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July 15th - The United States is advancing negotiations on an oil pipeline that would bypass the Strait of Hormuz and transport oil from Iraq to Syria, thereby reducing Irans future influence on global energy supplies. According to sources, Thomas Barak, the US Special Representative for Syria and Iraq, has convened officials from both countries, as well as businesses including Chevron, to discuss restarting a long-dormant pipeline from Iraq to the west coast of Syria. While several new route options are being considered, the talks focused on rebuilding the Kirkuk-Banias pipeline, which has been out of service for over two decades. A State Department official confirmed that the US government is supporting Iraq and Syria in repairing the pipeline between the two countries to broaden trade routes and expects US companies to play a significant role in its construction. Earlier on Tuesday, Trump met with the Iraqi Prime Minister at the White House and indicated that a "large-scale" new oil cooperation agreement would be announced this week or next.Iranian Deputy Foreign Minister: The Strait of Hormuz is part of Irans national security.Federal Reserve Governor Bowman: The Federal Reserve should not micromanage banks on issues such as artificial intelligence.Iranian Revolutionary Guard: As long as the United States continues its "evil operations" in the region, there will be no oil or gas exports from the region.Federal Reserve Governor Bowman will speak at the Fed’s annual financial inclusion conference in ten minutes.

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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