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On August 2nd, Iranian Foreign Minister Araqchi held separate phone calls with Pakistani Army Chief of Staff Mohammad Munir and Turkish Foreign Minister Fedan Ibrahim on August 1st, local time. During the calls, the parties discussed the latest regional situation and exchanged views on the consequences of the United States aggressive and destabilizing actions, as well as the escalating regional tensions and security risks. Araqchi warned the US military against any risky actions and emphasized that Iran is fully prepared to safeguard its national sovereignty, security, and territorial integrity, and will resolutely respond to any infringement.According to Saudi media alhadath, the Iraqi Armed Forces Commander-in-Chief has ordered the establishment of a Joint Security Committee, instructing it to fulfill its responsibilities in protecting sovereignty and good neighborly relations.On August 2, Irans Islamic Revolutionary Guard Corps (IRGC) stated that its air force launched multiple ballistic missiles that morning at a U.S. F-35 fighter jet maintenance hangar and tarmac at the Azraq Air Base in Jordan, in retaliation for the U.S. attack on Qeshm Island. The IRGC claimed the attack destroyed three F-35 fighter jets and severely damaged three others.The Canadian Public Service Employees Union announced that WestJet flight attendants had issued a 72-hour strike notice. WestJet subsequently issued a 72-hour work stoppage notice.The Iranian Foreign Ministry stated: As the United States continues to violate the June 28 ceasefire agreement, maintains a maritime blockade of Iranian ports and commercial shipping, launches brutal attacks across the country, intensifies economic pressure and illegal threats, and engages in acts of aggression against Iran, our armed forces will continue their defensive and counter-offensive efforts with all their might.

As Australia's finance minister forecasts economic troubles, the AUD/USD pair declines toward 0.69

Daniel Rogers

Jun 27, 2022 14:48

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Since Friday's temporary reversal of a two-week slide in the AUD/USD pair, the pair has retraced to 0.6910. Despite reversing the previous day's gains during Monday's Asian session, the AUD/USD pair reflects Australia's and the world economy's economic concerns.

 

According to AAP Australian General News, Australian Finance Minister (FinMin) Katy Gallagher misspoke over the weekend when she stated that Australia is facing economic problems. According to Reuters, the remarks follow warnings that the global economy faces stagflation, a combination of sluggish growth and high inflation.

 

Over the weekend, Australia's Treasurer Jim Chalmers expressed concern over rising inflation, although expecting a rate of 7% and agreeing with a central bank projection.

 

Philip Lowe, governor of the Reserve Bank of Australia, remarked on Friday, according to Reuters, that he does not foresee a recession in Australia, but that there is a restricted path back to low inflation.

 

Notably, Reuters noted that the Bank for International Settlements (BIS) has recommended for "rapid and forceful" interest rate hikes to avoid the inflationary increase from becoming much more severe.

 

The managing director of the International Monetary Fund (IMF), Kristalina Georgieva, erred over the weekend when she declared, "Further negative shocks will likely make the US economic situation'more challenging'." Notable is the IMF's downward adjustment of the US GDP forecasts for 2022 from 3.7 percent to 2.9 percent.

 

US New Home Sales for May, by 10.7 percent compared to April's revised numbers of -12.0 percent, together with the record low print of the University of Michigan's Consumer Sentiment Index for June, to 50.0 from 50.2 early estimates, impacted severely on the US dollar.

 

S&P 500 Futures fail to track Wall Street's gains, slipping 0.30 percent intraday at the latest, as 10-year US Treasury rates increase 1.5 basis points (bps) to about 3.13 percent following their first weekly decline in four weeks.

 

US Durable Goods Orders for May, expected to be 0.1 percent compared to 0.5 percent before, and Pending Home Sales, expected to be -2.0 percent compared to -3.9 percent previously, will be essential for daily direction moving ahead. Nonetheless, Wednesday's meeting with central bankers from the United States, the United Kingdom, and Europe at the ECB Forum on Central Banking will be a crucial event to track for observable market developments.

Technical Evaluation

Although a rising trend line from May 12 caps the downside around 0.6885, the AUD/USD pair's decline from its 10-day moving average of 0.6945 maintains bearish sentiment intact.

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