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Irans First Vice President Aref stated that the wealthiest families in Iran consume approximately 23 to 24 times more gasoline than the poorest families. Meanwhile, the Iranian government is facing increasing pressure regarding fuel consumption, production, and prices.August 22 - Due to persistent high temperatures and drought, water levels in many important European rivers have dropped. French shipping company CMA CGM announced that due to the abnormally low water levels of the Rhine and other European rivers, inland waterway transport is severely affected, and an "Inland Emergency Transport Fee" will be levied on goods transported through three ports. CMA CGM stated that the persistently low water levels have led to reduced inland barge transport capacity, port congestion, longer cargo dwell times at docks, and increased operating costs. This emergency surcharge will apply to all inland transport methods passing through the aforementioned three ports. The recent prolonged high temperatures and drought in many parts of Europe, coupled with the dropping Rhine River water level, has already impacted shipping and energy supplies. The Rhine River is one of Europes most important inland waterways, connecting several countries including the Netherlands, Germany, France, and Switzerland.The Iranian news agency IRNA released photos of Iranian Parliament Speaker Qalibaf during his visit to Iraq.On August 22, according to the Guangdong Provincial Administration for Market Regulation, in order to further strengthen the main responsibility of online platform enterprises, rectify prominent issues such as inadequate verification of the qualifications of merchants, unfair platform rules, key product quality and safety, and food safety, further regulate the online transaction business order, and protect the legitimate rights and interests of consumers and operators within the platform, the Guangdong Provincial Administration for Market Regulation organized an administrative guidance meeting for platform enterprises on August 19.August 22 – According to the Iranian news agency IRNA, one of Iraqs most important demands to Tehran during Iranian Parliament Speaker Ghalibafs visit to Iraq was the issuance of special permits for Iraqi oil tankers to pass through the Strait of Hormuz. This request had been submitted to Iran multiple times through various channels. Despite Irans ongoing military operations and the severely deteriorated security situation in the Strait of Hormuz due to hostile actions by the United States, Iran ultimately decided to grant permits to some Iraqi oil tankers to pass through the strait.

The British pound is expected to rise against the dollar for four consecutive days, and the UK's economic recovery in September is stable

Oct 26, 2021 10:52

On Tuesday (October 5), the pound against the US dollar rebounded more than 40 points from the European morning low and climbed to a new daily high of about 1.3625 in the past hour.


After falling to the 1.3585 area during the session, the pound against the dollar attracted new buying on Tuesday and rose for the fourth consecutive trading day. As the stock market showed signs of stabilization, the US dollar gave up some of its intraday gains. This is also seen as a key factor in pushing the currency pair back to the multi-day top touched in the previous trading day, but any meaningful positive trend still seems elusive.

The market expects that the Fed will begin to reduce its stimulus measures and raise interest rates during the large-scale epidemic in 2022. This expectation may continue to promote the US dollar. In addition, concerns that the continued surge in energy prices will trigger inflation and derail the global economic recovery may further consolidate the relative safe-haven position of the U.S. dollar. This, combined with the ongoing fuel crisis in the UK, may limit the pound's gains against the dollar.

After Brexit and the COVID-19 crisis, the supply chain in the UK has become extremely tense due to the shortage of truck drivers. Last week, panic buying of fuel triggered chaos in major cities, forcing the government to send troops to gas stations to deliver gasoline and diesel. This, in turn, may prevent the bulls from betting aggressively and curb the uncontrolled gains of the pound against the dollar in the absence of relevant market economic data in the UK.

In terms of economic data, the UK service industry PMI in September was revised up from 54.6 to 55.4. The final value of the composite PMI rose from 54.8 in August to 54.9 in September. This is the first time since May that there has been no decline, and the initial value was 54.1.

Although the data represents the overall strong growth of the company, shortages of employees, raw materials and transportation have caused the growth rate of new orders to hit the lowest rate since the beginning of 2021 before the anti-epidemic blockade was lifted.

IHS Markit said that the data have not fully reflected the impact of the UK fuel crisis and the end of the month's energy price surge on inflation.

Market participants are now looking forward to the US ISM service industry PMI that will be announced in the North American market in early trading. The dollar bulls will further gain clues from the scheduled speech of Fed Governor Quarles and US bond yields, which, combined with broader market risk sentiment, may bring some trading opportunities for the pound against the dollar.

The upper resistance level focuses on 1.3687, 1.3762, 1.3844, and the lower support level focuses on 1.3602, 1.3572, 1.3538.

(Daily chart of British pound against the U.S. dollar)

At 19:38 GMT+8, the pound was quoted at 1.3631 against the dollar.

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