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March 14th - According to a Reuters report on the 13th, approximately 20 Indian oil tankers remain stranded near the Strait of Hormuz due to the ongoing conflict in the Middle East. Sources revealed that India is currently holding a new round of emergency negotiations with Iran to ensure the safe passage of these vessels. Experts say that if the military conflict continues, energy supply disruptions will slow Indias economic growth. India is the worlds second-largest importer of liquefied petroleum gas (LPG), relying on imports for two-thirds of its LPG, with 85% to 90% of those imports coming from the Middle East. India is also the worlds fourth-largest buyer of liquefied natural gas (LNG), relying on imports for about half of its LNG, with the majority of those imports originating from the Middle East.Japanese Finance Minister Satsuki Katayama: We will respond to currency market fluctuations at any time and pay attention to the impact of exchange rate changes on peoples lives.March 14 - Sources familiar with the matter revealed that some oil loading operations at the Port of Fujairah in the United Arab Emirates, located outside the Strait of Hormuz, have been suspended following a drone attack and subsequent fire on Saturday morning. The Abu Dhabi National Oil Company and the Fujairah Port Authority did not immediately respond to requests for comment. The attack comes after the US military struck Harq Island, crucial for Iranian oil exports. Iran responded by stating that any attack on oil and energy infrastructure would provoke attacks on US-linked energy facilities in the region. The escalation of the conflict in the Persian Gulf has disrupted energy trade in the region, damaged oil and gas infrastructure, and nearly severed traffic in the Strait of Hormuz. The Port of Fujairah in the UAE is one of the few remaining ports in the region exporting oil and has previously reported missile threats.South Koreas Ministry of Finance: The finance ministers of South Korea and Japan reiterated that they will closely monitor the foreign exchange market and take appropriate measures against excessive volatility and disorderly trends.According to AFP: Since the Russia-Ukraine conflict, Norway has become the largest single supplier of natural gas to the European continent. Now, Norway hopes to use the Middle East conflict as an opportunity to secure EU approval for its (natural gas) drilling in the Arctic.

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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