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On December 21, Russian Presidential Aide Ushakov told the media that the proposal to hold trilateral talks between Russia, the United States, and Ukraine has not yet been put on the agenda or discussed. He also pointed out that the modifications proposed by Ukraine and Europe to the Russia-Ukraine "peace plan" are not conducive to advancing the agreement. Ushakov confirmed that Russias Special Representative for Foreign Investment and Economic Cooperation, Dmitriev, is currently in Miami holding talks with the US. He revealed that Dmitriev will report on the results of the talks with the US after returning to Moscow. On the same day, Russian Presidential Press Secretary Peskov told the media that President Putin has no plans to speak with US President Trump before the end of the year, but arranging a call would be easy.On December 21st, according to Japanese sources, during a debate program, Itsunori Onodera, chairman of the Liberal Democratic Partys (LDP) Security Research Council, proposed that it is necessary to discuss the definition of the "Three Non-Nuclear Principles." He discussed Japans current reliance on the US "nuclear umbrella," stating, "This is one of the issues that should be discussed." Onodera said the LDP plans to submit a related motion to the Cabinet in February next year to promote discussion in the Diet. The "Three Non-Nuclear Principles" refer to not possessing, manufacturing, or introducing nuclear weapons. Recently, several political parties, politicians, and numerous civic organizations in Japan have called for adherence to the "Three Non-Nuclear Principles" to avoid a repeat of the tragedy of war.Kremlin: The idea of a trilateral meeting between Russia, the United States, and Ukraine has not yet been discussed.On December 21, the Communist Party of Cuba issued a statement on its official website on the 20th, condemning the US governments escalation of aggression against Venezuela in the strongest terms and accusing the US of its recent actions in Venezuela of being a deliberately planned and dangerous act.SpaceX: Public safety is always our top priority during flight tests. We will continue to ensure that public safety is maximized.

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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