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On June 7, according to the Islamic Republic News Agency (IRNA), Iranian First Vice President Ariff stated that all senior officials are completely aligned on Irans negotiating strategy and refuted any claims of disagreement regarding the negotiating text or agenda. Ariff stated that Tehran has adopted a clear and coordinated approach in the negotiations. He said, "Iran has developed a clear strategy in the negotiations, and all officials are implementing it in a fully coordinated manner." He added that officials "have no disagreement on the negotiating text and agenda." He was referring to the ongoing indirect negotiations between Iran and the United States, aimed at permanently ending the war waged by the United States and Israel against Iran. Ariff also emphasized Irans experience in dealing with two wars, stating that Iran has drawn valuable crisis management experience from them.June 7th - According to Nikkei, while major cities worldwide are expanding their tree cover to curb rising summer temperatures related to climate change, the number of street trees in Japan has plummeted from its peak, with a shift towards planting species with limited canopy growth. According to statistics from the University of Tokyo, Tokyos canopy cover (the percentage of land area covered by branches, trunks, and leaves) has decreased from 9.2% in 2013 to 7.3% in 2022. This means that approximately 12 square kilometers of shaded area disappeared during this period, roughly equivalent to 250 large baseball fields. Even Phoenix, the capital of Arizona, a desert-surrounded city, has a higher tree cover than Tokyo, reaching 11% in 2024.British Airways CEO said that if fuel costs remain high, airfares will rise again.June 7th - According to recent news from Japan, due to the deteriorating situation in the Middle East, aviation fuel prices continue to rise. All Nippon Airways (ANA) and Japan Airlines (JAL) have basically decided to significantly increase fuel surcharges for international routes booked in July and August. The one-way fuel surcharge for North American and European routes booked in May and June has already reached 56,000 yen (approximately 2,363 yuan), and is expected to increase further, potentially breaking the record and reaching 65,000 to 70,000 yen (approximately 2,743 to 2,954 yuan). The specific increase is currently being coordinated with the Ministry of Land, Infrastructure, Transport and Tourism and other departments, and will be finalized soon. It is understood that ANA and JAL have already significantly increased their international fuel surcharges for June, with an increase of over 70% compared to April and May.APK-Inform has revised its 2026 wheat production forecast for Ukraine upward to 21.7 million tons from 19.9 million tons. It has also revised its 2026 grain production forecast for Ukraine upward to 58.7 million tons from 56.9 million tons.

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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