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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.Iranian Foreign Ministry Spokesperson: We are currently focused on finalizing the memorandum of understanding with the United States. Over the past week, the two sides have been getting closer, and we must wait and see what happens in the next three or four days.

GBP/USD faces resistance above 1.2200 despite solid UK Retail Sales

Alina Haynes

Jan 10, 2023 15:00

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In the early Asian session, the GBP/USD pair is feeling pressure while closing a small gap and surpassing the round-level barrier of 1.2200. As demand for US government bonds weakens, the Cable's potential to maintain its recent ascent is hampered by the bullish market sentiment. Given the pressure to sell the British pound, it is highly plausible that the Cable will continue to decrease.

 

In the interim, following Monday's late sell-off, S&P500 futures have extended their losses, signaling a more risk-averse market mentality. It appears that market participants have reduced their appetite for risk in anticipation of Federal Reserve (Fed) chair Jerome Powell's address. The US Dollar Index (DXY) is likely to remain on edge as Fed Chair Powell's speech will provide clues about the probable monetary policy for the February meeting.

 

In a few trading sessions, the US Dollar Index saw tremendous volatility as a result of a sharp decline in Manufacturing and Services PMI in the United States economy, as well as a major decrease in pay inflation. However, the Fed's policymakers do not anticipate a significant shift in their forecasts for future interest rates.

 

Mary Daly, president of the San Francisco Fed Bank, remarked that the December pay statistics only represented one month of information, which cannot be deemed a success. It is too soon to declare victory and cease rate rises. It is reasonable for interest rates to be between 5% and 5.25 percent to combat persistent inflation. Also, according to Raphael Bostic, president of the Atlanta Federal Reserve bank, interest rates will rise between 5% to 5.25 percent, and the central bank will maintain higher rates through CY2023.

 

According to Reuters, Bank of England (BoE) Chief Economist Huw Pill indicated that supply chain disruptions appear to have decreased over the past few months. He cautioned that imported gas prices have remained significantly higher than in the past, and that the possibility of a second round may persist.

 

The British pound was unaffected by the release of upbeat Like-for-Like Retail Sales (Dec) figures from the British Retail Consortium (BRC). Annual economic data have increased to 6.5% from 4.1% previously reported.


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