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According to Axios: Two U.S. officials said that U.S. and Iranian negotiators made progress in talks on Tuesday and are moving toward a framework agreement to end the war.Bank of England Monetary Policy Committee member Green: The UK may experience a “mini-inflation wave” due to the war with Iran.On April 15th, British Defense Secretary Healy stated that drones are a priority for Ukraine in countering Russian military operations, and the UK has pledged to provide Ukraine with 120,000 drones this year to strengthen its support. Speaking at a meeting of the Ukraine Defense Contact Group, Healy said that this years drone assistance plan will be supported by £3 billion in military funding and British access to frozen Russian assets. He also pledged to provide Kyiv with thousands of artillery shells. Healy stated that the drones cover long-range strike, attack, reconnaissance, and maritime types, all combat-proven. Although the UK will also provide "thousands" of anti-aircraft missiles, allies believe that expanding the use of cheaper and more versatile drones is crucial for battlefield victory. German Defense Minister Pistorius stated in his opening remarks at the meeting that Germany and Ukraine have established a new joint venture to produce medium- and long-range drones and will provide €300 million to support the purchase of Ukrainian-made long-range drones. NATO Secretary General Rutte pointed out that Ukraines three priorities are: air defense, drones, and long-range munitions.Bank of England Monetary Policy Committee member Green: We are unlikely to see the same second-degree effect as in 2022.The U.S. EIA crude oil inventories, Cushing crude oil inventories, and strategic petroleum reserve inventories for the week ending April 10 will be released in ten minutes.

The EUR/USD rise is getting close to 1.0200 as investors await US inflation data

Daniel Rogers

Aug 09, 2022 14:58

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The EUR/USD moves in the 1.0200 range during Tuesday's Asian session after falling from 1.0221 as traders look for fresh data. The major currency pair gained over the first part of the week but lost some of those gains by Monday's close. Recent price fluctuations, however, seem to be constrained by a lack of noteworthy data or events and a cautious attitude ahead of Wednesday's release of the US Consumer Price Index (CPI) for July.

 

Gains in the EUR/USD the day before are shown by higher readings of the Eurozone Sentix Investor Confidence Index and a drop in US Treasury yields. The primary sentiment indicator Index, however, increased in August from -26.4 to -25.2, which was projected to be the value. According to specifics, the eurozone's present state has improved from this month's lowest position since March 2021, when it was -16.5, to -16.3. The expectations index is at its lowest level since December 2008, despite a little increase to -33.8. It is still very close to that level. The US Dollar Index (DXY), in contrast, saw a daily decrease of 0.19 percent to 106.37.

 

The moderate Azione's resignation from the newly formed alliance ahead of the September elections looks to have put negative pressure on the Euro elsewhere due to Italian political worries.

 

The moderate Azione has backed out of its coalition with the Democratic Party and the +Europe party after only agreeing to do so last week. According to party leader Carlo Calendar, "the parts didn't fit." According to Reuters and Market News Publishing US, the alliance was formed in an effort to stop a more conservative government from taking office after the election on September 25.

 

Notably, gains in the EUR/USD the day before appeared to have been constrained by US President Joe Biden's displeasure of China's efforts to retake Taiwan and his censure of House Speaker Nancy Pelosi's trip to Taipei.

 

These actions caused the 10-year US Treasury rates, which had increased by 14 basis points (bps) the day before, to fall by around seven basis points (bps) to 2.75 percent. Wall Street also started Monday's trading day on a positive one before ending on a mixed note, albeit as of press time, S&P 500 Futures are showing minor gains.

 

Participants in the EUR/USD market may be interested in the second quarter's (Q2) US Nonfarm Productivity and Unit Labor Costs data. Forecasts suggest that US Nonfarm Productivity may rise to -4.6% from -7.3%, while Unit Labor Costs may decrease to 9.5% from 12.6%. The news regarding Taiwan and Russia will also be important for determining direction.


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