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On December 3, Iranian Parliament Speaker Mohammad Ghalibaf stated at a press conference in Tehran on December 2 that Iran supports diplomatic contact and negotiations on an equal footing. However, in previous negotiations, the United States did not address the issues but instead imposed its own demands on Iran, forcing it to surrender. Ghalibaf pointed out that the United States demanded that Iran reduce its missile range, but Irans self-defense was "non-negotiable" and it was impossible for Iran to accept this demand. He said that Europe, under direct orders from the United States, activated the "snapback" sanctions mechanism, failing to demonstrate its independent will. Due to its obedience to the United States, Europe no longer plays any role in the Iranian nuclear issue. Irans suspension of cooperation with the International Atomic Energy Agency was the "most important and accurate" decision.December 3 - Crude oil prices fell in early Asian trading after a volatile day, with ANZ research analysts stating in a commentary that geopolitical tensions disrupted the market. The analysts pointed out that, on the one hand, US envoy Witkov arrived in Moscow to meet with Russian President Putin to begin discussions on a potential peace agreement. On the other hand, tensions escalated again after Putin threatened retaliatory measures against ships aiding Ukraine.According to futures news on December 3rd, as of the week ending November 29th, Japans commercial crude oil inventories increased by 1,019,992 kiloliters from the previous week to 11,021,410 kiloliters. Japans gasoline inventories decreased by 79,425 kiloliters from the previous week to 1,674,675 kiloliters. Japans kerosene inventories decreased by 48,655 kiloliters from the previous week to 2,349,553 kiloliters. The average operating rate of Japanese refineries was 84.6%, compared to 86.5% the previous week.On December 3rd, the overnight SHIBOR was 1.3010%, down 0.10 basis points; the 7-day SHIBOR was 1.4260%, down 0.80 basis points; and the 14-day SHIBOR was 1.4650%, unchanged from the previous trading day. The 1-month SHIBOR was 1.5200%, up 0.10 basis points; and the 3-month SHIBOR was 1.5800%, unchanged from the previous trading day.Fitch: Local government debt in Australia and New Zealand is rising, but fiscal stability remains.

With traders awaiting UK Retail Sales and US PMI, GBP/USD is meeting resistance at 1.2000

Daniel Rogers

Jul 22, 2022 14:46

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The British pound has been under selling pressure against the US dollar throughout the Asian trading session as the pair attempts to break through the crucial 1.2000 barrier. The cable had previously seen a vertical up trend after buyers indicated interest from Thursday's low of 1.1890. The asset is expecting a correction, but this does not necessitate a bearish reversal.

 

The US dollar index (DXY) has experienced strong buying demand in the first hour of trading as investors bet on a rate hike by the Federal Reserve (Fed) next week. Given the recent drop in US long-term inflation projections, the probability of a 100 bps rate hike has unquestionably increased. However, the current pricing pressures must be handled quickly lest they have a catastrophic impact. That's why the Fed may do nothing or declare a rate hike of 75 basis points.

 

The US S&P PMI data will be the focus of investors for the whole of today's session. In this update, the Global Composite data stands at 51.7, down from 52.3 in the last release. It's possible that the Manufacturing PMI may fall from 52.7 to 52. There is hope that the Services PMI would rise to 52.6 from 52.7. This will keep the DXY in a weak position.

 

With regards to the pound, all eyes will be on the latest Retail Sales report. The economy is -5.3 percent more vulnerable than it was in the last report, which was -4.7 percent, according to a preliminary evaluation. Sales at stores have been on the rise even before the recent spike in energy costs. Due to out-of-control inflation, the forecast for retail sales should have been raised. A smaller consensus, on the other hand, indicates that demand is poor across the board and that prices will not rise over their prior level regardless of pricing pressures.

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