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On July 18, Rezaei, an advisor to Irans Supreme Leader, stated that if the United States continues its attacks in the next two to three days, Iran will abandon its previous strategy of deterrence and reciprocal retaliation, shifting to a phase of "full-scale offensive and destruction," and may directly strike US military bases and personnel abroad. He claimed that Irans previous restraint was to avoid spillover of regional conflict, but the USs "miscalculation" could escalate the situation. Rezaei also called on Kuwait, Jordan, Qatar, the UAE, and other regional countries and governments to stop the US and Israel from expanding their operations, stating that the USs strategy of "simultaneous war and negotiation" has failed, and Iran will intensify its counterattacks in the coming days.July 18th - Crude oil futures recorded double-digit gains this week as the US expanded its military strikes against Iranian targets and Iran launched attacks on neighboring Gulf states. Another factor exacerbating concerns about escalating tensions is the possibility that Yemens Houthi rebels may take action to block shipping over the Red Sea; Saudi Arabia has been diverting its crude oil exports via the Red Sea while the Strait of Hormuz remains closed. Barclays analyst Amarpreet Singh stated in a report: "With inventories at near-record lows and most strategic petroleum reserve releases completed, the renewed escalation of tensions around the red line of the Strait poses significant upside risks to energy prices. As things stand, we believe the oil market is still too complacent about the potential impact on inventories."July 18th - According to the Wall Street Journal, sources revealed that SpaceX (SPCX.O) is in talks with the U.S. Department of Defense, hoping to provide the agency with billions of dollars worth of computing power to run artificial intelligence models, further strengthening the partnership between Musks company and the Department of Defense. These negotiations are ongoing but could ultimately fall apart. According to people familiar with the plans, SpaceX has signed similar agreements with Anthropic and Google in recent months and is currently planning a significant expansion of its cloud computing business. Sources also revealed that in recent weeks, SpaceX employees have discussed plans to offer computing power to AI customers at lower prices, thus competing more directly with existing vendors such as CoreWeave.Irans Supreme Leaders advisor, Rezaei, stated that if the US attacks continue for several days, Iran will enter a phase of full-scale offensive operations.SpaceX (SPCX.O) quickly narrowed its losses to 2.6%, after previously falling by more than 6%.

Despite the fact that Eurozone interest rates are anticipated to peak sooner, the EUR/GBP looks to have breached over 0.8630

Daniel Rogers

Dec 07, 2022 15:12

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The EUR/GBP pair has had a stronger recovery from 0.8580 during the Asian session, approaching the pivotal 0.8630 level. Despite the European Central Bank (ECB) being close to reaching an interest rate high, there has been strong demand for Euro bulls. Thus, the monetary policy meeting scheduled for next week will be of utmost significance.

 

The cross is attempting to break strongly above the significant barrier of 0.8630 for the fourth time this week. The hawkish remarks made by ECB policymakers are holding back the euro bulls.

 

"There will be another rate hike," said Constantinos Herodotou, governor of the Central Bank of Cyprus, "but we are very near to neutral." The European Central Bank's chief economist, Phillip Lane, is unsure as to whether the inflation peak has already occurred or will take place in 2019. He stated that although "much has already been done," he does not rule out more rate increases.

 

Investors are currently looking forward to Christine Lagarde's speech, which will be revealed on Thursday. The ECB President is likely to lower her inflation projection in her future statement in light of the poor retail sales numbers.

 

In contrast to expectations for a 1.7% loss, this week's Eurozone retail sales numbers showed a 1.8% decline. Aside from that, annual economic data contraction came in at 2.7% as opposed to the 2.6% consensus expectation. A decline in household demand demonstrates the effectiveness of the European Central Bank's (ECB) policy tightening initiatives. To reach their sales targets, firms could feel pressured to lower the prices of their products and services.

 

The United Kingdom's deteriorating food crisis, brought on by growing costs and a labor shortfall, has had an impact on the Pound Sterling. According to Minette Batters, president of the National Farmers Union, "the government and the entire supply chain must act swiftly." The Financial Times stated that "tomorrow might be too late." The economy already faces rising food inflation, and the issue with the supply of food will make matters worse.


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