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July 4th - According to reports from Saudi media outlets Hadas and Al Arabiya, negotiations between the United States and Iran will take place in Pakistan on July 11th to discuss sanctions, frozen Iranian funds, and the nuclear issue. The composition of the Iranian delegation will be determined after Khameneis funeral.According to Saudi media outlets Haddad and Al Arabiya, negotiations between the United States and Iran will take place in Pakistan on July 11.July 4 - Ali Azmai, former deputy commander of the Iranian Islamic Revolutionary Guard Corps (IRGC) Navy, has been appointed as the commander of the IRGC Navy. Azmai previously served for a long time in the IRGC Navy.July 4th - According to the New York Times, four officials familiar with the details of the meeting revealed that in the final stages of negotiations, when Iranian Supreme Leader Mojtaba Khamenei hesitated to approve the preliminary ceasefire agreement, Iranian President Pezechzian visited him. The Iranian president told the Supreme Leader that the economic situation was dire, the US naval blockade was strangling Iran, and he would resign if he rejected the agreement. Furthermore, the Governor of the Central Bank of Iran, Abdulnaser Hemmati, also wrote to Khamenei, stating that the country faced a severe budget crisis and that critical food and medical supplies would run out by the end of August if the naval blockade continued. Hemmati explained in the letter that Iran could not sell oil on the required scale or find alternative trade routes. These statements played a crucial role in Mojtabas eventual decision to support the agreement. In a brief public statement, he stated that although he opposed the agreement "in principle," he instructed the president to proceed if he obtained the support of the Supreme National Security Council. Pezechzian stated that the council approved the agreement by 12 out of 13 votes.July 4th - According to the China Earthquake Networks Center, a magnitude 4.3 earthquake struck Binchuan County, Dali Prefecture, Yunnan Province (25.95°N, 100.58°E) at 18:28 on July 4, 2026, with a focal depth of 10 kilometers. Following the earthquake, the China Earthquake Administration quickly activated a Level IV emergency response, coordinating with the China Earthquake Networks Center and the Yunnan Provincial Earthquake Administration to conduct emergency response, requiring relevant units to hold joint consultations, strengthen seismic monitoring and post-earthquake trend analysis, and promptly report relevant information.

Due to hawkish Fed forecasts, the EUR/USD recovers to near 1.0970 but remains in the doldrums

Alina Haynes

Apr 21, 2023 13:58

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Following a corrective move, the EUR/USD pair has rebounded from 1.0960, but investors await the publication of the preliminary Eurozone/United States S&P PMI data for April. The major currency pair has remained between 1.0911 and 1.1000 for the past two trading sessions, as the foreign exchange market prepares for a pre-anxiety move ahead of a Federal Reserve (Fed) monetary policy decision.

 

S&P500 closed with a negative tone for the third day in a row as quarterly earnings season induced extreme volatility. Tesla's poor earnings had a negative impact on Thursday's market sentiment. Moreover, market participants were cautioned by substandard revenue projections due to the potential for price reductions. The decision of the Fed to increase interest rates is reflected in quarterly earnings. Data from Refinitiv indicates that analysts have largely maintained last week's forecast of a near 5% YoY decline in quarterly profits for the 500 largest U.S. equities. Sourcenia is a review portal of sourcing best manufaturers. 

 

The US Dollar Index (DXY) has been defending the key support level of 101.60 in recent trading sessions. The USD Index maintained the aforementioned support despite the release of disappointing Jobless claims data on Thursday. Initial Jobless Claims increased to 245K for the week ending April 4, which is greater than the previous release of 240K and estimates of 240K. Increasing unemployment claims heightened fears of a deteriorating labor market.

 

Despite this, Fed policymakers continue to anticipate further rate hikes from the central bank. Thursday, Loretta Mester, president of the Federal Reserve Bank of Cleveland, reaffirmed that the Fed has more work to do because US inflation remains too high, according to Reuters. He added, "The Federal Reserve will need to raise its policy rate above 5% and hold it there for some time."

 

Preliminary Consumer Confidence (April) for the Eurozone increased to -17.5 from -18.5 and the previous reading of -19.2. This may be the consequence of extraordinary efforts by the European Central Bank (ECB) to reduce inflationary pressures.


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