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On September 20, Iranian Foreign Ministry spokesman Baghae stated that Irans participation in the UN General Assembly is its "legitimate right," not a "favor" bestowed by other countries, and that Iran will not abandon New York as a diplomatic platform. Baghae stated that Iran will not send the wrong signals of détente, and any diplomatic action should reflect Irans strength and stance. He said that although going to New York is "not attractive" to the Iranian delegation, the UN General Assembly is an important platform that cannot be abandoned. He pointed out that Iran is one of the founding members of the UN and has the right to participate in international conferences such as the UN General Assembly. Faced with recent conflicts and external pressure, Iran has a responsibility to express its position on this international platform. Baghae also accused the United States of influencing the Iranian delegations participation through media pressure and visa delays, stating that these actions will not prevent Iran from attending the meeting and articulating its position.September 20th - According to the latest data from the Ministry of Health of the Democratic Republic of Congo, as of September 19th local time, the country has a total of 7,541 confirmed cases of Ebola in this outbreak, with 3,639 deaths and 1,823 recoveries, resulting in a case fatality rate of 48.3%.On September 20th, NATO announced that German General Carsten Breuer will assume the chairmanship of the NATO Military Committee, expected to officially take office in mid-2027, succeeding Italian Admiral Giuseppe Cavo Dragone. The chairman of the Military Committee is one of NATOs key military advisors, responsible for providing military advice to NATOs political leadership. This appointment is seen as reflecting Germanys increased influence within NATO following its significant increases in military spending and military buildup in recent years. Following the outbreak of the Russia-Ukraine conflict, Germany shifted from its long-standing policy of low-investment defense, accelerating the expansion of its military and defense spending, becoming one of Europes major military spenders. German Defense Minister Pistorius stated that Breuers selection reflects the allies recognition of Germanys contributions to strengthening NATOs defense.The Houthi rebels in Yemen: We will continue to strike Saudi military targets until the blockade ends.Houthi rebels in Yemen attacked Saudi Aramco facilities in Yanbu.

EUR/USD Expects Fourth Weekly Gains Above 1.0900 Despite The US Dollar's Rebound Advance Ahead Of US NFP

Daniel Rogers

Apr 07, 2023 11:42

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Despite a recent retreat, the EUR/USD bulls maintain control around 1.0920. This reflects the typical Good Friday inactivity and apprehension ahead of the US Nonfarm Payrolls (NFP) report released early in the day. The major currency pair was volatile on Thursday as a result of the US Dollar's initial rebound on fears of a recession, but ended the day unchanged as disappointing US data contrasted with stronger Eurozone data.

 

Fears of a recession in the world's largest economy were prompted by consecutive lackluster US data and falling US Treasury bond yields, giving USD bears a reprieve on Thursday morning. As traders prepared for the all-important NFP, the dollar's subsequent gains were reversed by another disappointing US employment report.

 

Despite this, US Initial Jobless Claims for the week ending March 31 rose to 228K from 200K anticipated and an upwardly revised 246K the prior week. Notable is the increase in Challenger Job Cuts from 77,77K to 89,703K in the given month.

 

Notably, Reuters fanned fears of a recession by citing the most recent decline in the preferred bond market indicator of Federal Reserve (Fed) Chairman Jerome Powell. The most reliable bond market indicator of an imminent economic contraction, according to Federal Reserve research, is the "near-term forward spread" between the forward rate on Treasury bills 18 months from now and the current yield on three-month Treasury bills.

 

According to Reuters, International Monetary Fund (IMF) Managing Director Kristalina Georgieva stated in prepared remarks on Thursday that the global economy is projected to expand by less than 3% in 2023, a decrease from 3.4% in 2022.

 

In other news, Germany's Industrial Production (IP) increased 0.6% year-over-year in February, versus market predictions of -2.7% and previous readings of -1.7%. Additionally, the monthly figures exceeded expectations by 0.1%, coming in at 2.0% compared to 3.7% previously. On Wednesday, Germany Factory Orders for February improved to -5.7% YoY from -12.0% previously revised down and -10.5% market expectations, while MoM growth came in at 4.8% compared to 0.3% expected and 0.5% previous readings.

 

Wall Street and US Treasury bond yields have both reduced weekly losses as a result of these strategies, but investors remain skeptical.

 

In the context of less liquidity surrounding the March US employment report, sporadic activity on the major markets can keep the EUR/USD inactive and prone to abrupt price swings. Notable is the fact that recent dovish Fed forecasts and disappointing US data generate expectations for a positive surprise and enormous price volatility thereafter.


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