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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.Irans Supreme National Security Council Secretary Larijani: The United States is already mired in its own miscalculation.Irans Supreme National Security Council Secretary Larijani: Regional countries have realized that the United States can no longer guarantee their security.

The EURGBP sustains modest gains over the mid-0.8700s, but lacks bullish conviction

Daniel Rogers

Nov 14, 2022 18:48

The EURGBP cross advances for a second day in a row on Monday and continues its modest intraday gains into the start of the European session. The cross is currently located above the middle of 0.87, but lacks bullish conviction and follow-through buying.

 

The common currency continues to receive some support from wagers on an aggressive policy tightening by the European Central Bank (ECB). In contrast, the negative economic projection for the United Kingdom devalues the British Pound. In reality, the National Institute of Economic and Social Research (NIESR) projects that the United Kingdom's fourth-quarter GDP growth would be flat and the likelihood of a recession remains high. It is thought that this will strengthen the EURGBP cross.

 

However, the chance that the Bank of England will increase interest rates further operates as a tailwind for the British pound. Aside from this, a slight US Dollar recovery from a near three-month low exerts some pressure on the Euro and, at least for the time being, limits any meaningful gain for the EURGBP cross. Ahead of this week's crucial UK macro data - the monthly jobs report on Tuesday and the CPI report on Wednesday - traders remain reluctant to place risky wagers.

 

The Monetary Policy Report Hearings at the Bank of England on Wednesday and the Autumn Statement by Chancellor Jeremy Hunt on Thursday will provide markets with extra advice. This will play a vital role in shaping the near-term GBP sentiment and the next leg of the EURGBP cross's directional move. In the lack of market-moving economic data from either the Eurozone or the United Kingdom, it is anticipated that spot prices would stabilize within a range.

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