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UAE Presidents Foreign Policy Advisor: The UAE is exercising restraint and seeking a way out for Iran and the region.The UAE presidents foreign policy advisor said Irans accusations against the UAE are "part of its unwise and chaotic policy."On March 15, S&P Global Ratings affirmed Saudi Arabias sovereign credit rating, adding that despite disruptions, non-oil growth momentum and related non-oil revenues should help support the economy. S&P stated that Saudi Arabia should be able to withstand the impact of the current conflict with Iran. S&P noted that the country should be able to shift oil exports to the Red Sea, utilize its vast oil storage capacity, and increase oil production post-conflict. The Saudi government should also be able to adjust investment spending related to "Vision 2030," a strategic framework launched by the country in 2016.On March 15th, Matt Reed, Vice President of the geopolitical and energy consultancy Foreign Reports, stated that an attack on Kharg Island could trigger Iranian retaliation against Gulf oil-producing countries. He said, "Iran will retaliate in kind." The United States warned on Friday that if Iran continues to block the Strait of Hormuz, Kharg Islands oil facilities could become the next target. Reed warned that the longer the conflict continues, the harder it will be to find alternative energy supplies. "At least 10 million barrels of oil are trapped in the Gulf every day, plus more than 4 million barrels of refined petroleum products and tens of billions of cubic feet of liquefied natural gas, with no easy alternatives." The International Energy Agency has announced the largest emergency oil reserve release in history, with 32 member countries planning to release approximately 400 million barrels of oil. However, Reed believes this measure will have limited effect, stating, "By the time the oil gets to the market, it may be too little, too late." He described it as nothing more than a "band-aid."On March 15th, local time, the Iranian Islamic Revolutionary Guard Corps issued a statement saying that in the past 48 hours, the US and Israel had launched attacks on several civilian industrial facilities in Iran, resulting in the deaths of several workers. The statement said that after setbacks in its confrontation with Iran, the US and Israel have turned to attacking non-military industrial facilities. Iran warned that US companies in the region should withdraw from their facilities and urged nearby residents to stay away from industrial areas with US capital involvement to avoid potential attacks.

Australia welcomes "Freedom Day", and the Australian dollar rises to a new one-month high! Target or aim 0.74

Oct 26, 2021 11:01

On Monday (October 11), the Australian dollar rose to a one-month high against the backdrop of a surge in commodity prices. At the same time, the Australian dollar was also supported by the relaxation of restrictions on the epidemic in Australia’s most populous state of New South Wales.


Sydney reopens


Sydney’s cafes, gyms and restaurants welcomed fully vaccinated customers on Monday after being locked down for nearly four months, because Australia’s goal is to start coexisting with the coronavirus and gradually reopen with a high vaccination rate.

Dominic Perrottet, Governor of New South Wales (NSW), told reporters in the state capital of Sydney: "I think this is a day of freedom. This is a day of freedom. We are leading the country out of this. A pandemic, but it will be a challenge."

Perrottet warned that infections will increase after the reopening, and virus-free states such as Western Australia and Queensland are paying attention to the situation of the epidemic because of concerns that the health system may be overwhelmed.

Perrottet has announced the end of the New South Wales blockade and strongly supports the reopening of Sydney. Since the outbreak of the highly contagious Delta virus in mid-June, more than 5 million residents of Sydney have been severely restricted.

The epidemic has since spread to Melbourne and Canberra, forcing these cities to lock down, although the number of cases in New South Wales is declining.

As the scope of vaccination expands, Australia plans to gradually return to normal, allowing fully vaccinated residents to freely enter and leave the country from November. Australia closed its international borders in March 2020, helping to keep its coronavirus population at a relatively low level.

The outlook for the Australian dollar


OCBC Bank analysts believe that the Australian dollar against the US dollar may target 0.7400 after closing above 0.7300 last week.

"Australian Treasury bond yields underperformed U.S. bonds, providing the Australian dollar with some additional support in addition to risk sentiment," the analyst added.

In addition, Credit Suisse analysts predict that the downtrend line of approximately 0.7365 in 2021 will limit its rebound.

He said that the Australian dollar has broken through the resistance level 0.7312/17, which means that it will be revised upwards to the 2021 downward trend line 0.7365 in the short term. Since then, the support level was initially seen at 0.7291/87, below this level will confirm a fall to a lower level, and retest the 0.7179/70 low.

A break below the low of 0.7179/70 should clear the way for another test of the main support level of 0.7126/06 and extend it down to the 0.7053 and 0.6991 levels. A break below the latter marks a significant change in the trend towards a downward trend.

(Australian dollar against the dollar daily chart)

GMT+8 22:26, the Australian dollar was quoted at 0.7367 against the US dollar.

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