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On June 27, following the US militarys airstrikes against Iran on June 26, US Vice President Vance stated that if Iran resorts to violence, it will face a military response. Vance posted on social media that day: "Iran signed a ceasefire agreement, and we have honored it. If they have objections to how the memorandum of understanding is being implemented, they can communicate directly by phone. But if violence is used, it will be met with a military response." Earlier on June 26, the US Central Command issued a statement saying that the US military launched strikes against Iran that day in response to the attack on a merchant ship transiting the Strait of Hormuz the previous day.On June 27, Nasdaq announced that SpaceX (SPCX.O) will be included in the Nasdaq 100 Index, subject to final eligibility requirements. Funds tracking the index are expected to begin buying its shares after the market closes on July 6, before the formal inclusion. SpaceX is expected to have a weighting of less than 1% in this technology-heavy index.IMF Chief Economist Guransha: The conflict involving Iran has not led to a further surge in oil prices, as countries have released strategic reserves and refineries have adjusted their production.IMF Chief Economist Guransha: Following the implementation of tariffs by the United States, a new trade relationship has emerged that does not include the United States.The US military stated that it will maintain a continued presence and remain vigilant to ensure that all provisions of the Iran nuclear deal are observed, implemented, and fully effective.

GBP/USD Attempts To Protect 1.2300 As Market Sentiment Remains Tenuous Due To Rising Crude Prices

Daniel Rogers

Apr 03, 2023 14:15

During the Asian session, the GBP/USD pair is attempting to defend its round-number support level at 1.2300. As a consequence of OPEC+'s announcement of additional oil production cuts, investors in the early Tokyo session discounted the impact of higher oil prices on the Cable. Concerns about global inflationary pressures have been reignited by the crude price increase. Therefore, it may be necessary for central banks to maintain high interest rates for an extended period of time.

 

Following a series of favorable sessions last week, S&P500 futures reported significant losses during the Asian session, as higher oil prices will increase input costs for companies that rely on oil for transportation and manufacturing. The sentiment on the market has deteriorated, and risk-perceived assets have been punished.

 

The US Dollar Index (DXY) is exhibiting a minor correction after reaching a new weekly peak of 102.95. The impact of the deceleration in the US core Personal Consumption Expenditure (PCE) Price Index data on the USD Index was mitigated by rekindled inflation expectations in the United States due to higher crude prices.

 

The US PCE Price Index increased by 0.3% on a monthly basis, which was below both the consensus estimate of 0.4% and the prior reading of 0.5%. In addition, the annual rate of US PCE inflation decreased to 4.6% from 4.7% in the previous report and the consensus estimate.

 

If inflation spikes due to elevated crude prices, the Federal Reserve (Fed) may contemplate additional rate hikes in May.

 

Increasing inflationary pressures on the front of the British Pound are causing the Bank of England more trouble. (BoE). As food prices continue to rise, retail price inflation has increased in the United Kingdom. Moreover, labor shortages continue to influence inflation expectations. However, BoE policymakers are optimistic that the rate of inflation in the United Kingdom will soon begin to fall sharply.


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