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On February 22, the U.S. Department of Justice announced an investigation into Netflixs (NFLX.O) proposed $72 billion acquisition of Warner Bros. Discovery (WBD.O), examining the streaming giants market conduct and whether it exerted anti-competitive influence on creators during negotiations to acquire programming rights. The Justice Department is seeking to determine whether the deal "could materially reduce competition or be designed to create a monopoly, thereby violating Section 7 of the Clayton Act or Section 2 of the Sherman Act." According to sources familiar with the matter, the request has been sent to an independent film studio. This is the first clear indication that the Trump administration is no longer simply following standard procedures in its investigation of the acquisition, but rather employing a more in-depth investigative approach. This contradicts Netflixs claims in recent weeks that the government has not engaged in any procedures outside of normal procedures.February 22 – Ukrainian President Volodymyr Zelenskyy stated that he plans to hold talks with European partners next week to ensure Europe plays a role in the negotiations on the Ukraine crisis and to continuously strengthen its influence. He indicated that he has instructed the head of the Ukrainian negotiating team, Mikhail Umerov, to continue strengthening cooperation with Turkey and other countries. The previous day, after receiving a briefing from the Ukrainian negotiating team, Zelenskyy stated that it had been agreed to hold another round of talks on the Ukraine crisis within the next 10 days.On February 22, the Iranian Foreign Ministry issued a statement on February 21, designating the navies and air forces of all EU member states as "terrorist organizations," in reciprocal action to the EUs designation of the Iranian Islamic Revolutionary Guard Corps as a "terrorist organization." The statement indicated that this move was made by the Islamic Republic of Iran in accordance with relevant laws and regulations, in response to the blatant violations of international law by European governments. On February 19, the Council of the European Union issued a statement formally deciding to add the Iranian Islamic Revolutionary Guard Corps to the list of "terrorist organizations."German Chancellor Merz: The tariff burden on the German economy is expected to ease.German Chancellor Merz: We will coordinate with each other within the EU and form a very clear European position on this issue.

Despite caution, EUR/USD continues bids above 1.0250

Daniel Rogers

Aug 15, 2022 14:55

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After the US sent a delegation to Taiwan over the weekend, despite House Speaker Nancy Pelosi's contentious visit to the disputed island, which enraged Beijing, investors sought protection in government bonds and the dollar in the face of rising US-China threats.

 

Rates are also heavily influenced by the likelihood that the Fed will raise interest rates by 50 basis points (bps) in September as a result of easing US inflation pressures, with all eyes on the FOMC minutes due out on Wednesday for new information on the direction the world's most potent central bank will take its policy.

 

Despite a decline in rates and a sluggish demand for riskier assets in early Asian trades, the US dollar is holding up well. The US dollar index is trading at 105.61, unchanged from its previous close of 105.88 on Friday. Despite Wall Street's stellar performance, a substantial dollar increase was caused by stronger US Michigan Consumer Sentiment data and a dimming US inflation forecast.

 

As the European energy crisis gets worse, the gains in the common currency on the EUR side of the equation are likely to remain small. Germany is already suffering the most as a result of a decrease in Russian gas exports, which is wreaking havoc on the old continent. The Rhine's ebbing waters, which make transport along the river more challenging, could cause a recession in Germany.

 

By the end of the week, the reference level was predicted to drop below 40 centimeters in Kaub, a notorious shipping bottleneck where the Rhine flows shallow and narrow. One of the most significant goods shipped on the waterway is coal.

 

On both sides of the Atlantic, Monday's economic calendar features few noteworthy data releases. As a result, the main currency pair will continue to be influenced by the current market sentiment and dollar price action.

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