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According to the U.S. Commodity Futures Trading Commission (CFTC), as of the week ending October 13, COMEX gold speculators net long positions decreased by 3,741 contracts to 111,079 contracts. COMEX silver speculators net long positions decreased by 1,874 contracts to 5,735 contracts. COMEX copper speculators net long positions decreased by 295 contracts to 61,170 contracts.According to the U.S. Commodity Futures Trading Commission (CFTC), as of the week ending October 13, net long positions in the Japanese yen were 50,207 contracts; net short positions in the euro were 137,573 contracts; net short positions in the British pound were 106,964 contracts; and net short positions in the Swiss franc were 22,078 contracts.October 17 - A huge explosion was heard in Aden, Yemen on the evening of the 16th local time, suspected to be a missile attack by the Houthi rebels.October 17 - White House officials revealed on October 16 that newly appointed White House Press Secretary Katie Zakaria has effectively been dismissed.On October 17th, local time, the Houthi rebels in Yemen issued a statement on the evening of the 16th, claiming that in the past 24 hours, the Saudi-led coalition had launched 101 airstrikes and missile attacks on the Yemeni capital Sanaa, as well as the provinces of Daliyah, Taiz, Hodeidah, Dhamar, Marib, Saada, Jawf, Amran, and Lahji. These attacks caused civilian casualties, including women and children. The statement also claimed that since the latest escalation of the military conflict, the Saudi-led coalition has conducted 2,489 airstrikes and missile attacks on Houthi-controlled areas in Yemen.

GBP/JPY finds support close to 167.30 as focus shifts to UK inflation and BOE policy

Alina Haynes

Dec 12, 2022 15:42

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The GBP/JPY pair is gauging demand after slipping to approximately 167.30 during the early Asian session. After failing to surpass the 168.00 round-level barrier, there was selling pressure on the cross. In the interim, the GBP/USD pair has retraced ahead of the Federal Reserve's (Fed) monetary policy, suggesting a cautious market tone.

 

As the policy divergence between the Bank of England (BOE) and the Bank of Japan (BOJ) is projected to widen further in the wake of the Bank of England's (BOE) interest rate hike on December 15, the cross is forecast to recover significantly.

 

Despite the recession, the Bank of England will increase interest rates by another 50 basis points (bps) next week, boosting the cost of borrowing to 3.50 percent, according to a Reuters poll. To eliminate inflationary pressures in the United Kingdom, additional policy tightening is necessary.

 

But before that, investors will focus on the United Kingdom's inflation data on Wednesday. According to projections, the annual inflation rate for November would likely increase from 11.1% to 11.5%. The recent rise in food price inflation, caused by a labor shortage and rising input costs, has raised expectations for the headline inflation rate.

 

As a result of a decrease in Gross Domestic Product (GDP) data, the likelihood of a dip in Tokyo's inflation has increased. A decline in demand never causes the price increase index to rise. Even if salaries climb by 3%, Bank of Japan (BOJ) Governor Haruhiko Kuroda believes the BOJ would retain its current easy monetary policy until inflation reaches 2%.


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