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U.S. Energy Secretary Wright: Oil prices will fall if the war with Iran ends in five days.The SC crude oil futures contract plunged 10.00% intraday, currently trading at 721.80 yuan per barrel.On March 23, according to Axios, US President Trump told reporters that his special envoys had met with a senior Iranian leader and claimed that the two sides had reached an agreement on many issues. Iran denied having held such talks, claiming that Trumps move was merely aimed at stabilizing the energy market. An Israeli official told Axios that US envoys Witkov and Kushner had spoken with Iranian Parliament Speaker Ghalibaf. However, Trump did not reveal the identity of his Iranian counterpart, saying he did not want them to be killed, but he stated that the US and Iran were aligned on many key issues. Notably, Trump said, "I think the person were facing is the most respected person right now, but not the Supreme Leader, and we havent received a message from him yet." Trump indicated that the two sides would continue their talks by phone on Monday, followed by a possible face-to-face meeting. Israeli officials revealed that the mediators are attempting to convene a meeting in Islamabad—with Ghalibaf and other officials representing Tehran, and Witkov, Kushner, and possibly Vice President Vance representing the US—which could take place later this week. The official also stated that Israel was aware of the indirect communication between the US and Tehran, but was surprised by Trumps remarks on Monday. "We didnt know things were progressing so quickly."The Eurozones preliminary consumer confidence index for March was -16.3, compared to a forecast of -14.4 and a previous reading of -12.2.U.S. Energy Secretary Wright: There are several other measures that can be used to lower gasoline prices.

AUD/NZD is projected to dip below 1.1170 as market players focus on the RBA rate decision

Alina Haynes

Aug 31, 2022 11:34

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The AUD/NZD exchange rate has shown less conviction in its recent slide after printing a new four-day low below 1.1700. The cross dropped sharply on Tuesday after breaking below the crucial support level of 1.1200. It is expected that the asset will continue to drop after breaking through its immediate support at 1.1170, as investors remain cautious ahead of the Reserve Bank of Australia's interest rate decision (RBA).

 

The Aussie Bulls fell on Tuesday after poor data on Australian Building Permits was made public. As expected, the latest economic data showed a drop to -25.9%, from the prior report's -17.2%. The monthly numbers also fell drastically, from -0.6% to -17.2%.

 

Interest rates are expected to be raised by the Reserve Bank of Australia (RBA) for the fourth time in a row on Tuesday. So far, the Australian economy has not breathed a sigh of relief as a result of falling pricing pressures. Inflation as measured by the Consumer Price Index (CPI) in Australia is at 6.1% as of the second quarter, and it is quite expected that additional rate hikes will be necessary to bring it down. Furthermore, the Official Cash Rate (OCR) information from RBZ Governor Philip Lowe will be essential.

 

New Zealand kiwi bulls have been supported by upbeat Building Permits data. This latest economic report shows a significant improvement, with a reading of 5% compared to -2.2% in the prior report. For the market as a whole, investors are still picking themselves up from the Reserve Bank of New Zealand's (RBNZ) announcement of two more interest rate hikes for the remainder of the year. In reaction to the soaring inflation, Reserve Bank of New Zealand governor Adrian Orr said last week at the Jackson Hole Economic Symposium that the central bank will announce a couple more interest rate increases.

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