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On May 11, French President Emmanuel Macron, who was visiting Kenya on May 10, stated that France had "never considered" any "deployment" in the Strait of Hormuz. In response to plans by France and the UK to send additional warships to the Red Sea and the waters surrounding the Strait of Hormuz, Iranian Deputy Foreign Minister Gharibabadi posted on social media on May 10 that any external military deployment under the guise of "protecting shipping" would "no less exacerbate the crisis and militarize this crucial waterway." Only Iran can guarantee the security of the strait and will not allow any country to interfere.On May 11, following reports that Iran had responded to the US ceasefire proposal, Sultan Barakat, a professor at Hamad bin Khalifa University in Qatar, warned against expecting a swift breakthrough in negotiations. Barakat stated that a comprehensive peace agreement is still a long way off, and this should not be considered the end of the US-Iran conflict for an extended period. He pointed out that Iran has accumulated considerable resentment during the war; the deaths of its supreme leader and his family, numerous senior officials, and the immense destruction caused by the war have made it difficult for the Iranian people to trust the United States. However, both sides hope to extend the ceasefire as long as possible and use it as a starting point for gradually resolving various issues through negotiations. Barakat noted that Iran initially hoped for a comprehensive peace agreement but has now shifted to a phased approach. He speculated that Iran might want to restore navigation through the Strait of Hormuz and propose a joint oversight plan with the US.On May 11, according to the Iranian Students News Agency, the head of the Iraqi military media center responded to foreign media reports about the existence of Israeli bases in Iraq, declaring that the news was baseless and untrue.The Kingdom of Bahrain condemned Irans continued blatant attacks on the United Arab Emirates.US Ambassador to the United Nations: Iran cannot hold the world economy hostage.

Dollar-Australian retracement targets 0.6900 ahead of China data and minutes of Fed meeting

Daniel Rogers

Jun 15, 2022 11:33

截屏2022-06-15 上午10.09.37.png 

 

On Wednesday's mid-Asian session, AUD/USD rose to an intraday high of 0.6890 after receiving bids to pare recent losses around a five-week bottom. A moderate bid for US stock futures helps support the AUD/USD in light of the market's stance ahead of the Federal Open Market Committee (FOMC).

 

Nevertheless, US diplomats continue to dismiss recent mixed factory-gate inflation numbers while indirectly urging the Fed toward quick rate hikes and balance sheet normalization. Market sentiment is impacted by the same information on the covid conditions in Taiwan and China, which challenges the AUD/USD bulls because the pair is prominent as a risk barometer.

 

White House (WH) Economic Adviser Brian Deese and National Economic Council (NEC) Deputy Director Bharat Ramamurti both spoke out against rising inflation in interviews with CNN and Bloomberg, respectively.

 

Beijing had recorded the highest number of coronavirus cases in three weeks the day before and suggested even stricter activity restrictions. Shanghai, on the other hand, has experienced a reduction in the number of COVID-19 cases but has maintained the previously stated limitations to prevent the virus from spreading too rapidly.

 

The US Producer Price Index (PPI) for May came in at the expected 0.8% MoM, but fell to 10.8% YoY from 10.9 percent forecast and previous readings. Core PPI, which excludes food and energy from the PPI calculation, decreased from 8.6% to 8.3% YoY.

 

Goldman Sachs (GS) Chief Australia Economist Andrew Boak's words also helped the AUD/USD recover. "We now predict that the RBA will boost interest rates by 50 basis points in August and September, up from 25 basis points previously," said Boak from GS.

 

Another factor that may have benefited Australia's recent recovery is the declaration that the country's minimum wage will be raised by 5.2% as a result of the review. According to Reuters, the new weekly minimum wage is set to rise by $40.

 

US stock futures stay sluggish near the lowest levels since early 2021, up 0.20 percent intraday as of late, while Treasury bond yields stagnate near the 11-year high over 3.5 percent, about 3.475 percent as of late.

 

Australia's Westpac Consumer Confidence Index for June, anticipated to be -0.7 percent versus -5.6 percent previously, would provide immediate direction for the AUD/USD pair before China's Industrial Production and Retail Sales for May. On the other hand, a great lot of stress will be focused on the Fed's capacity to limit inflation without disappointing the markets.

In-Depth Analysis

Bears require a convincing break below the annual low of 0.6830, marked in May, to aim a June 2020 low of 0.6775. A recovery advance requires confirmation from the bottom of 2021 near 0.7001, on the other hand.


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