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As of 10:23 on August 24, in terms of capital inflows into domestic futures main contracts, Shanghai Gold 2610 saw an inflow of 1.004 billion yuan, Shanghai Copper 2610 saw an inflow of 933 million yuan, and Lithium Carbonate 2701 saw an inflow of 856 million yuan. In terms of capital outflows, CSI 1000 2609 saw an outflow of 7.601 billion yuan, CSI 2609 saw an outflow of 4.226 billion yuan, and CSI 2609 saw an outflow of 3.337 billion yuan.On August 24th, Futures News reported that Indonesian Coordinating Minister for Economic Affairs Airlangga Hattato stated that the government will not impose export taxes or windfall profits taxes on key commodities such as coal and nickel this year. Airlangga made these remarks in an interview at his office on Friday (August 21, 2026), stating, "The windfall profits tax has not been implemented this year." When asked if it would be implemented next year, he responded that the relevant policy had not yet been discussed in detail. Previously, driven by rising coal prices due to escalating conflicts in the Middle East, the government had actively promoted the imposition of export taxes on these commodities. Finance Minister Purbaya Yudi Sadeva previously stated that the implementation plan for a coal export tax was still under discussion, but also pointed out that the government expected to obtain additional revenue through revisions to the RKAB in 2026. Purbaya stated that President Prabowo had instructed Energy and Minerals Minister Bahriel to revise the 2026 coal production quotas. He added that increased production due to rising coal prices would bring additional revenue to the country, but did not disclose the specific amount. Export taxes are an international trade tax tool levied by Indonesia on specific exported goods, and the revenue has fluctuated in recent years with changes in global commodity prices and export policies.Gold prices rose to their highest level in over three months on Monday, supported by a weaker dollar, as market focus shifted to key US inflation data and Federal Reserve Chairman Warshs speech later this week. Tim Waterer, chief market analyst at KCM Trade, said gold started the week strongly, regaining buying support, primarily driven by a weaker dollar. The market is also paying closer attention to signals that rising yields may signal underlying economic pressures and policy uncertainty. The market will be watching the July PCE price index and Warshs speech at the Jackson Hole symposium this week for new clues about the interest rate outlook. "Traders will be closely watching for any changes in his tone regarding the policy path and how that rhetoric resonates with recent bond market movements. A balanced or cautious tone, leaving room for policy flexibility, could open the door for further gains in gold prices."On August 24th, the Cyberspace Administration of China (CAC) launched a special campaign to "clean up the online entertainment livestreaming scene and rectify the chaos." The CAC has focused on prominent issues such as vulgar and inappropriate content, rules designed to incentivize tipping, and infringement on the rights of minors in entertainment livestreaming. It has continuously intensified its crackdown on illegal and irregular entertainment livestreaming, and has so far dealt with over 7,200 illegal livestreaming rooms and severely punished over 2,200 illegal accounts. Simultaneously, it has guided websites and platforms to remove and dispose of a number of problematic MCN (Multi-Channel Network) agencies involved in livestreaming, issued 17 governance announcements, and publicly exposed typical cases to create a strong deterrent. As a result of the campaign, vulgar content in entertainment livestreaming has significantly decreased, and illegal behaviors such as inducing tipping have been effectively curbed, leading to a marked improvement in the livestreaming ecosystem. Moving forward, the CAC will continue to maintain a high-pressure, strict regulatory stance, intensify its investigation and punishment of illegal accounts and agencies in entertainment livestreaming, guide and urge websites and platforms to improve their entertainment livestreaming management mechanisms, enhance their technical governance capabilities, continuously optimize functions and gameplay, and promote a healthy, orderly, and clean entertainment livestreaming ecosystem.August 24 - The Ministry of Commerce will hold a press conference at 3:00 p.m. on Thursday, August 27, 2026, where a spokesperson will introduce the recent key work in the commercial field and answer questions from reporters.

GBP/USD falls to around 1.2370 as the BoE considers taking swift action ahead of UK inflation and US purchasing managers' indices

Alina Haynes

Apr 17, 2023 13:53

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On Monday morning, the GBP/USD currency pair retested an intraday low of 1.2390 after extending Sunday's decline from a 10-month high. To provoke adverse after breaking a four-week uptrend, the Cable pair explains the most recent concerns emanating from the United Kingdom (UK) and the optimism surrounding the Federal Reserve (Fed).

 

According to the Financial Times (FT), "The Bank of England is considering a major overhaul of its deposit guarantee scheme, including increasing the amount covered for businesses and compelling banks to pre-fund the system to a greater extent to ensure faster access to cash when a lender collapses."  The revelation fuels banking concerns in the United Kingdom and places pressure on the Cable duo.

 

UK Chancellor Jeremy Hunt's concerns about US subsidies may also be exerting downward pressure on the GBP/USD exchange rate as British firms rush to claim benefits before leaving the country. According to the news, "Chancellor Jeremy Hunt warned Sky News that Britain should be wary of any new subsidies, warning that they could undermine the economy and possibly even spark a protectionist trade war."

 

A larger-than-expected decline in US retail sales was unable to offset positive data from US industrial production and the University of Michigan's (UoM) consumer confidence index from the previous day. Despite this, US retail sales decreased by 1.0% in March compared to the predicted -0.4% decline and February's -0.2% decline. As opposed to the 0.2% market consensus and previous reading, Industrial Production increased by 0.4% in the month in question. The preliminary result of the University of Michigan's (UoM) Consumer Confidence Index for April, which increased to 63.5 from 62.0 analysts' expectations and previous readings, was also encouraging. In addition, inflation forecasts for the next year increased from 3.6% in March to 4.6% in April, while inflation forecasts for the next five years decreased by 2.9% during the same month.

 

Notably, Fed officials have recently appeared more hawkish than their BoE counterparts, which has exerted additional pressure on the GBP/USD exchange rate.

 

In this environment, the S&P 500 Futures exhibit modest gains following Wall Street's pessimistic close, while bond yields remain unchanged following weekly increases.

 

Moving forward, the current week is crucial for GBP/USD speculators as it contains a variety of high-quality inflation, employment, and UK PMI data. These data may be used to support the Bank of England's (BoE) officials' waning hawkish inclination and may keep bears in play. However, the US PMIs and Fed discussions should not be disregarded when looking for clear guidelines.

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