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On June 14, local time, the Security Service of Ukraine (SBU) announced that its Alpha Special Operations Center, acting on orders from Ukrainian President Volodymyr Zelensky, used drones to strike a state oil reserve depot in Rybinsk, Yaroslavl Oblast, Russia. The Ukrainian side stated that the oil depot, located over 700 kilometers from the Ukrainian border, belongs to Russias state reserve system and stores various types of fuel and lubricants, serving as a fuel supply provider for northeastern Russia and a strategic fuel reserve for the military. After the drone struck, the oil depot caught fire, with at least three large fire points appearing within its more than 60 tank areas. The SBU also stated that oil supply, refining, and fuel logistics infrastructure within Russia are legitimate targets for Ukrainian strikes, as these facilities provide operational resources for the Russian military and support Russian military operations against Ukraine. Russia has not yet responded to this.Ukrainian President Zelensky: Russia launches hundreds of attacks daily on Ukrainian cities and communities, targeting our civilian infrastructure. In the past week alone, Russia has launched 1,920 attack drones, 1,790 guided air-to-ground bombs, and 17 missiles of various types.The State Flood Control and Drought Relief Headquarters maintains a Level IV emergency response for flood control in Zhejiang, Fujian, Jiangxi and other areas.Ukrainian President Zelensky: Air traffic restrictions have been imposed at six Russian airports, and 28 regions in Russia have been under air raid alert since last night.Ukrainian President Zelensky: The Ukrainian army has achieved its objectives in the Tula region of Russia—particularly the Azot plant, whose operation is crucial to explosives production capacity.

GBP/JPY falls below 161.50 as the rally pauses in the face of inflation concerns and remarks from BoE Governor Bailey

Alina Haynes

Mar 28, 2023 15:34

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GBP/JPY halted and attained a weekly high of 161.80 after a rapid ascent. Due to Monday's optimistic risk sentiment and rising global bond yields, the currency pair rose.

 

In a recent speech, Governor Bailey of the Bank of England (BoE) emphasized the need to remain vigilant for signs of persistent inflationary pressures. If these pressures manifest, he suggested, additional monetary tightening may be necessary. Although there are indications of economic resiliency, Bailey warned that the inflation trajectory may not be completely smooth. An important objective of monetary policy is to prevent persistent inflation resulting from external factors. Additionally, Bailey identified significant strains in portions of the global banking system, which could have implications for the global economy as a whole.

 

Bailey stated that the full impact of recent bank rate hikes has not yet been felt, and that inactivity due to early retirement may have contributed to an increase in cyclical rates. Due to these factors, the Bank of England has significantly raised interest rates. Bailey cautioned that inflation could be more persistent than anticipated, so it is crucial to remain vigilant for signs of inflationary pressure. If such pressures manifest, it may be necessary to tighten monetary policy further to contain inflation.

 

Overall, Bailey's speech emphasizes the Bank of England's commitment to economic growth and price stability. The Bank of England is assiduously managing risks to maintain inflation within its target range.

 

Due to the absence of a press conference at the March meeting of the Board of Governors, these remarks are notable. The majority of analysts predict that the BoE will suspend in May, while others anticipate that additional tightening will be necessary as inflation control remains the central bank's top priority over banking uncertainty.

 

The British Retail Consortium (BRC) reported that store price inflation rose to 8.9% in March, up from 8.2% in February, highlighting the inflationary pressure. Alternatively, Japan's Minister of Economy Goto announced plans to invest JPY 2,200,000,000,000 in a stimulus program.


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