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Turkish Presidential Palace: Turkish President Recep Tayyip Erdoğan held a telephone conversation with Iranian President Sergei Pezechzian. The two leaders discussed the ceasefire and the regional security situation. During the conversation, President Erdoğan noted that Turkey had cooperated closely with relevant countries in facilitating the ceasefire. Erdoğan emphasized that the upcoming negotiations, which will begin in the coming days, must be fully utilized to achieve lasting peace and stability. It is crucial not to give those attempting to undermine the process any opportunity, and our country is prepared to provide various forms of support, together with friendly nations, in this new phase.On April 10, Iranian Supreme Leader Mojtaba Khamenei stated on the 9th that Iran has never sought war and does not seek it now, but "we will never give up our legitimate rights." In this regard, Iran views the regional "resistance front" as a unified whole.On April 10, Iranian Supreme Leader Mojtaba Khamenei announced on April 9 that the Iranian nation had achieved a "decisive victory" in the current war imposed on Iran.Irans Supreme Leader Mojtaba Khamenei: We regard all resistance fronts as one.On April 10th, Iranian state television read a statement from Supreme Leader Mojtaba Khamenei on the evening of April 9th, emphasizing that Iran does not seek war, but will not relinquish its rights. This latest statement from Mojtaba was released on the 40th anniversary of the assassination of his father, the late Supreme Leader Ali Khamenei. The statement reviewed Khameneis life and stressed that Irans victory in the war was due to the unity of the government, the army, and the people. The statement indicated that Iran will pursue war reparations and advance its administration of the Strait of Hormuz to "a new phase," while considering the "resistance front" as a unified whole. The statement also called on Irans southern Gulf neighbors (the Gulf Arab states) to stand on the "right side," stating that Iran will extend goodwill to these countries, but only if they distance themselves from "arrogant hegemons."

The NZD/USD exchange rate is under pressure as investors anticipate crucial US developments

Alina Haynes

Dec 12, 2022 15:37

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Beginning with a high of 0.6411 and a low of 0.6382, the NZD/USD exchange rate is down 0.25 percent, sliding from its previous high of 0.6411 to its previous low of 0.6382. To date, though, it has been the best-performing G10 currency month.

 

ANZ Bank analysts commented, "NZD seasonality is normally positive in December, but while it has that plus rising interest rates on its side, there are no guarantees that it will emerge undamaged from this week's several central bank meetings."

 

The Federal Open Market Committee is due to meet this week, and market participants anticipate a hawkish result. The US producer price index for November was somewhat higher than anticipated, bolstering the case for the Federal Reserve to raise interest rates in the future, albeit at a slower rate.

 

TD Securities analysts estimate that the FOMC will raise rates by 50 basis points at its meeting in December, putting the target range for the Fed funds rate to 4.25 percent to 4.50 percent. "By doing so, the Committee's inflation-adjusted monetary policy stance would move into the restrictive zone. In September, we think that the FOMC will indicate that they will have to shift to a higher-than-expected terminal rate.

 

ANZ Bank analysts stated, "Our key concern is what this may do to the USD, which has been under pressure as the "pivot" narrative has gained traction amid signs of ongoing US inflation."

 

"NZ variables will also play a role, with the HYEFU and GDP due this week," but they are likely to be overwhelmed (again!) by volatility and the global climate.

 

In other news, the US consumer inflation report on Tuesday will set the tone for markets prior to the Federal Reserve meeting. Economists forecast a fall in core inflation to 6.1% in November from 6.3% in October.

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