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On June 12, the commander of the Hatem Anbia Central Headquarters of the Iranian Armed Forces stated that the United States, while talking about agreements and negotiations, is simultaneously taking malicious actions with ulterior motives. This blatant contradiction between US words and deeds is the root cause of instability in the region, jeopardizing trade security, the international economy, and the security of all nations, especially the Strait of Hormuz. We warn that if the United States attempts to attack Iran again, it will face a much harsher response than before, the conflict will become more widespread and escalate, and the region will descend into insecurity. In light of the recent US threats to strike Iranian oil infrastructure, we hereby declare: oil and gas exports are either open to everyone or closed to everyone.The U.S. Treasury Department website shows that the United States has imposed sanctions on Union Cuba Petroleo.UN Secretary-General António Guterres urged all parties to restore the implementation of the comprehensive ceasefire to avoid further escalation of the situation. He called on the United States and Iran to redouble their efforts to reach a peaceful, comprehensive, and lasting agreement.Spokesperson for the UN Secretary-General: UN Secretary-General António Guterres is deeply concerned about the escalating situation in the Middle East, including the US strikes against Iran and Irans retaliatory strikes.June 12 – Siemens Energy, one of the worlds three largest gas turbine manufacturers, stated that competition in Europe for power supplies for data centers and electrification projects is becoming so fierce that customers are now willing to pay fees to secure a place in the gas turbine production queue. CEO Christian Bruch said, "Demand is now so high that European customers are willing to pay reservation fees." This practice first appeared in the US in recent years when technology companies raced to lock in power generation capacity for energy-intensive data centers, and has since expanded to Europe and the Middle East. Due to the long wait times for European data centers to connect to the grid, some are considering building their own power generation facilities to get them operational faster. Karim Amin, head of Siemens Energys Gas Services division, said that customers seeking to reserve approximately six months of manufacturing time typically pay 10% to 15% of the purchase price of a turbine. Since gas turbine manufacturers capacity is largely booked until the end of this decade, this type of payment has become a way for buyers with urgent project needs to secure their place in the queue. Siemens Energys conversion rate exceeds 90%, meaning that most reservations eventually translate into contracts.

GBP/JPY Nears Two-Week Low Below 161.00 as Risk-Aversion Pauses During Quiet Session

Alina Haynes

May 10, 2022 10:13

Tuesday's sluggish Tokyo open makes it difficult for GBP/JPY bears to maintain control. As US Treasury yields decline from a multi-month high, the cross-currency pair advances to the fourteenth round.

 

After a spectacular display of risk aversion, global markets are idle on Tuesday morning as US bond yields look for fresh indications to extend the earlier flight to safety. Mixed comments from Fed members and China's determination to continue a "zero covid" policy may have also contributed to the correction.

 

In doing so, the cross-currency pair pays some attention to Brexit-negative headlines as well as the most recent decline in prices to its intraday low, primarily owing to market consolidation. Thus, British Foreign Secretary Liz Truss abandoned Brexit negotiations with the European Union (EU). The Times also reports that the British ambassador is preparing for the elimination of a significant portion of the NI protocol. According to Reuters, "officials working for Truss have drafted legislation that would unilaterally eliminate the need for all checks on products sent from Britain for use in Northern Ireland."

 

Michael Saunders, an external member of the Bank of England's (BOE) Monetary Policy Committee, bolstered rate-hike fears on a different page by saying that a neutral rate may be between 1.25 percent and 2.5 percent. The policymaker said that UK interest rates may need to rise above neutral if inflation expectations rise, which appeared to have supported the GBP/JPY exchange rate recently.

 

US Treasury rates fall seven basis points (bps) to 3.008 percent, after reaching their highest levels since November 2018, while S&P 500 Futures increase 0.10 percent as of press time.

 

Moving forward, a light calendar and Brexit concerns may test GBP/JPY traders. However, the bearish impulse is likely to persist amid a widespread risk aversion wave. In addition, Prime Minister Boris Johnson's address to the House of Commons will be vital to follow.

Analytical Techniques

GBP/JPY bears maintain control unless the pair breaches a downward-sloping trend line from late April around 162.25. Nonetheless, the 50-day simple moving average and a six-week-old ascending support line at 160.00 and 159.85 appear to be significant supports to watch throughout the pair's subsequent drops.

 

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