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On August 30th, Iranian Deputy Foreign Minister Gharibabadi stated on August 29th that Iran and Oman had reached an understanding on passage arrangements in the Strait of Hormuz, but this understanding would not automatically enter the implementation phase. Gharibabadi indicated that unless the United States fulfills its obligations, the understanding between Iran and Oman regarding the Strait of Hormuz will not enter the implementation phase, and Iran is in no hurry to reopen the Strait of Hormuz.On August 30th, it was reported that on August 29th local time, Magnus Brenner, the European Commissioner for Home Affairs and Migration, stated that Spain had requested further support from organizations including the European Border and Coast Guard, Europol, and the European Asylum Service in response to the migration crisis. The EU is processing the request and will make a decision quickly. He emphasized that the current priority remains the swift repatriation of those illegally residing in the Spanish enclave of Ceuta. Ceuta experienced a large-scale smuggling incident at the end of July, and thousands of illegal immigrants remain stranded there. Spain requested EU assistance on August 28th to address the migration crisis.On August 30th, the U.S. Embassy in Beirut, Lebanon, issued a statement on Saturday stating, "When Hezbollah decides it is ready to do so, it can engage in dialogue with the Lebanese government. We are already in dialogue with the Lebanese government and can tell them that Hezbollah is ready to surrender its weapons. At that time, we can try to bring the positions of all parties closer together." The U.S. Embassy continued, "But for now, Hezbollah is unwilling to engage in dialogue with either the Lebanese government, or with us or Israel, because it is simply following orders from Iran."On August 30th, the National Park Service endorsed President Trumps proposed 250-foot-high triumphal arch, despite the agency finding that the project would negatively impact historic heritage and views around Washington, D.C. "The proposed arch continues historical tradition, introducing a visual focal point that reflects the intended character of the site and celebrates the 250th anniversary of American independence," the federal agency wrote in a report released Friday. However, the report also confirmed that dozens of historic sites, including the Lincoln Memorial, the Washington Monument, and other landmarks, would be negatively affected. The anticipated "adverse impacts" relate to changes in views and the skyline, rather than any physical damage to these historic buildings.On August 30th, it was reported that on August 29th local time, the Israeli State Security Directorate (Shin Bet) confirmed that Prime Minister Benjamin Netanyahus eldest son, Yair, had faced a "significant" security threat while in the United States. Therefore, Shin Bet decided to urgently evacuate him and his security team back to Israel. Netanyahu has two sons. In an interview on August 24th, he claimed that Iran had "attempted to assassinate one of his sons." However, he did not reveal which son it was, nor did he specify the time of the incident. Subsequent reports indicated that Netanyahus eldest son, Yair, became an Iranian "assassination target" while living in Florida, USA.

The AUD/USD Finds Support Around 0.7500 As Attention Turns to Australia's Unemployment Rate

Drake Hampton

Apr 13, 2022 10:10

  • The AUD/USD currency pair has sensed a pullback from 0.7500 ahead of Australia's unemployment rate announcement.

  • Investors are shrugging off stronger US inflation data, but interest rates are poised for a modest increase.

  • Australia's preliminary unemployment rate of 3.9 percent signals outperformance.

 

After a good positive comeback from Tuesday's low of 0.7400, the AUD/USD pair has had a little retreat to about 0.7500. The major has recovered following Tuesday's publication of US inflation. Market participants anticipated an 8.5 percent increase in the US Consumer Price Index (CPI), which prompted some bids in the antipodean.

 

Inflation at a multidecade high and a greater participation rate in the US labor market point to a major rate hike in May's monetary policy. Price pressures on essential items are weighing on the US economy, as evidenced by the US CPI ex-food and energy's weak performance. Inflation in the United States, excluding food and energy, was recorded at 6.5 percent in a mid-market estimate and preceding number.

 

Earlier in the day, the asset fell substantially from last week's high of 0.7662 after the Reserve Bank of Australia (RBA) decided to maintain the current interest rate and take a 'wait and see' strategy. The RBA's monetary policy insights revealed that the government has not yet experienced any constructive price pressures capable of pushing interest rates higher.

 

Market investors will closely monitor the Australian Unemployment Rate, which is due on Thursday, for additional guidance. A early estimate of Australia's unemployment rate reveals a decrease to 3.9 percent from a previous reading of 4%.

AUD/USD

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