EUR/USD 1.14404
-0.019%
Gold 4015.33
0.979%
Oil 81.356
3.134%
USD/JPY 162.380
0.010%
GBP/USD 1.34578
-0.153%
GBP/JPY 218.532
-0.116%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On July 18, Chen Jining, Secretary of the Shanghai Municipal Committee of the CPC, met with Richard Sutton, Turing Award laureate and Chief Scientist of Openmind Research Institute, who was in Shanghai to attend the 2026 World Artificial Intelligence Conference and the High-Level Meeting on Global Governance of Artificial Intelligence. Chen Jining introduced the development of artificial intelligence in Shanghai. He said that artificial intelligence is one of the three leading industries that Shanghai is focusing on developing. Adhering to the people-centered and benevolent principles, Shanghai maintains strategic agility and perseveres, focusing on strengthening basic research, cultivating and optimizing the innovation ecosystem, and accelerating the construction of a high ground for artificial intelligence development and governance innovation. Mr. Sutton is a renowned scholar in the field of artificial intelligence. He welcomed him to seize this rare historical opportunity to more closely integrate his research advantages with Shanghais innovation advantages, talent advantages, and ecosystem advantages, and to deepen communication, cooperation, and open collaboration in strengthening basic research and talent exchange and training, so that this cutting-edge technology can better benefit human society. Shanghai will continue to create an open and inclusive innovation ecosystem, provide efficient and convenient matching services, and better support global scientists and talents to innovate, start businesses, and achieve their dreams in Shanghai.On July 18, Kuwait Oil Company (KOL) stated in a press release that a "critical" facility was subjected to multiple fierce attacks by Iran, resulting in multiple casualties and significant damage. The injured have received medical treatment, and the facility has been evacuated. KOL is coordinating with relevant departments to respond to the attack. The press release did not specify the exact location of the attacked facility.According to the Kuwait News Agency, the Kuwait Petroleum Corporation (KPC) stated that an Iranian attack damaged an oil facility, resulting in injuries and significant property damage.According to the Jordanian National News Agency, Jordan intercepted and shot down four drones that had violated its airspace.July 18th - Question: It is reported that the British government announced on the 16th that it has nationalized British Steel under the Steel Industry (Nationalization) Act, taking over the company previously controlled by Chinas Jingye Group, and will establish a compensation mechanism through secondary legislation to independently assess compensation matters. British Prime Minister Starmer stated that the decision safeguards the future of the British steel industry and protects skilled jobs. What is Chinas comment on this? Foreign Ministry Spokesperson: The Chinese Ministry of Commerce has already responded, which you can refer to. I would like to emphasize that this matter has attracted great attention from the Chinese public. How the UK handles this matter will directly affect Chinese investors perception of the UKs investment environment and the Chinese publics perception of the British governments credibility. China and the UK have signed an investment protection agreement, and the legitimate rights and interests of investors must be fully protected in accordance with the law. China urges the UK to earnestly respect market principles and the spirit of contracts, and find a mutually acceptable solution, including how to compensate. China supports enterprises in using legal means to protect their rights and is closely monitoring the developments of the matter; it will take measures to protect its rights if necessary.

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

 GBP:USD.png

 

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.

Suggestion