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Conflict Updates: 1. The UAE reports an attack on a ship in the Strait of Hormuz. 2. Lebanon condemns Israeli attacks on southern Lebanon as a violation of the framework agreement. 3. Israeli airstrikes in Lebanon kill 11. 4. Lebanon condemns Israeli attacks on southern Lebanon as a violation of the framework agreement. 5. The UAE Foreign Ministry condemns Irans attack on an ADNOC vessel. 6. Israeli airstrikes on the southern Lebanese town of Deir Zahrani kill 4 and injure 17. 7. Irans Communications Minister: Over 500 telecommunications sites have been attacked during the war, and some facilities were hit again after being repaired and service restored. 8. According to Saudi Arabias Al Arabiya TV: The Yemeni military vowed a strong response to the Houthi attack on the port city of Mocha. 9. Israeli Prime Minister Netanyahu: Hezbollah violated the ceasefire agreement in Lebanon and attacked our fighters within the "yellow line." In response, the Israel Defense Forces attacked the Hezbollah command post that issued the order for the attack. Strait of Hormuz: 1. A maritime accident occurred in the Strait of Hormuz; a bulk carrier was hit by an unidentified flying object. 2. Iran and Oman have reached an agreement on shipping routes through the Strait of Hormuz. 3. Iranian Foreign Minister: The United States must meet (Irans) conditions before shipping through the Strait of Hormuz can resume. 4. Iranian Foreign Minister: Qatar and Pakistan are exchanging information with us, but this is not a negotiation. The talks between Iran and Oman are being conducted independently, focusing on sea routes through the Strait of Hormuz. Other Matters: 1. US media: Trumps demands are putting pressure on the US Navy. 2. Iranian Foreign Minister: Iran has not yet decided whether to resume negotiations with the United States. 3. Bandar Abbas International Airport resumes flight operations today. 4. Iran and Tajikistan sign a long-term oil cooperation agreement. 5. Head of Mocha Port, Yemen: The port of Mocha in Yemen ceased operations after the Houthi attack. 6. US media: The root cause of the US aircraft carrier predicament lies in the attack on the logistics hub of the Bahrain base in the early stages of the war. 7. According to Iranian media Fars News: Iranian military officials say three Iranian Air Force personnel went missing after an operation targeting US bases in March and are currently being held in Qatar. 8. The head of Irans Energy Optimization Organization: As part of three ongoing proposals to manage Irans gasoline supply, Iran is considering a proposal to allocate 30 liters of gasoline per person per month, and that this quota be transferable and tradable.According to Sky News: Yemeni sources say Yemeni air defense forces responded to a Houthi drone attack over Mocha, Hodeidah province.According to Fox News, Harvard has made a significant investment of up to $2.2 billion in SpaceX (SPCX.O).On August 16th, Iranian Foreign Ministry spokesman Bagaei stated on the 15th that the current situation in the Strait of Hormuz is a direct result of the "illegal actions" of the United States and Israel. Recently, the US and Iran have engaged in fierce exchanges over the Strait of Hormuz, with both sides making frequent statements and refusing to compromise. Analysts point out that the continued standoff and irreconcilable differences may lead to a cyclical situation, making full navigation through the Strait of Hormuz unlikely in the short term. Analysts believe that the current standoff between the US and Iran over the Strait of Hormuz makes significant concessions from either side unlikely in the short term. Unless the US decides to launch a new large-scale military strike against Iran, the ongoing stalemate will not change significantly, and Trumps ambition to "defeat Iran" and "incorporate the Strait of Hormuz into US territory" will remain mere rhetoric.On August 16th, it was reported that the Houthi rebels in Yemen have launched a series of large-scale missile and drone attacks on the important port of Mocha. On the 15th, the port administration announced that the attacks had caused severe damage to port infrastructure, and all port operations had ceased. Mocha is one of Yemens most important ports, strategically located only 65 kilometers from the Bab el-Mandeb Strait and 6 kilometers from international shipping lanes connecting the Indian Ocean, the Arabian Sea, the Red Sea, and the Suez Canal. According to port officials, between August 9th and 14th, Mocha was attacked by 40 ballistic missiles and 46 drones. In addition, ships carrying explosives also launched attacks on the port from the water.

Because of bad news on Australian exports, the AUD/JPY has dropped to roughly 97.00

Alina Haynes

Sep 08, 2022 15:52

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The Australian Bureau of Statistics' announcement of disappointing trade data has sent the AUD/JPY currency pair plunging. Since Australian exports have dropped so significantly, the cross has depreciated to around 97.00. Monthly export figures for the commodity-linked currency fell 9.9 percent, well below the expansion of 5.0 percent that had been predicted. There was also an increase of 5.2% in imports, up from 0.7% in the prior report. The Trade Balance is at $8,733m, down substantially from the forecasted $14,500m.

 

The Australian dollar has risen this week against the Japanese yen due to a number of factors. First, the Official Cash Rate (OCR) in Australia was raised to 2.85% by the Reserve Bank of Australia (RBA), marking the fourth consecutive increase of 50 basis points. RBA Governor Philip Lowe has maintained the central bank's "restrictive" stance on interest rates since inflationary pressures in the Australian economy have not peaked.

 

The RBA included a strategy for bringing inflation down to target levels in its announced monetary policy. Advice on interest rates and inflationary pressures deserved rigorous scrutiny. OCE hike forecasted by RBA policymakers to 3.85%. Inflation will reach its highest point of about 7% before beginning to fall the following year. Naturally, this will deepen the existing gulf in policy stances between Australia's Reserve Bank and Japan's Bank of Japan (BOJ).

 

The next step is the release of conflicting GDP estimates. Australia's quarterly GDP came in at 0.9%, which was below expectations of 1% but higher than the prior announcement of 0.8%. The yearly figure, however, has increased to 3.6% from the estimated 3.5% and the prior print of 3.3%.

 

Optimistic GDP data in Japan have supported the bulls in the Tokyo currency market. When compared to forecasts of 2.9% and the prior figure of 2.2% on an annualized basis, the latest economic data shows a significant increase to 3.5%. Furthermore, quarterly data have been recorded at 0.9%, which is above both the 0.7% forecast and the 0.5% previous report.

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