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July 19th - According to Iranian sources, the US military launched another attack on Qeshm Island in southern Iran that day. It is understood that at 6:10 AM local time, US warplanes struck parts of Qeshm Island again, with at least two explosions reported. Iranian officials have arrived in the affected area and are assessing the scale of the attack. Earlier that day, Iranian sources reported that around 3:38 AM local time, explosions were heard in multiple areas of Qeshm Island. Local residents said that "three to five missiles struck Qeshm Island." The US Central Command issued a statement on social media on July 18th, stating that the US military completed another round of airstrikes against Iran at 11:30 PM Eastern Time on July 18th (7:00 AM Iranian Time on July 19th).According to RIA Novosti: Russian Foreign Minister Sergey Lavrov and the UAE Foreign Minister held talks on the tensions in the Persian Gulf.July 19 – U.S. Central Command announced that it completed another round of strikes against Iran at 11:30 p.m. (Eastern Time) on July 18, under the direction of the Commander-in-Chief. In the eighth consecutive night of airstrikes, Central Command forces successfully targeted Iranian military coastal surveillance and air defense facilities, naval combat capabilities, and missile and drone storage sites, in an effort to continue weakening Irans military capabilities. The U.S. military also targeted Islamic Revolutionary Guard Corps forces, following their July 17 attack on U.S. service members in Jordan. Currently, more than 50,000 U.S. military personnel, both men and women, are deployed in the Middle East, maintaining a high level of vigilance, focus, lethality, and readiness.According to the New York Post: US President Trump stated that the US strikes prevented Iran from acquiring nuclear weapons. He added that if Iran is not stopped, the region could descend into a wider conflict.July 19 – According to Irans Mehr News Agency, the Iranian militarys public relations department stated that, in response to repeated enemy aggression and attacks on bridges, infrastructure, and demilitarized zones, hours earlier, during the sixteenth phase of Operation Lightning, the Iranian military launched a large-scale drone strike against a US terrorist army ammunition depot at Camp Adir in Kuwait, as well as Patriot radar and air defense radar used by the invading forces at the Ali Salim base in Kuwait. Camp Adir is a key US military base, located 104 kilometers from the Iranian border, and serves as a crucial support and reorganization center for the US military. Disrupting the bases operations will significantly impact US support operations in the region.

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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