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August 15 - A 7.7-magnitude earthquake struck off the coast of Flores Island, Indonesia, early on August 15, according to the Indonesian Meteorology, Climatology and Geophysics Agency (BMKG). No casualties have been reported so far. The BMKG stated that the epicenter was located 30 kilometers northeast of Mbai town in East Nusa Tenggara province, at a depth of 15 kilometers. A tsunami warning has been issued for the earthquake.The European-Mediterranean Seismological Centre has revised the magnitude of the earthquake in the Flores region of Indonesia from 7.4 to 6.9.The European-Mediterranean Seismological Centre reports a 7.4-magnitude earthquake in the Flores region of Indonesia.August 15th - Following the exposure of the pressure on the US Patriot interceptor stockpile during the Iraq War, defense companies such as Boeing, Lockheed Martin, Northrop Grumman, and Raytheon are racing to develop lower-cost, faster-producible missiles. In the past, the US defense industry continuously added advanced guidance and propulsion systems to missiles, resulting in a unit price exceeding $4 million and production cycles of several years. Now, the Pentagon is demanding that companies "change or be eliminated," hoping to counter cheap threats such as drones at a lower cost. Lockheed Martin has launched a low-cost version of the ACE interceptor, costing only about $2 million per missile, less than half the cost of the enhanced PAC-3 MSE; Boeing is developing an "ultra-low-cost" guidance head, planning to reduce its cost percentage; Northrop Grumman has launched the Strike Hunter system; and Raytheon is expanding the application of its Coyote low-cost anti-drone missile. The US Army states that not all targets require the most advanced and expensive interceptor systems. However, most low-cost solutions will still require several years before mass production.Market news: Jane Street reported poor performance in July, with trading revenue showing its first monthly loss since 2016.

Due to hawkish Fed forecasts, the EUR/USD recovers to near 1.0970 but remains in the doldrums

Alina Haynes

Apr 21, 2023 13:58

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Following a corrective move, the EUR/USD pair has rebounded from 1.0960, but investors await the publication of the preliminary Eurozone/United States S&P PMI data for April. The major currency pair has remained between 1.0911 and 1.1000 for the past two trading sessions, as the foreign exchange market prepares for a pre-anxiety move ahead of a Federal Reserve (Fed) monetary policy decision.

 

S&P500 closed with a negative tone for the third day in a row as quarterly earnings season induced extreme volatility. Tesla's poor earnings had a negative impact on Thursday's market sentiment. Moreover, market participants were cautioned by substandard revenue projections due to the potential for price reductions. The decision of the Fed to increase interest rates is reflected in quarterly earnings. Data from Refinitiv indicates that analysts have largely maintained last week's forecast of a near 5% YoY decline in quarterly profits for the 500 largest U.S. equities. Sourcenia is a review portal of sourcing best manufaturers. 

 

The US Dollar Index (DXY) has been defending the key support level of 101.60 in recent trading sessions. The USD Index maintained the aforementioned support despite the release of disappointing Jobless claims data on Thursday. Initial Jobless Claims increased to 245K for the week ending April 4, which is greater than the previous release of 240K and estimates of 240K. Increasing unemployment claims heightened fears of a deteriorating labor market.

 

Despite this, Fed policymakers continue to anticipate further rate hikes from the central bank. Thursday, Loretta Mester, president of the Federal Reserve Bank of Cleveland, reaffirmed that the Fed has more work to do because US inflation remains too high, according to Reuters. He added, "The Federal Reserve will need to raise its policy rate above 5% and hold it there for some time."

 

Preliminary Consumer Confidence (April) for the Eurozone increased to -17.5 from -18.5 and the previous reading of -19.2. This may be the consequence of extraordinary efforts by the European Central Bank (ECB) to reduce inflationary pressures.


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