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On September 6th, German startup Isar Aerospaces "Spectrum" rocket lifted off from a launch site in Norway, aiming to complete the companys first commercial space mission to reach orbit from the European continent. The rocket, carrying a payload including five small satellites, entered orbit approximately four minutes after liftoff. This was Isars second launch attempt this year, following multiple delays due to weather, technical issues, and interference from an out-of-control vessel. The 28-meter-tall rocket can deliver a 1,000-kilogram payload to low Earth orbit, significantly smaller than SpaceXs rockets. Isar CEO Daniel Metzler, speaking at the companys €270 million ($313 million) funding round earlier this year, stated that the rockets size helps in placing satellites into specific orbits and differentiates it from SpaceXs offerings.Official footage shows that Isars unmanned space rocket has been launched from its base in Norway.The Israeli military stated that due to a misidentification, it fired an interceptor missile at its own drone in the Gaza Strip. The incident is under investigation, but no injuries were reported.Iraqi Oil Minister: Iraq has increased its oil export capacity to more than 3 million barrels per day.On September 6th, Al Jazeera reported that a senior Iranian lawmaker confirmed that Iran had attacked a US warship with ballistic missiles. Hassan Ghashgavi, a member of the Iranian Parliaments National Security Committee, stated, "Yes, we fully confirm this. We are engaged in a life-or-death struggle with the United States. Their military action naturally violates all international law," adding, "Because the United States is far away from us, it doesnt consider this war a matter of life or death." When asked about Iran changing the rules of engagement, Ghashgavi stated that "this blockade should never have existed," pointing to the now-expired memorandum of understanding. "Four days ago, the Iranian president stated at the Bishkek summit that we were ready to return to the negotiating table, but US officials ignored this and instead continued to escalate and strengthen the blockade."

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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