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According to Israeli media N12, sirens sounded in northern Israel and the Sharon region following Irans missile launch.Kuwaiti Army: Fuel storage tanks belonging to Kuwait International Airport were targeted in a drone attack.On March 8th, four sources familiar with the matter told Reuters that Saudi Arabia has informed Iran that while it supports a diplomatic solution to the conflict between Iran and the United States, it may take appropriate measures in response if Iran continues to attack Saudi Arabia and its energy sector. The sources revealed that two days prior, the Saudi Foreign Minister met with the Iranian Foreign Minister and clearly articulated Riyadhs position. The sources indicated that Saudi Arabia is willing to accept any mediation approach aimed at de-escalating the situation and reaching a solution through negotiations. They also emphasized that Riyadh and other Gulf states have never allowed the United States to use their airspace or territory to launch airstrikes against Iran.On March 8th, local time, on the evening of the 7th, Iranian Islamic Revolutionary Guard Corps spokesman Naini stated that in the first week after the outbreak of the conflict, the Iranian armed forces implemented a multi-layered offensive strategy. Statistics show that Iran conducted 600 missile strikes, using various types of solid and liquid-fueled ballistic missiles and cruise missiles. In addition, Iran conducted 2,600 drone operations. During these operations, more than 200 sensitive targets located at US military bases and key Israeli facilities were precisely targeted and destroyed. Naini emphasized that the scale of Iranian firepower projection in the first three days of the conflict was equivalent to the total firepower deployed during the entire "12-Day War." Naini also stated that 17 ships belonging to the United States, Israel, and their allies have been attacked.Local news agencies, citing sources from Irans oil ministry, reported that fuel depots in three regions, including Karaj, west of the capital Tehran, were attacked.

GBPUSD bulls surpass 1.18 despite conflicting UK employment data

Daniel Rogers

Nov 15, 2022 16:55

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GBPUSD buyers surpass 1.1800 to resume intraday highs near 1.1810 amid mixed data from the United Kingdom's most recent employment report, which was released early Tuesday morning in London. The Cable pair may have done so in response to the US Dollar's sluggish movement and Britain's geopolitical woes.

 

The Claimant Count Change for the United Kingdom increased to 3,300 against estimates of -12.6K and previous readings of 25.5K, while the Unemployment Rate soared to 3.6%, above market expectations and prior readings of 3.5%.

 

The Times reports that rumors that UK Prime Minister Rishi Sunak will propose a plan to increase the national living wage and provide cost-of-living payments of up to 1,100 pounds ($1,292.61) to eight million households also benefit GBPUSD buyers. According to the report, "Chancellor of the Exchequer Jeremy Hunt and Sunak will accept an official recommendation to increase the living wage from £9.50 per hour to about £10.40 per hour, a roughly 10% rise."

 

Aside from this, recent Fed policymaker pronouncements appear to have boosted expectations for fewer rate hikes by the US Federal Reserve (Fed), which has also bolstered GBPUSD bulls. Vice Chair for Supervision of the Board of Governors of the Federal Reserve System, Michael Barr, remarked that the rate of inflation is overly high. Vice-Chair Lael Brainard previously backed a 50 basis point (bps) rate rise, but she conceded, "We have additional work to do." Christopher Waller, governor of the Federal Reserve, called for a 0.50 percentage point rate hike on Monday and cautioned against the market's interpretation of the pivot.

 

At press time, S&P 500 Futures report intraday gains of 0.50% near the monthly high, as US 10-year Treasury rates grind higher around 3.87%, threatening the US Dollar Index's (DXY) recovery near 107.00.

 

Prior to the US Producer Price Index (PPI) for October, which is expected to be 8.3% YoY versus 8.5% before, GBPUSD traders should focus on the aforementioned risk catalysts for clear direction. Positive results are anticipated for the UK Consumer Price Index (CPI) for October and the British Autumn Statement on Wednesday and Thursday, respectively.


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