GBPJPY: Hello traders! The return of Sphyn

♦️ Wage pressure in the UK eases, the pound weakens compared to the euro and dollar

🔹 Oil prices stabilized thanks to hopes that the US will ease sanctions on Venezuela
① Oil prices stabilized on Tuesday after falling more than $1 on Monday. US crude oil is currently trading around 86.95 USD/barrel, down about 0.1%. Markets expect the US will ease sanctions on oil-producing Venezuela and Washington is stepping up efforts to prevent the Palestinian-Israeli conflict from escalating.
② Multiple sources said Monday that the Venezuelan government and opposition plan to resume long-stalled negotiations on Tuesday; President Maduro said this would benefit the 2024 election, a move that could prompt Washington to ease sanctions.
③ Oil prices rose sharply last week on concerns that the conflict in the Middle East could widen, with Brent crude prices rising 7.5%, the largest weekly increase since February.
④ US President Biden will visit Israel on Wednesday. Israel is preparing to escalate its offensive against Hamas militants, sparking a humanitarian crisis in Gaza and raising fears of a wider conflict with Iran.
⑤ ANZ Research said in a report on Tuesday, "Risks remain, with Iran's Foreign Minister warning that the war could expand to other fronts and is approaching the inevitable stage ."
⑥ The Biden administration is looking to increase oil flow to the global market to ease high oil prices. But due to a lack of recent investment, it will take some time for Venezuela to actually increase oil production.