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According to US financial media Semafor, Florida Republican Congressman Brian Master is also one of the candidates to succeed Driscoll as Secretary of the Army.September 3 – Japanese companies are considering selling strategic holdings and other assets to offset the impact of the highest financing costs in a generation. A survey of 30 Japanese non-financial companies shows that they are also considering measures such as increasing overseas borrowing and raising funds in advance. Rising financing costs have begun to affect corporate investment decisions. Companies such as Toyota Motor and Tohoku Electric Power expect their annual interest expenses to increase by more than 30% if they refinance yen-denominated bonds.On September 3, according to Axios, US Presidential Envoy Steve Vitkov met with UAE National Security Advisor Al Nahyan in Sardinia over the weekend to discuss the next steps in the Iran situation. Two sources familiar with the matter said the meeting, which was not announced by the White House, occurred amid the Trump administrations push to reopen the Strait of Hormuz and increase economic pressure on Iran. This comes after the UAE decided to suspend trade, business, and financial transactions with Iran. Bilateral trade between the two countries is projected to reach $28 billion by 2024, and the UAE, particularly Dubai, has historically been a crucial trade and transshipment hub for Iran. Sources said an Iranian delegation visited Abu Dhabi on August 11, hoping to ease tensions and improve bilateral relations, requesting UAE assistance in obtaining food and medicine and requesting non-compliance with US sanctions, but this was refused. Subsequently, the Iranian Revolutionary Guard intensified attacks on UAE National Oil Company tankers attempting to pass through the Strait of Hormuz, prompting the UAE to suspend related business activities. The US government is currently establishing an interagency task force to coordinate the implementation of economic pressure on Iran.September 3 – According to the Wall Street Journal, new details of the civilian nuclear program agreement reached between the Trump administration and Saudi Arabia are drawing criticism, with some arguing that the landmark agreement falls short in preventing nuclear proliferation risks. Last week, the text of the agreement, along with a series of related documents, was submitted to US lawmakers. The documents outline a roadmap showing that, following further consultations, Saudi Arabia may enrich uranium on its territory to a level potentially approaching 20%. This enrichment level might be sufficient for small, modular civilian reactors, but it would also increase the risk of nuclear materials being diverted for military use. Scott Rock, a former US Department of Energy official and vice president of the nonprofit security organization Nuclear Threat Initiative, stated, “From a civilian perspective, this certainly makes sense. However, once that enrichment level is reached, it means that a large part of the work needed to produce weapons-grade materials has already been done.”According to Axios: Sources familiar with the matter revealed that U.S. Middle East envoy Witkov met with the UAEs national security advisor over the weekend to discuss next steps regarding Iran.

EUR/GBP Price Analysis: Breakout of the Flag Indicates Potential for New Upward Movement

Daniel Rogers

Jan 11, 2023 12:00

EUR:GBP.png 

 

During the Asian session, the EUR/GBP pair is behaving erratically below the crucial barrier of 0.8840. The cross trades aimlessly due to the absence of a potential stimulus. In the meantime, it is predicted that the European Central Bank (ECB) will cease its policy tightening, as Mario Centeno, a member of the ECB's governing council, stated that Eurozone inflation may find stiff opposition in January and February, but will begin to decrease in March.

 

EUR/GBP is forming a Bullish Flag chart pattern on a four-hour time frame, which indicates consolidation followed by a breakout. Participants typically initiate long positions during the consolidation period of a chart pattern, preferring to enter an auction once a bullish bias has been established.

 

Near 0.8820, the 50-period Exponential Moving Average (EMA) has moved sideways, suggesting continued consolidation. While the 200-day exponential moving average (EMA) is still climbing, a bullish long-term trend is indicated.

 

The Relative Strength Index (RSI) (14) fluctuates between 40.00 and 60.00 in the interim. It indicates that a probable conviction move trigger is not present.

 

A breach of the January 6 high at 0.8871 will accelerate the asset towards the round-number barrier at 0.8900, followed by the September 29 high at 0.8979.

 

In comparison, a decline below Monday's low of 0.8769 will lead to the asset's December 21 low of 0.8716. A fall in the latter will cause the asset to reach a low of 0.8691 on December 19.


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