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① Iran 1. Libav was re-elected Speaker of the Iranian Islamic Parliament. 2. Twenty airports across Iran have resumed operations. 3. Iran announced it will deploy a new air defense system. 4. Air raid sirens sounded over Qeshm Island, Iran. 5. According to Iranian media reports, Iran activated its new "Arash Archers" system in recent hours, successfully shooting down an enemy drone over the strategic waters of the Persian Gulf. 6. Iranian media, citing Kermanpour, head of public relations at the Iranian Ministry of Health, reported on the 25th that Irans Supreme Leader Mojtaba had previously received treatment in a hospital and was discharged on March 1st. 7. Iranian media: The Iranian president has ordered the restoration of international internet access. 8. Continuous explosions were heard in Bandar Abbas, Iran; media reports say there is no need to worry. ③ Israel 1. Foreign ministers from eight countries jointly condemned the Israeli Minister of State Security. 2. Israeli Prime Minister Netanyahu testified again in court regarding his corruption case. ④ Strait of Hormuz 1. Iran announced it will charge "navigation service fees" to ships passing through the Strait of Hormuz. 2. Qatari media: The Strait of Hormuz will be opened in phases. 3. Iranian Revolutionary Guard Navy: In the past 24 hours, 32 ships, including oil tankers, container ships, and other merchant vessels, have passed through the Strait of Hormuz after obtaining permission. 4. The first Japanese oil tanker to arrive in Japan via the Strait of Hormuz since the start of the Iranian conflict. ⑤ Ceasefire Negotiations 1. US Secretary of State: The US and Iran have a “credible solution” on opening the Strait and the Iranian nuclear issue. 2. Irans Tasnim News Agency: Iran and the US have not yet reached a final memorandum of understanding. 3. Iranian media: Neither Iran nor the US made any commitments on the nuclear issue in the draft agreement. 4. Iranian Foreign Ministry Spokesperson: We have reached a framework, but no one can assert that the US and Iran will reach an agreement soon. The potential memorandum of understanding does not contain specific details on the management of the Strait of Hormuz. There are currently no plans to send a delegation to Pakistan. 5. Trump said negotiations with Iran are progressing well. 6. Qatar confirmed that a high-level Iranian delegation will travel to Doha for talks. 7. US media: The US and Iran are working to resolve differences in wording regarding the nuclear issue and sanctions. 8. Nikkei: Iran will open the Strait of Hormuz within 30 days of the agreement being reached, and the ceasefire agreement will be extended for 60 days. 9. Arab media reports that a draft agreement between the US and Iran has been reached. 10. Al Jazeera: The US and Iran have reached an understanding on frozen Iranian assets; the agreement may be announced tomorrow. ⑥ Other situations: 1. One Israeli soldier killed and one seriously wounded in southern Lebanon. 2. US and Saudi companies jointly developed a copy of an Iranian drone. 3. Israeli Prime Minister Netanyahu: Will intensify the crackdown on Hezbollah in Lebanon. 4. Trump called on several Middle Eastern countries to join the Abraham Accords; Saudi sources: Saudi Arabias position remains unchanged. 5. According to Axios: A senior US official revealed that the Trump administration will support Israel in intensifying its military strikes against Hezbollah. 6. Israel Defense Forces: On Monday, they struck more than 70 Hezbollah infrastructure targets in Lebanon, using approximately 85 rounds of ammunition to eliminate the threat.On May 26, the Financial Times reported that the EU ambassador to Kyiv, facing the latest threats from Russia, stated that she and other diplomats were "not going anywhere!" "What Russia wants is fear, panic, and the isolation of Ukraine. This will not succeed." The report stated that several other embassies, including those of G7 countries, confirmed that ambassadors and diplomats remain in Kyiv and have not evacuated.On May 26, Al Jazeera reported on May 25 that a source familiar with the talks between the high-level Iranian delegation in Doha stated that, with Qatars mediation, the United States and Iran have reached an understanding on the issue of frozen Iranian financial assets. The source said that because the frozen financial assets are crucial to Iran, the two sides are "very likely" to announce an agreement tomorrow.Maximo Pacheco, chairman of Chiles state-owned copper company, announced his resignation.According to Al Arabiya, Ibrahim Aziz, chairman of the Iranian parliaments National Security Committee, said that any agreement between Iran and the United States would not mark the end of the confrontation between the two countries, and called the conflict "fundamental and existential" for Tehran.

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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