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Irans Revolutionary Guard: Four "illegal" oil tankers attempting to pass through the Strait of Hormuz were intercepted in a joint missile and drone operation.On July 18, the Iranian Islamic Revolutionary Guard Corps issued a statement saying that two oil tankers exploded and caught fire while passing through a mine-laying area in the southern part of the Strait of Hormuz. The statement emphasized that due to recent US military operations, the Strait of Hormuz is "completely closed," and oil and gas transport cannot proceed through the strait until the US ceases its military operations against Iran. Ships should avoid entering the mine-laying area. The statement did not specify the nationalities of the two oil tankers, the number of casualties, or the extent of damage.According to Iranian state television, the Iranian Revolutionary Guard stated that two oil tankers exploded and caught fire after passing through a mine-torn shipping lane south of the Strait of Hormuz.On July 18, Irans Islamic Revolutionary Guard Corps announced that its forces attacked US facilities in Bahrain, destroying a US unmanned surface vessel storage facility and striking an artificial intelligence center used to assist US forces in target acquisition. Iran stated that this action was a response to previous US attacks on Iranian infrastructure, including bridges, and warned that if the US continues to attack Iranian targets, Iran will expand its strikes to target US industrial, technological, and artificial intelligence-related assets in the Middle East.July 18th - According to US media reports on the 17th, the US government has notified Israel that it will send dozens more refueling aircraft to Israel, potentially escalating military operations against Iran. Axios, citing Israeli officials, reported that the US hopes to send dozens more refueling aircraft to Israel in the coming days, restoring the number to the level at the beginning of the US-Israel conflict with Iran in late February. The report stated that the US government has requested Israel to accept the additional refueling aircraft, and Israeli Prime Minister Netanyahu will make the final decision. The US currently has approximately 30 refueling aircraft parked at Ben Gurion International Airport near Tel Aviv, Israel, and a similar number at Ramon Airport in southern Israel. The report suggests that US President Trump appears intent on escalating the conflict to create sufficient disruption to force Iran to open the Strait of Hormuz and accept US demands on the nuclear issue. According to US and Israeli officials, Trump may order an escalation of the situation in the coming days.

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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