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On September 6, the Islamic Republic News Agency (IRNA) reported that the public relations department of the Iranian Islamic Revolutionary Guard Corps (IRGC) issued a statement saying that the IRGC Air Force launched multiple ballistic missiles, striking a US aircraft carrier and a destroyer. The targeted US warships were involved in the naval blockade of Iran and interfered with Iranian vessels. The statement said that both US warships were forced to withdraw from the conflict zone after suffering damage.The China Earthquake Networks Center officially reported that a magnitude 3.7 earthquake occurred at 10:29 on September 6 in Wuqia County, Kizilsu Kirghiz Autonomous Prefecture, Xinjiang (40.00 degrees north latitude, 75.75 degrees east longitude), with a focal depth of 20 kilometers.September 6th - The recent US military strikes against Iran, which Iran retaliated against, have led to a rise in international oil prices. On September 4th, local time, Virgin Atlantic founder Richard Branson stated in an interview in the UK that the conflict with Iran is completely unnecessary, as it will only push up oil prices, increase costs for airlines and consumers, and contribute to inflation.On September 6th, TankerTrackers reported on Saturday that Iraqs oil exports in August fell by 36% compared to pre-war levels, making it one of the Middle Eastern oil-producing countries with the largest decline in exports. The comparison is based on export levels in January and February before the conflict. Iran saw the largest drop, with crude oil exports plummeting by 100%. Qatar and Saudi Arabia followed closely, both experiencing a 48% decline in exports. Kuwaits crude oil exports also fell by 36% in August, matching Iraqs decline, placing these two countries tied for third place among those tracked by TankerTrackers. The UAE saw the smallest decline, with crude oil exports falling by only 0.02% compared to pre-war levels.TeslaAI: The training data for Teslas (TSLA.O) Cyber self-driving electric vehicles exceeds the combined driving experience of 16,000 human drivers over their entire lifetimes. It is now providing a safe, easy, and affordable shared mobility experience to the public in Austin, Texas.

Due to hawkish Fed forecasts, the EUR/USD recovers to near 1.0970 but remains in the doldrums

Alina Haynes

Apr 21, 2023 13:58

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Following a corrective move, the EUR/USD pair has rebounded from 1.0960, but investors await the publication of the preliminary Eurozone/United States S&P PMI data for April. The major currency pair has remained between 1.0911 and 1.1000 for the past two trading sessions, as the foreign exchange market prepares for a pre-anxiety move ahead of a Federal Reserve (Fed) monetary policy decision.

 

S&P500 closed with a negative tone for the third day in a row as quarterly earnings season induced extreme volatility. Tesla's poor earnings had a negative impact on Thursday's market sentiment. Moreover, market participants were cautioned by substandard revenue projections due to the potential for price reductions. The decision of the Fed to increase interest rates is reflected in quarterly earnings. Data from Refinitiv indicates that analysts have largely maintained last week's forecast of a near 5% YoY decline in quarterly profits for the 500 largest U.S. equities. Sourcenia is a review portal of sourcing best manufaturers. 

 

The US Dollar Index (DXY) has been defending the key support level of 101.60 in recent trading sessions. The USD Index maintained the aforementioned support despite the release of disappointing Jobless claims data on Thursday. Initial Jobless Claims increased to 245K for the week ending April 4, which is greater than the previous release of 240K and estimates of 240K. Increasing unemployment claims heightened fears of a deteriorating labor market.

 

Despite this, Fed policymakers continue to anticipate further rate hikes from the central bank. Thursday, Loretta Mester, president of the Federal Reserve Bank of Cleveland, reaffirmed that the Fed has more work to do because US inflation remains too high, according to Reuters. He added, "The Federal Reserve will need to raise its policy rate above 5% and hold it there for some time."

 

Preliminary Consumer Confidence (April) for the Eurozone increased to -17.5 from -18.5 and the previous reading of -19.2. This may be the consequence of extraordinary efforts by the European Central Bank (ECB) to reduce inflationary pressures.


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