GBPUSD “It might mark the bottom of the broadening base we’ve been watching since late May.’ Chart/Levels from Analyst, Nicole Elliott – Investors Chronicle.

 

Powell’s testimony at House Financial Services Committee Warns of ‘crosscurrents’

Reading yesterday from a prepared text, Jerome Powell, head of the Federal Reserve, noted that: ‘’inflation has been running below the FOMC’s symmetric 2 per cent objective, and crosscurrents, such as trade tensions and concerns about global growth, have been weighing on economic activity and outlook. There is a risk that weak inflation will be ever more persistent than we currently anticipate’’. He believes that business investment had slowed down ‘notably’ but reminded that the Fed would ‘act as appropriate’ to maintain economic expansion.

The Financial Times reports that the British navy blocked an attempt by Iranian war ships to halt the journey of a BP oil tanker through the straits of Hormuz. While President Rouhani insists the UK will face the ‘consequences’ for seizing an Iranian tanker earlier on, yesterday Iran’s Revolutionary Guards rejected a US suggestion that they had tried to block the BP tanker.

Financial Markets and Political Commentary
 

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