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On March 11, local time, the Iranian Islamic Revolutionary Guard Corps issued a statement confirming the deaths of several Iranian military personnel in the US-Israeli attacks. These included Mohammad Shirazi, director of the Supreme Leaders military office; Akbar Ibrahimzadeh, deputy director of the General Staffs office; Saleh al-Asadi, deputy chief of intelligence of the General Staff of the Armed Forces; Bahram Hosseini Motalek, director of the Planning and Operations Bureau of the General Staff of the Armed Forces; Mohammad DArebaj, deputy minister of logistics and support of the Armed Forces; and Gholamreza Rezaian, director of the intelligence bureau of the Iranian police force.On March 11th, Peter Cardillo, chief market economist at Spartan Capital Securities in New York, commented on the US CPI data, stating that in a sense, this is good news because we havent seen inflation accelerate. In fact, year-on-year, the 2.4% level isnt far from the Feds 2% target. Therefore, I think this represents some easing. Of course, these figures still depend on the progress of the war. If the war continues for a long time, and oil prices remain at current levels or rise further, then we may see higher inflation in the coming months.Federal Reserve Governor Bowman will speak on regulatory issues in ten minutes.The Swiss government announced that the ambassador and five Swiss staff members left Iran by land today and have safely arrived outside of Iran.On March 11, it was reported that the well-known law firm Yingke Law Firm was embroiled in rumors of its founders financial troubles. The rumors pointed to Mei Xiangrong, the firms Party Secretary, Director, and Global Board Chairman, alleging a huge deficit due to irregularities in financing and guarantees. On March 11, a reporter contacted relevant staff at Yingkes Beijing branch, who stated that there was currently no accurate information regarding the rumors and that a unified statement would be issued later.

The AUD/USD has dropped from its monthly high at 0.6990 due to poor Australian PMIs and a rebound in the DXY

Alina Haynes

Jul 22, 2022 14:50

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After retesting the monthly high earlier in the day, the AUD/USD continued to slide in Friday's Asian trading. It drops back down to where it started the day, at 0.6916. Recent declines in the Aussie pair may be attributable to the poor prints of Australia's flash readings of S&P Global PMIs for July. The resurgence of the US dollar in the face of pessimistic attitude also affects the pair.

 

S&P Global Manufacturing PMI for Australia dropped to 55.7 in July from 56.2 in June and the 56.4 forecast. Additionally, the S&P Global Services PMI dropped to 50.4 during the mentioned month, which was below the 55.0 consensus and the 52.6 readings seen previously. Moreover, the S&P Global Composite PMI has dropped from 52.6 in prior readings to 50.6 today.

 

Conversely, as risk aversion returns to the market, the US Dollar Index (DXY) is gaining bids and is on track to revisit its intraday high at 106.70, up 0.12% on the day. It's worth remembering that the DXY dropped the day before because it was pegged to US Treasury rates, and that the benchmark 10-year bond coupons had their worst daily loss since mid-June.

 

The yield drop might be the result of a number of factors, including the European Central Bank's (ECB) surprise rate hike of 50 basis points (bps) and the implementation of a new tool known as the Transmission Protection Instrument (TPI) to manage irrational market dynamics in the area.

 

Additionally, the Nord Stream 1 pipeline from Russia restarting its gas exports to Europe boosted market sentiment and aided AUD/USD purchasers the day before.

 

In light of this, Wall Street benchmarks ended the day stronger and the 10-year Treasury rates for the US Treasury had their greatest daily decline in five weeks. However, as of the time of publication, S&P 500 Futures are down 0.50 percent.

 

The ECB's decision to limit the market's confidence as well as long-standing worries about a recession and COVID are the sources of the most recent dip in mood.

 

Nevertheless, the risk-off attitude may affect the AUD/USD pricing going ahead. However, pessimistic predictions for the US PMIs in July give purchasers reason for optimism.


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