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March 21 - As of 2:30 PM closing, the Shanghai Gold futures contract fell 1.22% to 1016 yuan/gram, the Shanghai Silver futures contract fell 1.77% to 17139 yuan/kilogram, and the SC Crude Oil futures contract rose 3.40% to 803 yuan/barrel.U.S. stocks continued their decline, with the benchmark index falling to an intraday low. The S&P 500 was last down 1.39%. On the news front, the U.S. is preparing for a possible deployment of ground troops to Iran.ECB Governing Council member Nagel: The ECB must take action when the second round of inflationary effects emerge.ECB Governing Council member Nagel: The higher the inflation and the longer the expectation remains above the target level, the greater the risk of a second round of effects.March 21 – According to CBS News, multiple sources briefed on the matter revealed that U.S. Department of Defense officials have made detailed preparations for the deployment of U.S. ground troops to Iran. Sources said that as Trump weighs options in a U.S.-Israeli-led conflict with Iran, senior military commanders have submitted specific requests to prepare for such options. Sources indicated that Trump has been considering deploying ground troops in the region. It remains unclear under what circumstances he would authorize the use of ground troops. When asked about ground troops in the Oval Office on Thursday, he told reporters, “No, I’m not going to deploy troops anywhere,” but added, “If I were to deploy them, I certainly wouldn’t tell you.” Two sources said the military has also held meetings to prepare for how to handle any Iranian soldiers and paramilitary personnel potentially detained during the operation should Trump decide to send U.S. ground troops, including where these Iranians would be sent.

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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