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On August 2nd, Iranian Foreign Minister Araqchi held separate phone calls with Pakistani Army Chief of Staff Mohammad Munir and Turkish Foreign Minister Fedan Ibrahim on August 1st, local time. During the calls, the parties discussed the latest regional situation and exchanged views on the consequences of the United States aggressive and destabilizing actions, as well as the escalating regional tensions and security risks. Araqchi warned the US military against any risky actions and emphasized that Iran is fully prepared to safeguard its national sovereignty, security, and territorial integrity, and will resolutely respond to any infringement.According to Saudi media alhadath, the Iraqi Armed Forces Commander-in-Chief has ordered the establishment of a Joint Security Committee, instructing it to fulfill its responsibilities in protecting sovereignty and good neighborly relations.On August 2, Irans Islamic Revolutionary Guard Corps (IRGC) stated that its air force launched multiple ballistic missiles that morning at a U.S. F-35 fighter jet maintenance hangar and tarmac at the Azraq Air Base in Jordan, in retaliation for the U.S. attack on Qeshm Island. The IRGC claimed the attack destroyed three F-35 fighter jets and severely damaged three others.The Canadian Public Service Employees Union announced that WestJet flight attendants had issued a 72-hour strike notice. WestJet subsequently issued a 72-hour work stoppage notice.The Iranian Foreign Ministry stated: As the United States continues to violate the June 28 ceasefire agreement, maintains a maritime blockade of Iranian ports and commercial shipping, launches brutal attacks across the country, intensifies economic pressure and illegal threats, and engages in acts of aggression against Iran, our armed forces will continue their defensive and counter-offensive efforts with all their might.

AUD/USD crosses 0.6900 amid market concern ahead of an RBA rate hike

Alina Haynes

Jul 05, 2022 11:56

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The AUD/USD currency pair continues its recovery from the week's start, trading at approximately 0.6875 on Tuesday during the Asian session. Market caution and a weakened US dollar may be to blame for the quotation's improved performance. However, bulls appear cautious previous to the Reserve Bank of Australia's (RBA) Interest Rate Decision.

 

The US Dollar Index (DXY) is struggling to hold onto its two-day gain to 105.00 as buyers retreat from a two-week peak. In reaction to rising Treasury rates, it appears that bulls in the dollar have risen in price. Notable is the fact that benchmark 10-year Treasury bond rates retain the earlier U-turn from a one-month low at roughly 2.92 percent, up three basis points (bps) from Friday's closing.

 

The holiday in the US did not give much relief for bond bears, but higher printing of German Bunds and chatter about the US debate on eliminating Trump-era tariffs on China looked to underpin US Treasury prices. The 10-year German Bund yield rose to 1.32 percent, up at least 10 basis points from its previous level.

 

The AiG Performance of Construction Index for June in Australia fell to 46.2, below the previous level of 50.4, while the S&P global Composite PMI and Services PMI confirmed the initial June prediction of 52.6%.

 

Between now and RBA day, investors will be put to the test by concerns about the economy and China's credit situation, as well as Russian claims to full power in Lysychansk.

 

The US Factory Orders for May, expected at 0.5 percent versus 0.3 percent, might be of interest to AUD/USD traders in the future, but traders should pay close attention to risk triggers and pre-NFP sentiments, as well as the markets' reaction to the recently increased bond rates.

 

Noting that the RBA's 0.50 percent rate hike is already a certainty and looks to have been priced in, Tuesday's RBA Rate Statement will likely give extra momentum. The AUD/USD may be able to extend its recent surge for the time being if the policy announcement signals further rate hikes.


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