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According to Irans Tasnim News Agency, Iranian armed forces prevented two oil tankers from passing through the Strait of Hormuz on Sunday.On April 19th, the Turkish Foreign Minister stated on Sunday that both Iran and the United States are willing to continue negotiations to end the war. Although negotiations between the US and Iran have been largely completed, several differences remain. The Turkish Foreign Minister also stated that the ceasefire agreement, which expires next week, should be extended.On April 19th, Malaysian Prime Minister Anwar Ibrahim stated that Petronas, Malaysias national oil company, could negotiate with Russia on oil supplies to ensure sufficient national energy reserves to meet demand. Anwar noted that given the current economic climate, many European countries, despite having imposed sanctions on Russia, are now vying to purchase Russian oil, making Malaysias move reasonable. Anwar also mentioned that during Australian Prime Minister Albaneses recent visit to Malaysia, the two sides discussed cooperation on gasoline, diesel, and fertilizer supplies.According to Irans Nour News, the commander of the Iranian Revolutionary Guards Aerospace Force, Mousavi, stated that during the ceasefire, the replenishment rate of launchers was faster than before the war. Meanwhile, the enemy is facing difficulties in rebuilding its ammunition stockpile and must gradually import ammunition from abroad.April 19th - This morning, a Russian naval fleet successfully completed its five-day goodwill visit to Zhanjiang and departed from a naval port in Zhanjiang. At approximately 9:00 AM, the Russian Navy frigates "Perfect" and "Rinchenza," and the medium-sized oil tanker "Pechenga," departed the dock in succession. Representatives of the Southern Theater Command Navy lined the dock to hold a farewell ceremony for the Russian side. After departure, the Russian fleet was escorted out of territorial waters by the Chinese Navys "Chenzhou" ship, and the two sides then bid each other farewell via radio. During the visit, the Chinese and Russian sides organized a deck reception, exchanged ship visits, and conducted professional exchanges and sports competitions, further enhancing mutual understanding and friendship.

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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