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Iranian Foreign Minister Araqchi spoke with the Saudi Foreign Minister to discuss regional stability issues.On September 11, the Algerian Ministry of Defense announced that, effective from midnight on September 11, all civilian and military aircraft registered in the United Arab Emirates (including inbound and outbound flights) would be prohibited from entering Algerian airspace. However, commercial flights operated by the United Arab Emirates to and from Algiers Houari Boumediene International Airport are exempt and can continue operating until the end of 2026 (the expiration date of existing contracts). Earlier that day, the Algerian Ministry of Foreign Affairs announced that the country had decided to sever diplomatic relations with the United Arab Emirates, effective immediately.On September 11, it was reported that on the morning of September 10 local time, certain members of the UN Security Council, disregarding the significant differences remaining within the Council on related issues, insisted on pushing for the reinstatement of sanctions against Iran and for the Council to hold a meeting on an agenda that had already been terminated. Sun Lei, Chinas Deputy Permanent Representative to the UN, expressed serious concern and strong opposition to this in his statement. Sun Lei pointed out that currently, the US is intensifying unilateral sanctions against Iran, launching a new round of military strikes against Iran, and engaging in mutual attacks between the US and Iran, leading to renewed tensions in the region and severely hindering efforts by all parties to promote peace talks. China is highly concerned and deeply worried about this situation and calls on the US to commit to refraining from military action and to engage in sincere negotiations with Iran. The parties involved should abandon the use of force or the threat of force, and push the Iranian nuclear issue back onto the track of political and diplomatic resolution, seeking the greatest common denominator that takes into account the reasonable demands of all parties, such as achieving a comprehensive and lasting ceasefire, reaching a peace agreement, and resolving the Iranian nuclear issue through political and diplomatic means.September 11th - As of 2:30 PM closing, the Shanghai Gold futures contract fell 1.47% to 941 yuan/gram, the Shanghai Silver futures contract fell 5.07% to 15,593 yuan/kilogram, and the SC Crude Oil futures contract rose 6.19% to 816 yuan/barrel.The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has issued a whistleblower notice seeking information on support for illicit financing activities in Iran.

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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