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On August 18th, according to South Korean media reports, Trump, when discussing the joint US-South Korea military exercises, mentioned South Koreas defense costs and its refusal to participate in a war with Iran, expressing his dissatisfaction. He said, "South Korea has been protected by us for decades. During my first term as president, they agreed to pay nearly $3 billion a year for protection. I asked for $10 billion, and they were unhappy about that. The agreement we reached was to pay $3 billion in the short term, increase it after one year, and increase it again the following year." Trump then claimed, "I watched as Biden (former president) withdrew that $3 billion for some reason." Trump also stated, "Recently, when I spoke with the South Korean president (Lee Jae-myung) on the phone, I said, Would you be willing to offer some help? We dont need your help on Iran, but if you want to help, then help. And he said, Were not going to participate." Trump continued, "We have 39,000 US troops deployed in South Korea, and youre unwilling to help us in such an easy military operation as Iran. Its really strange."Market news: Anthropics annualized revenue surpassed $65 billion prior to its IPO.Sources familiar with the matter revealed that some North American auto industry officials believe that either option would be an improvement over the current 25% tariff imposed by the United States on Canadian cars, since the tariff rates on cars from Japan, South Korea, and the European Union are only 15%.Sources familiar with the matter revealed that U.S. officials proposed deducting only the U.S. domestic value from the 15% tariff on Canadian cars, but Canadian officials wanted to deduct all North American components.Sources familiar with the matter revealed that, after deducting certain value components, the United States and Canada are in talks to reduce U.S. auto tariffs from the current 25% to 15%.

GBP/USD falls from a five-month high to 1.2200 as traders await NFP data from the United States

Alina Haynes

Dec 02, 2022 15:47

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GBP/USD reverses direction from yesterday's strongest levels since late June, as markets stabilise in front of Friday's critical US employment report for November. As of press time, despite this, the intraday low for the Cable pair is approaching 1.2230.

 

In addition to pre-NFP anxiety, the recent decline in the quote may also be ascribed to the market's modest pessimism and poorer UK statistics.

 

S&P 500 Futures decline 0.30 percent intraday to 4,070, mirroring market mood as US 10-year Treasury yields bounce from a 10-week low to 3.53 percent as of press time.

 

Potentially responsible are worries about the decline of the Initial Public Offering (IPO) markets. According to industry experts presenting at the Reuters NEXT conference, "a global slowdown in initial public offerings due to heightened market volatility and a regulatory cloud over fresh listings from China has created pent-up demand that might lead to an IPO boom in 2023."

 

The Business Times of Singapore stated that the United Kingdom's house prices dropped 1.4% in November, which was greater than the 0.2% reduction that had been forecast. In contrast, record-high fresh food inflation and a rise in the UK's final S&P Global/CIPS Manufacturing PMI statistics for November appear to pose a challenge to GBP/USD bears.

 

The Bank of England's (BOE) hawkish forecasts and the Federal Reserve's (Fed) recent dovish forecasts for its next move are on the same path. Moreover, weak US inflation and economic activity figures weigh on the US Dollar, keeping GBP/USD bulls bullish.

 

The November US jobs report will be crucial for GBP/USD buyers in light of negative data forecasts and fears of additional Greenback losses. As a result, the headline Nonfarm Payrolls (NFP) number is expected to decline from 261K to 200K, while the unemployment rate may remain unchanged at 3.7%. It should be noted that a likely decline in Average Hourly Earnings for the relevant month could potentially weigh on the DXY.

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