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According to the Financial Times, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) will release a new set of rules on Thursday.August 28th - According to sources, US President Trump is expected to meet with US refiners and fuel retailers next week to discuss measures to lower gasoline prices. With the November midterm elections approaching, the Trump administration is seeking to alleviate the pressure on consumers caused by the Iran war. Companies expected to attend include refiners such as Valero Energy, Marathon Oil, and PBF Energy, as well as major fuel retailers. Republicans are trying to maintain their slim majority in Congress in the November elections. Currently, the price of regular gasoline in the US remains above $4 per gallon, about $1 higher than a year ago. The Iran war has disrupted global energy markets and led to tighter supplies of gasoline and other refined products. Major US oil companies and refiners reported strong second-quarter results. These results have drawn criticism from Trump, who believes that oil companies benefiting from price increases should do more to reduce costs for consumers. He has publicly pressured major oil producers and refiners to lower prices.On August 28th, it was learned that a U.S. federal judge lifted a nationwide injunction on August 26th against new rules for mail-in ballots issued by the U.S. Postal Service. The new rules required states to redesign ballot envelopes and upload voter lists to the Postal Service; if these requirements were not met, the Postal Service could refuse to mail the ballots. It is understood that the U.S. government had repeatedly proposed deploying federal law enforcement officers or Immigration and Customs Enforcement (ICE) personnel near polling stations, and the Department of Justice was also preparing to deploy approximately 1,000 election watchdogs. However, many of these measures still face legal and political obstacles.U.S. Treasury Department: The United States has granted Venezuela general licenses related to the oil and gas industry, gold, Venezuelan minerals, mining operations, and PDVSA (petroleum company).On August 28th, Rezaei, Secretary of Irans Supreme National Security Council, stated on the 27th that Iran will retaliate against any actions that escalate economic tensions and target US economic interests in the region. He indicated that if conflict breaks out again, Iran will prepare for a new phase, and any future war will be different from previous ones. The USs change of attitude and its economic pressure on Iran demonstrates that military strikes have not achieved their intended effects.

GBP/USD faces resistance above 1.2200 despite solid UK Retail Sales

Alina Haynes

Jan 10, 2023 15:00

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In the early Asian session, the GBP/USD pair is feeling pressure while closing a small gap and surpassing the round-level barrier of 1.2200. As demand for US government bonds weakens, the Cable's potential to maintain its recent ascent is hampered by the bullish market sentiment. Given the pressure to sell the British pound, it is highly plausible that the Cable will continue to decrease.

 

In the interim, following Monday's late sell-off, S&P500 futures have extended their losses, signaling a more risk-averse market mentality. It appears that market participants have reduced their appetite for risk in anticipation of Federal Reserve (Fed) chair Jerome Powell's address. The US Dollar Index (DXY) is likely to remain on edge as Fed Chair Powell's speech will provide clues about the probable monetary policy for the February meeting.

 

In a few trading sessions, the US Dollar Index saw tremendous volatility as a result of a sharp decline in Manufacturing and Services PMI in the United States economy, as well as a major decrease in pay inflation. However, the Fed's policymakers do not anticipate a significant shift in their forecasts for future interest rates.

 

Mary Daly, president of the San Francisco Fed Bank, remarked that the December pay statistics only represented one month of information, which cannot be deemed a success. It is too soon to declare victory and cease rate rises. It is reasonable for interest rates to be between 5% and 5.25 percent to combat persistent inflation. Also, according to Raphael Bostic, president of the Atlanta Federal Reserve bank, interest rates will rise between 5% to 5.25 percent, and the central bank will maintain higher rates through CY2023.

 

According to Reuters, Bank of England (BoE) Chief Economist Huw Pill indicated that supply chain disruptions appear to have decreased over the past few months. He cautioned that imported gas prices have remained significantly higher than in the past, and that the possibility of a second round may persist.

 

The British pound was unaffected by the release of upbeat Like-for-Like Retail Sales (Dec) figures from the British Retail Consortium (BRC). Annual economic data have increased to 6.5% from 4.1% previously reported.


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