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According to Irans Tasnim News Agency, the Iranian president said that his conversation with the Crown Prince of Abu Dhabi in the United Arab Emirates went well, and they agreed to put the past behind them.On September 13, the Crown Prince of Abu Dhabi met with Iranian President Pezehizian. This comes as Iran promotes an agreement that could allow more ships to pass through the Strait of Hormuz. This rare public discussion between the two major powers occurred during the BRICS summit. Meanwhile, Oman is seeking to bring the Gulf Cooperation Council (GCC) together with Iran to discuss this crucial chokepoint for global energy exports. Iran stated it would brief Gulf states on a new agreement on Monday, but emphasized that any agreement would not equate to a full reopening of the Strait of Hormuz, and that Iran would have a say in which ships could pass. The meeting has not yet been confirmed, and Bahrain has ruled out its attendance, citing recent Iranian-backed attacks on targets in the Gulf region. According to the UAEs official news agency WAM, the Crown Prince of Abu Dhabi and Pezehizian stressed the need to de-escalate tensions, promote de-escalation, and strengthen regional stability.On September 13, Russian Presidential Press Secretary Dmitry Peskov stated in New Delhi, in response to media questions, that the possibility of resuming trilateral negotiations on the Ukraine crisis in October could not be ruled out. This followed comments from Jared Kushner, President Trumps son-in-law, who stated that the US, through meetings in Moscow and Kyiv, had gained a clear understanding of what could lead to a long-term solution to the conflict. Furthermore, Kushner claimed that some new ideas emerged after the meetings and could be discussed at the upcoming trilateral summit.September 13 (Reuters) - Saudi oil buyers and traders say that if Saudi Arabia cannot restart its main pipeline to the Red Sea within days, its oil reserves for exports will run out, resulting in a global supply loss of up to 4%. A further decline in Saudi oil flows will exacerbate global supply tensions, a problem that has already driven global fuel prices to record highs, triggering inflation worldwide and pushing US Treasury yields to their highest levels since the 2008 financial crisis. Sources gave varying estimates, with one saying repairs could take five to six weeks, while another suggested faster repairs and the possibility of partial resumption of oil transport during the maintenance period. Additionally, according to three industry sources familiar with Saudi exports, Yanbus current reserves can only sustain exports for five to seven days with the pipeline outage. A fourth source said Saudi Arabia can also supply customers for several days from the Red Sea port of Ain Sokhna and the Mediterranean port of Sidi Kelir. Industry estimates suggest that Yanbu has a storage capacity of approximately 35 million barrels, while Ain Sokhna and Sidi Kelir have storage capacities of 18 million and 20 million barrels respectively.On September 13th, South Koreas Minister of Trade, Industry and Energy stated on Sunday that South Korea will hold further talks with the United States early this week to finalize details of Seouls proposed $350 billion investment commitment to the US. As part of the broader $350 billion investment commitment, a $200 billion strategic investment cap (including a $20 billion annual cap) has already been agreed upon and will remain unchanged. The two sides are close to reaching an agreement on many issues, but several matters remain unresolved. This weeks talks will be conducted via video conference.

Before the US NFP, the USD/JPY is likely to decrease to roughly 132.00

Alina Haynes

Aug 05, 2022 14:49

截屏2022-08-05 上午9.50.18.png 

 

The difficulties that the USD/JPY pair met around 133.00 during the Asian session are now in full force. As investors predict a disappointing result from the US Nonfarm Payrolls (NFP) data, the asset has printed a low of 132.77 and is projected to decrease further to about 132.00.

 

JP Morgan experts projected that the US Nonfarm Payrolls (NFP) will be poorer than expected at 200K in the July labor market statistics, compared to the consensus expectation of 250k jobs gained in the month. The US economy produced 372k new jobs in the labor market in June. The labor market is under great pressure as a result of data showing a continued fall in job creation. The unemployment rate, though, will be constant at 3.6 percent.

 

Increased labor market dangers are a result of rising interest rates and their compounding impacts. Due to pricey dollars, business players are unable to invest without reluctance. Low investment possibilities cannot thus speed the process of creating jobs.

 

Despite the Federal Reserve (Fed) policymakers' enhanced interest rate ambitions, the US dollar index (DXY) has thrown up the support of 106.00. According to Cleveland Fed President Loretta J. Mester, ending the policy tightening program without detecting a decline in the inflation rate for several months is not conceivable at interest rates above 4 percent .

 

Tokyo's entire household expenditure has dramatically climbed from the previous report of -0.5 percent and the predictions of 1.5 percent to 3.5 percent. As an inflation indicator, the economic data may aid the yen bulls. The economic data have greatly improved, which means that the inflation rate may climb much further. The findings may, however, be largely impacted by growing energy expenditures. However, a hike in the labor cost index is shortly to come in order to keep the inflation rate over 2 percent.


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