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On December 21, the United States intercepted another oil tanker off the coast of Venezuela, which the Venezuelan government called an act of piracy. Jeremy Paner, a partner at the Washington-based law firm Hughes Hubbard and a former investigator with the Office of Foreign Assets Control (OFAC), said the ship was not subject to U.S. sanctions. “The seizure of a vessel not sanctioned by the United States marks a further increase in pressure on Venezuela by Trump,” Paner said. “This also contradicts Trump’s statements that the U.S. will blockade all sanctioned oil tankers.”On December 21, Venezuelan Vice President and Oil Minister Rodríguez condemned the United States for "theft and hijacking" of private vessels carrying Venezuelan oil in international waters on December 20. In a government statement released via social media, Rodríguez stated that this serious act of "piracy" violated international law. He asserted that the colonial model the US government attempted to impose on Venezuela would ultimately fail, and that the Venezuelan government would appeal to the UN Security Council and other multilateral organizations for appropriate action.On December 21, the World Trade Organization (WTO) released its "World Trade Report 2025" on December 20, local time. The report indicates that, with supporting policies in place, artificial intelligence (AI) is expected to increase cross-border trade in goods and services by 34% to 37% and global GDP growth by 12% to 13% by 2040 by improving productivity and reducing trade costs. The report emphasizes the need to bridge the digital infrastructure gap, strengthen skills training, and maintain an open and predictable trading environment to ensure more inclusive growth.According to Business Insider, Apple has advised some employees with visas not to travel outside the United States due to embassy delays.Russian Presidential Special Representative Dmitriev: Russia and the United States are having "constructive" discussions, which will continue in Miami on Sunday.

GBP/JPY slips below 165 as BOJ prepared to act; UK retail sales are scrutinised

Alina Haynes

Sep 15, 2022 11:46

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The GBP/JPY pair dropped below the crucial support level of 165 during the Asian session. The asset is falling precipitously now that the Wednesday buffer of 166.00 has been lost. The cross has developed a trading range between 164.80 and 165.87, and it is more likely than not that it will break to the downside and drop below 164.00.

 

The fall in the headline UK inflation numbers did not produce any gains for the pound bulls. The Consumer Price Index (CPI) for the year came in at 9.9%, which was less than both the predicted value of 10.2% and the preceding reading of 10.1%. The economy is no longer facing double-digit inflation, despite the fact that the current inflation rate of 9.9 percent is still relatively high, despite rising energy prices. But at 6.3%, the core CPI remained in line with forecasts.

 

Given that lower readings are not a permanent trend, it would be premature to declare an end to pricing pressures. Inflationary pressures will continue to rise as a result of Liz Truss, the new prime minister of the United Kingdom, introducing stimulus plans to shield people from rising energy prices and cut back on tax rates.

 

The UK Retail Sales numbers will be the topic of discussion on Friday. Compared to the 3.4% recorded earlier, the economic data are predicted to show a 4.2% annual loss. In addition, instead of the 0.3% increase previously indicated, the monthly figure will fall by 0.5%.

 

The Bank of Japan (BOJ) has vowed to interfere in the foreign exchange market to support the domestic currency, which has given the yen bulls a boost. Nikkei reported on Thursday that the BOJ carried out a foreign exchange "check" to find out how much market participants value the JPY. The news source claims that this is proof that the BOJ might be getting ready to intervene in the market.


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