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On September 5th, according to Irans SNN news agency, an Iranian oil tanker near Kharg Island was attacked by a missile. No casualties have been reported so far. Earlier, another Iranian media outlet, Fars News, reported an explosion near Kharg Island, but no smoke or fire was seen in the Gulf, and the cause of the explosion remains unclear. Kharg Island is crucial to Irans oil industry, accounting for 90% of Irans crude oil exports. Trump had previously threatened to seize the territory.According to Irans SNN news agency, an Iranian oil tanker near Kharg Island was attacked by a missile, but there are no reports of casualties so far.September 5 - According to Irans Fars News Agency, an explosion was heard near Kharg Island, Iran, but the cause is still unclear.September 5th - Many countries worldwide are accelerating the adjustment of their gold reserve storage strategies to reduce reliance on the single custody system in Europe and the United States. Since 2013, many countries have successively initiated the repatriation of their overseas gold reserves. The World Gold Councils 2026 Central Bank Gold Reserve Survey shows that in the past 12 months, 19% of central banks have increased the proportion of their domestic gold reserves or diversified their reserve locations, compared to only 7% a year ago. The number of central banks storing their reserves in New York and London vaults continues to decrease.On September 5th, a conference on the authorized operation of national satellite navigation and positioning reference station network service data, jointly hosted by the Ministry of Natural Resources and the National Data Administration, was held in Beijing. At the conference, it was announced that the national satellite navigation and positioning reference station network service data has been officially authorized for operation. This marks the first time at the national level that public data in the field of spatiotemporal information infrastructure has been authorized for operation. This will transform the reference station networks public data from a public resource whose value has not yet been fully realized into data assets that can be compliantly circulated and used, signifying a new stage in the market-oriented operation of BeiDou high-precision spatiotemporal data elements.

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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