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The UAE Ministry of Defense stated that the UAEs air defense system successfully intercepted Iranian ballistic missiles, cruise missiles, and drone attacks.March 7th - At a press briefing held by the State Council Information Office, it was learned that the National Peoples Congress (NPC) is currently reviewing the draft National Development Planning Law, further ensuring the smooth progress of national development planning within the framework of the rule of law. Zheng Bei, Vice Chairman of the National Development and Reform Commission, stated that the simultaneous review of the draft National Development Planning Law by the NPC this year is a landmark event. This law encapsulates the effective practices of our Party in guiding economic and social development with medium- and long-term planning under the conditions of a socialist market economy. The promulgation and implementation of the National Development Planning Law will clarify the responsibilities and specific arrangements for planning implementation through legal means, ensuring the smooth progress of national development planning work within the framework of the rule of law.Indian government sources say there are currently no plans to raise retail prices for gasoline and diesel in India.Indian government sources say Indian Oil Corporation has booked some tanker cargoes for pickup at Yanbu port.Indian government sources say Indias fuel reserves are increasing daily. If supplies are secured, India will consider purchasing Russian liquefied natural gas.

Prior to UK/US PMI, GBP/USD Justifies Monday's Bearish Doji to Drop to 1.2000

Alina Haynes

Feb 21, 2023 15:18

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In the early hours of Tuesday morning, GBP/USD retests intraday lows at 1.2020 as traders celebrate the return of Western traders after a lengthy weekend owing to American holidays. In addition to the return of the entire market, the traders of the Cable pair express concern over the Brexit deal negotiations and worries regarding the trust of small industries.

 

Late on Monday, the UK Times claimed that British Ministers are willing to resign over (Prime Minister) Rishi Sunak's Brexit proposal if it undermines Northern Ireland's position inside the United Kingdom. The Times said that "the hostility of euroskeptic Tory lawmakers to the accord is rising."

 

In another article, The Times quotes a Barclay's industrial poll to show that small business owners are becoming more hopeful about the future. The same adds to evidence that the United Kingdom's economic outlook may not be as grim as feared and stated in the press.

 

Concerns of a monetary policy divergence between the Federal Reserve and the Bank of England (BoE) appear to be weighing on the GBP/USD exchange rate, as seen by the week's mixed British results and the robust American data.

 

Notwithstanding this, yields on 10-year U.S. Treasury notes are near their highest levels since early November 2022, with bids hanging around 3.86 percent.

 

Meanwhile, geopolitical concerns emanating from China and Russia appear to enhance the safe-haven demand for the US Dollar and weigh on the GBP/USD exchange rate.

 

The initial figures of the S&P Global PMIs for February will be crucial for GBP/USD traders. To stabilize prices, however, favorable news from the United Kingdom is essential, since recent US Treasury bond yield movements have favored the US Dollar ahead of the most critical US PMIs.


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