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On May 11, local time, Trump said he watched CBS News "60 Minutes" interview with Israeli Prime Minister Netanyahu, calling the program "quite good," but disagreed with Netanyahus statement that "no one could have fully predicted Irans blockade of the Strait of Hormuz." Trump responded, "I could have predicted it. I knew they would close the Strait. It was their only weapon. Now its not much of a weapon anymore, but its still their only weapon." He also stated that the US could have kept the Strait open through the "Freedom of Navigation Program" if it werent for previous assistance to certain countries and in response to their requests. He added that the US could restart similar operations, or even take "tougher measures," if necessary.US President Trump: (Regarding Iran) They agreed with us, and then they changed their minds.US President Trump: Iran has no equipment to handle nuclear fallout.US President Trump: Iranians say the US can have nuclear materials, but they must be taken away.On May 11, US President Trump stated in a CBS News phone interview Monday morning that he plans to temporarily suspend the federal gasoline tax. He said, "I think its a good idea. Well take off the gasoline tax for a while, and then gradually reinstate it as prices drop." Data from the American Automobile Association shows that gasoline prices have risen by more than 50% since the start of the Iran-Iraq war on February 28, exceeding $4.52 per gallon on Sunday. Analysts believe that oil prices may remain high due to Irans blockade of the Strait of Hormuz. However, suspending the fuel tax requires congressional approval. The current federal fuel tax is 18.4 cents per gallon for gasoline and 24.4 cents per gallon for diesel. Suspending it would cost the federal government approximately $500 million in revenue per week. Some Democratic lawmakers have introduced related bills suggesting suspending or reducing the fuel tax.

0.8450 is being reached by EUR/GBP as the prospect of a UK recession looms

Daniel Rogers

Aug 05, 2022 14:46

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Following a huge upward rise from 0.8360 on Thursday, the EUR/GBP pair has subsequently turned sideways around 0.8430 in the Tokyo session. After the Bank of England (BOE) hiked interest rates by 50 basis points, the cross displayed a significant upward rise (bps) (bps). The BOE lifted interest rates by 50 basis points in succession, bringing them to 1.75 percent.

 

The investing community is aware that UK household earnings have been unsteady during the preceding few months. In addition, the economy's inflation rate is fast expanding. The inflation rate was 9.4 percent prior. The recent statement by BOE Governor Andrew Bailey that price increases might exceed 13 percent has sent shockwaves across the market.

 

The runaway inflation is now escalating, leaving the BOE with very little flexibility to tighten its monetary policy. The BOE is in poor shape as a result of the dismal economic data and the continuing political upheaval following the departure of UK Prime Minister Boris Johnson. A recession in the UK economy is extremely probable in the case that the inflation rate is close to 13 percent.

 

German manufacturing order numbers for the Eurozone have decreased by 0.4 percent against an anticipated 0.8 percent decline and a prior monthly contraction of 0.2 percent. Falling orders from factories indicate sluggish demand in Germany as a whole. It is vital to remember that Germany is a key element of the European Union (EU), and that economic data from Germany has a huge effect on people who favor the common currency.


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