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On March 20, Irans Supreme Leader Mojtaba Khamenei issued a written message of congratulations for the upcoming Nowruz holiday (March 21), Irans traditional New Year. Khamenei stated that Iran experienced multiple rounds of "military and security conflicts" over the past year, resulting in casualties, including military commanders and civilians. He accused Israel of launching attacks on Iran with US support, stating that the actions failed to achieve their intended objectives. Regarding the domestic situation, Khamenei said that external forces attempted to influence Iranian social stability through economic pressure and public opinion manipulation, but the mobilization capacity and social cohesion of the Iranian people effectively thwarted these attempts. On the economic front, Khamenei emphasized the need to strengthen national resilience through the development of a "resistance economy," improving peoples livelihoods, and infrastructure construction. On the diplomatic front, he stated that Iran will continue to prioritize relations with its neighbors and called on regional countries, including Pakistan and Afghanistan, to strengthen cooperation and unity.Irans Supreme Leader Mojtaba called on Afghanistan and Pakistan to improve relations and offered assistance.US President Trump: We want to negotiate with Iran, but we have no one to negotiate with. Nobody wants to be Irans leader anymore.The Israel Defense Forces have confirmed that Iran has launched a new ballistic missile.The S&P 500 fell by 1%, and the Nasdaq is currently down 1.36%.

AUD / USD Rises To 0.6640 As Australian Employment Improves

Daniel Rogers

Mar 16, 2023 14:12

As a consequence of the upbeat Employment data from the Australian Bureau of Statistics, the AUD/USD pair has extended its recovery to near 0.6640. The Australian economy added 64,600 new employment in February, exceeding the consensus estimate of 48,500. The Australian economy reported 11.5K unemployment in January. From estimates of 3.6% and the previous issuance of 3.7%, the unemployment rate has been further reduced to 3.5%.

 

The Reserve Bank of Australia (RBA), which is drafting a plan to reduce inflation, will encounter additional challenges as a consequence of positive Australian labor market data. As a larger labor force in action would exacerbate inflationary pressures, RBA Governor Philip Lowe may continue to target higher rates.

 

Earlier, Australian Consumer Inflation Expectations (Mar) data indicated that inflation projections for the next 12 months decreased to 5.0% from the consensus of 5.4% and the previous release of 5.1%.

 

In the meantime, S&P500 futures are showing modest gains during the Asian session, which could be considered a dead cat bounce following the volatility on Wednesday. The debacle of Credit Suisse following the failure of Silicon Valley Bank (SVB) has increased the risk of global banking turmoil. According to one school of thought, the Federal Reserve (Fed) and other western central banks' rapid and precipitous interest rate increases contributed to the collapse of the global banking system.

 

As investors anticipate a less hawkish interest rate decision from the Federal Reserve (Fed) next week, the US Dollar Index (DXY) is looking to extend its correction below 104.60. After a fleeting upswing in January, the United States' inflation has retreated, dampening expectations for a hawkish stance from Fed chair Jerome Powell.


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