE Governor Andrew Bailey will raise interest rates to 1.75 percent as a second successive 50 basis point (bps) increase is anticipated.

 

No one could dispute the reality that households in the United Kingdom are suffering tremendous pricing pressures. The inflation rate has risen to 9.4 percent, and there have been no indicators of a peak as of yet. The rate of inflation might reach double digits if the rate of price growth continues to accelerate, and families will be forced to pay more for identical quantities.

 

Well, a 50 basis point rate boost is insufficient to battle the inflation monster. However, dismal growth estimates and a decrease in the Labor Cost Index prevent the BOE from sounding excessively hawkish.

 

On the dollar front, the US dollar index (DXY) is experiencing uncertain movement as the visit to Taiwan by US House Speaker Nancy Pelosi has exacerbated protracted Sino-US tensions. The United States has held the global leadership position for a considerable amount of time, and China is keen to take over. Therefore, the United States' backing for Taiwan, a country with enormous technical potential, has exacerbated tensions between the United States and China.


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