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According to the Financial Times, the United States will ease its blockade of Iranian ports following an agreement with Iran.The Pakistan Army stated that the negotiations over the past 24 hours have made encouraging progress and taken an important step toward reaching a final agreement.On May 23, the Financial Times reported that mediators believe the US and Iran are close to reaching an agreement to extend the ceasefire by 60 days and lay the foundation for discussions on Irans nuclear program. According to senior sources familiar with the negotiations, the agreement would include a phased reopening of the Strait of Hormuz and a commitment to consult on the dilution or transfer of Irans highly enriched uranium stockpiles. The US would also ease its blockade of Iranian ports, agree to sanctions waivers, and phase out the freezing of Tehrans assets held overseas. A diplomat familiar with the negotiations stated, "The agreement seems to be moving in the right direction. It has been submitted to the US for review, and Iran is likely prepared to make further concessions on the nuclear issue." These signs of progress are attributed to a series of key meetings held by negotiators from Pakistan and Qatar with their Iranian counterparts on Thursday and Friday.On May 23, Iranian Foreign Ministry spokesman Baghae stated that the core purpose of Pakistani Army Chief of Staff Munirs visit to Iran was to convey and exchange specific information between Iran and the United States. He said, "At this stage, all our core focus is on ending this war of imposition." Baghae indicated that the two sides have held several rounds of intensive exchanges of views on different clauses in the proposal. They have also conducted in-depth discussions on issues where they have serious disagreements. Given the consistently contradictory stance of the United States, Iran cannot currently assert that this negotiation process will undergo a fundamental change. He said, "Our views have indeed converged somewhat, but this does not mean an agreement has been reached; it merely allows us to explore a possible solution."On May 23, an Iranian Foreign Ministry spokesperson stated that the current mediation process with the United States is "time-consuming and laborious" because the USs hostility dates back decades. "We discussed some key points and wording where disagreements remain, and made suggestions, some of which are still under review, with all parties expressing their opinions," the Islamic Republic News Agency quoted Bagae as saying. Bagae also thanked Pakistan for its mediation efforts.

As fears of a US economic slowdown mount, the USD/JPY exchange rate attempts to push auctions below 132.00

Alina Haynes

Jan 09, 2023 14:46

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During the opening minutes of the Asian session, the USD/JPY pair breached the immediate support level of 132.0. Given the severe volatility of the US Dollar Index, it is anticipated that the major will modify its auction profile below 132.00. (DXY). As Japanese markets are closed on Monday in observance of Coming of Age Day, the USD/JPY exchange rate may decline.

 

As the S&P500 futures have prolonged their upward gallop in early Monday trade, the market players' appetite for risk has increased. In addition, the US Dollar Index (DXY) is feeling more offers after President Evans' speech at the Chicago Federal Reserve that was less forceful (Fed). The USD Index has extended its decline to approximately 103.35 and is projected to reach a six-month low of 103.00.

 

Evans, president of the Chicago Fed, was quoted in the Wall Street Journal (WSJ) as saying, "It was likely that economic data would justify a 25 basis point raise in the policy rate at the Fed's next meeting," according to a Reuters story.

 

Friday, Atlanta Fed bank president Raphael Bostic told Reuters that the Federal Reserve's actions will depend on the status of the economy. In addition, he noted that "The US economy is certainly faltering" due to a significant decrease in housing and interest rate activities. In terms of policy rate forecasts, the Fed policymaker anticipates a terminal rate above 5% and the continuation of policy rate peaks until CY2024.

 

As reported by Reuters, Japanese Prime Minister Fumio Kishida indicated on Sunday that his administration and the Bank of Japan (BoJ) must reevaluate their relationship in guiding economic policy after a new BoJ governor is appointed in April. In a move that would open the stage for an exit from the Bank of Japan's ultra-loose monetary policy, he stated that the government may reconsider its decade-long commitment to combat deflation with the Bank of Japan.


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