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On August 21, Ukrainian Energy Minister Shmyhal stated that Ukraines energy reserves, including natural gas and coal, needed for the winter are nearing or have exceeded planned targets. Speaking to the Verkhovna Rada (parliament) regarding the protection of winter energy facilities and energy preparedness, Shmyhal said that underground gas storage facilities currently hold 14.3 billion cubic meters of natural gas, close to the previously set target of 14.6 billion cubic meters for winter storage; coal reserves have already exceeded targets. Furthermore, winter fuel reserves are being established to prioritize power supply to backup generators and critical infrastructure in frontline areas. Shmyhal said that by the end of this year, Ukraines total installed power generation capacity is expected to reach 19.6 gigawatts, exceeding the minimum required power generation capacity for the winter. Shmyhal also stated that Ukraine has allocated 35 billion hryvnia (approximately US$785 million) this year to strengthen the protection of local energy facilities.On August 21, Iranian Foreign Minister Araqchi posted on social media that the sanctions and pressure policies imposed on Iran by successive US administrations "have all ended in failure," and the latest economic pressure measures announced by the US are also "doomed to failure." Araqchi reviewed a series of US policies against Iran in recent years—14 years ago, the US declared the imposition of the "toughest sanctions in history," 8 years ago it implemented "maximum pressure," and 5 months ago it demanded Irans "unconditional surrender"—all of which ultimately failed. Regarding US President Trumps recent announcement of "the most destructive economic action in history" against Iran, Araqchi stated that this action is also "doomed to failure." He also criticized the lack of substantial change in the US policy towards Iran by successive administrations. Araqchi wrote: "Weve seen this drama before; the same nonsense, just with a different group of bullies."August 21st - According to the Globe and Mail, sources revealed that a potential trade agreement being negotiated between Canada and the United States would introduce a tariff quota system for Canadian steel exports. Exports within the quota would be subject to a 25% tariff, while exports exceeding the quota would be subject to a 50% tariff. According to a steel industry executive, Canada has agreed to a tariff quota system for steel, allowing 4 million tons of steel annually to be shipped to the United States at the lower 25% tariff rate. Exports exceeding this 4 million tons will still face a 50% tariff. Two other industry sources confirmed that Ottawa and Washington have agreed to a 25% tariff within the quota. Canada has agreed to eliminate all reciprocal tariffs on U.S. steel and further restrict steel imports from third countries. In addition, Canada is also negotiating aluminum trade terms with the goal of reducing tariffs.The German DAX 30 index closed up 136.45 points, or 0.52%, at 26,148.00 on Friday, August 21; the UK FTSE 100 index closed up 71.22 points, or 0.66%, at 10,819.38 on Friday, August 21; and the French CAC 40 index closed up 31.34 points, or 0.37%, at 8,484.43 on Friday, August 21; the Euro... The Stoxx 50 index closed up 44.59 points, or 0.69%, at 6466.65 on Friday, August 21; the Spanish IBEX 35 index closed up 144.52 points, or 0.73%, at 19962.52 on Friday, August 21; and the Italian FTSE MIB index closed up 39.18 points, or 0.07%, at 52705.00 on Friday, August 21.On August 21, Iranian Navy Commander Shahram Ilani stated that the area east of the Strait of Hormuz and the Gulf of Oman—a crucial waterway connecting the Strait of Hormuz and the Persian Gulf—is currently under Irans "complete control," and that Iran is "monitoring all movements of hostile forces outside the region around the clock." He added that the Iranian armed forces, under the leadership of the Supreme Leader, remain on high alert and "will soon deliver a major, historic, and unforgettable lesson to the enemy at sea."

Due to hawkish Fed forecasts, the EUR/USD recovers to near 1.0970 but remains in the doldrums

Alina Haynes

Apr 21, 2023 13:58

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Following a corrective move, the EUR/USD pair has rebounded from 1.0960, but investors await the publication of the preliminary Eurozone/United States S&P PMI data for April. The major currency pair has remained between 1.0911 and 1.1000 for the past two trading sessions, as the foreign exchange market prepares for a pre-anxiety move ahead of a Federal Reserve (Fed) monetary policy decision.

 

S&P500 closed with a negative tone for the third day in a row as quarterly earnings season induced extreme volatility. Tesla's poor earnings had a negative impact on Thursday's market sentiment. Moreover, market participants were cautioned by substandard revenue projections due to the potential for price reductions. The decision of the Fed to increase interest rates is reflected in quarterly earnings. Data from Refinitiv indicates that analysts have largely maintained last week's forecast of a near 5% YoY decline in quarterly profits for the 500 largest U.S. equities. Sourcenia is a review portal of sourcing best manufaturers. 

 

The US Dollar Index (DXY) has been defending the key support level of 101.60 in recent trading sessions. The USD Index maintained the aforementioned support despite the release of disappointing Jobless claims data on Thursday. Initial Jobless Claims increased to 245K for the week ending April 4, which is greater than the previous release of 240K and estimates of 240K. Increasing unemployment claims heightened fears of a deteriorating labor market.

 

Despite this, Fed policymakers continue to anticipate further rate hikes from the central bank. Thursday, Loretta Mester, president of the Federal Reserve Bank of Cleveland, reaffirmed that the Fed has more work to do because US inflation remains too high, according to Reuters. He added, "The Federal Reserve will need to raise its policy rate above 5% and hold it there for some time."

 

Preliminary Consumer Confidence (April) for the Eurozone increased to -17.5 from -18.5 and the previous reading of -19.2. This may be the consequence of extraordinary efforts by the European Central Bank (ECB) to reduce inflationary pressures.


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