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June 19 – Iran is shipping large quantities of oil that were previously blocked by a US blockade, potentially good news for Tehran, which signed a provisional peace agreement with Washington on Wednesday. Shipping data compiled by Bloomberg shows that 11 oil tankers carrying a total of 20 million barrels of crude oil departed from the port of Chabahar in the Gulf of Oman this week. Previously, the US military had blocked these tankers from entering the Indian Ocean, a move aimed at restricting Tehrans access to petrodollars.On June 19, the Iranian Islamic Revolutionary Guard Corps (IRGC) issued an open letter to Irans Supreme Leader Mojtaba Khamenei, stating that the Iranian people and armed forces "firmly support the national leadership." The letter said that the Supreme Leaders recent important speech further strengthened the unity of the Iranian people, boosted the confidence of frontline fighters in maintaining existing gains, and provided important support for the political sphere in safeguarding national interests. The Iranian people and armed forces expect that political efforts will continue the gains made on the battlefield and promote the protection of Irans legitimate rights. The letter emphasized that if any party breaks its promises, makes excessive demands, or harms Irans national interests, the IRGC is prepared to take action on land, sea, air, and other operational domains.European Commission President Ursula von der Leyen: We will be committed to developing new and diversified tools.European Commission President Ursula von der Leyen: We must use the toolbox more actively to defend the EU.European Commission President Ursula von der Leyen: We must prepare for the start of negotiations between Ukraine and Russia.

The ECB-BOJ policy is in the spotlight as the EUR/JPY shows a minor rebound from 140.00

Alina Haynes

Jul 19, 2022 12:03

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From the psychological support level of 140.00, the EUR/JPY pair has shown a less likely rebound. Following a brief recovery, the cross has found resistance at about 140.0. The asset is expected to undergo large price swings in the near term as investors shift their focus to this week's monetary policy statements by the European Central Bank (ECB) and the Bank of Japan (BOJ).

 

The ECB is expected to announce a rate rise in response to market speculation, ending its 11-year streak of maintaining the status quo. Households are experiencing price pressures as a result of a significant reduction in their real income, which has significantly affected their patterns of savings and consumption.

 

The European Central Bank (ECB) has already made the announcement that the Asset Purchase Program (APP) would come to an end in order to reduce the galloping inflation. The focus will now shift to an increase in interest rates in the quest for readily available cheap money on the market.

 

The most significant event of the week will be the publication of the eurozone consumer confidence index, aside from that. The initial estimate for the Consumer Confidence statistics for the eurozone is -24.5, down from the prior estimate of -23.6.

 

When announcing its interest rate decision, the Bank of Japan (BOJ) is likely to keep things the same. Given that the Bank of Japan (BOJ) would likely boost global economic demand, it is expected that its governor, Haruhiko Kuroda, will take a dovish stance. The BOJ is concerned with keeping the inflation rate at 2%, and in order to do so, it must also raise labor expenses.


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