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On June 11, following Trumps remarks about possible further attacks on Iran, Ibrahim Aziz, head of the Iranian Parliaments National Security Committee, posted a strong statement on social media. He stated, "We are not afraid to fight the losers. American casualties are already far higher than Trump has admitted, and will continue to rise. This time, the war will not be confined to this region. We will wait and see!"On June 11, the U.S. Department of Energy announced on Wednesday that the United States is seeking to lend up to 40 million barrels of its Strategic Petroleum Reserve (SPR) to energy companies to help lower fuel prices. This plan is part of a previous agreement to release 172 million barrels of SPR. To date, the U.S. has lent approximately 133 million barrels of crude oil under that agreement. In March of this year, following the U.S. and Israels war against Iran on February 28, the U.S. reached an agreement with approximately 30 member countries of the International Energy Agency to release approximately 400 million barrels of strategic reserves to help stabilize the international oil market. Currently, U.S. SPR inventories stand at 349.2 million barrels, the lowest level since August 2023. Companies that borrow crude oil must return an equivalent amount of crude oil and pay a premium of up to 24% in the form of additional crude oil.The Nasdaq fell as much as 2% in late trading, the Dow Jones Industrial Average dropped 1.6%, and the S&P 500 fell 1.5%.On June 11, Colombian President Petro Petro responded to reports of his "temporary suspension" on June 10, stating that he had not been suspended and that only a member of Congress had made the request to the House Inquiry and Indictment Committee. Speaking to the media during a UN Security Council meeting in New York, Petro emphasized, "You are not dealing with a suspended president." He stressed that the Inquiry and Indictment Committee has no power to suspend the president of the republic, and that presidential suspension should be decided by the Senate. Petro believes the current action violates Colombian law and could trigger legal proceedings in the Supreme Court. Petro also accused the congressman who initiated the decision, claiming he had made numerous demands on the government and implying the actions constituted "extortion."Sources say the White House meeting with defense companies was similar to the one in March, with participating companies including Lockheed Martin (LMT.N), Raytheon Technologies (RTX.N), Boeing (BA.N), and L3Harris.

After Reaching a 20-year High in June, the US Dollar Index Falls

Alina Haynes

May 09, 2022 10:36

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After reaching a 20-year high versus a basket of major currencies earlier in the session, the U.S. Dollar is now inching lower late Friday afternoon. Price movement is driven by concerns about a worldwide recession and predictions that the Federal Reserve will tighten monetary policy more quickly than its peers to combat excessive inflation.

 

Futures on the U.S. Dollar Index for June are trading at 103.690, down 0.112, or -0.11 percent, as of 20:00 GMT. The Invesco DB US Dollar Index Bullish Fund ETF (UUP) ended the trading session at $27.71, up $0.05, or +0.18 percent.

 

Late in the session, the U.S. Dollar is 0.07 percent weaker against the Euro. The British Pound is inching down after falling below $1.2300 for the first time in over two years, a day after the Bank of England issued a stern warning that Britain faces the double whammy of a recession and inflation exceeding 10 percent. The BoE also followed the Fed in boosting interest rates, increasing them by a quarter-point to 1 percent.

Technical Analysis of Daily Swing Chart

The daily swing chart indicates that the primary trend is upward. A breach of the intraday peak at 104.105 will indicate a resumption of the uptrend. A breach of 102.375 will reverse the trend to the downside.

 

The range of the minor is 102.375 to 104.105. The 50 percent level is support at 103.240.

 

Short-term range is between 99.810 and 104.105. If the primary trend shifts to the downside, look for the selling to reach its 50 percent mark around 101.958.

Short-Term Prognosis

The path of the U.S. Dollar Index for June will likely be determined by traders up until 103.800 on Friday.

 

The presence of buyers will be shown by a prolonged advance over 103.800. A breach of 104.105 would imply that purchasing is gaining strength. This may cause an acceleration to the upward without a specific target at this time.

 

A prolonged move below 103.800 will indicate weakness heading into the close. The initial negative objective is the pivot level at 103.240. This is a probable trigger point for a speed-up into the major bottom at 102.

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