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On March 8th, four sources familiar with the matter told Reuters that Saudi Arabia has informed Iran that while it supports a diplomatic solution to the conflict between Iran and the United States, it may take appropriate measures in response if Iran continues to attack Saudi Arabia and its energy sector. The sources revealed that two days prior, the Saudi Foreign Minister met with the Iranian Foreign Minister and clearly articulated Riyadhs position. The sources indicated that Saudi Arabia is willing to accept any mediation approach aimed at de-escalating the situation and reaching a solution through negotiations. They also emphasized that Riyadh and other Gulf states have never allowed the United States to use their airspace or territory to launch airstrikes against Iran.On March 8th, local time, on the evening of the 7th, Iranian Islamic Revolutionary Guard Corps spokesman Naini stated that in the first week after the outbreak of the conflict, the Iranian armed forces implemented a multi-layered offensive strategy. Statistics show that Iran conducted 600 missile strikes, using various types of solid and liquid-fueled ballistic missiles and cruise missiles. In addition, Iran conducted 2,600 drone operations. During these operations, more than 200 sensitive targets located at US military bases and key Israeli facilities were precisely targeted and destroyed. Naini emphasized that the scale of Iranian firepower projection in the first three days of the conflict was equivalent to the total firepower deployed during the entire "12-Day War." Naini also stated that 17 ships belonging to the United States, Israel, and their allies have been attacked.Local news agencies, citing sources from Irans oil ministry, reported that fuel depots in three regions, including Karaj, west of the capital Tehran, were attacked.Irans Supreme National Security Council Secretary Larijani: The United States is already mired in its own miscalculation.Irans Supreme National Security Council Secretary Larijani: Regional countries have realized that the United States can no longer guarantee their security.

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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