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A Reuters poll found that 74% of economists believe Japan’s total budget request for fiscal year 2027 has exacerbated market concerns about fiscal discipline.A Reuters poll showed that 62% of economists expect the Bank of Japan to raise interest rates to at least 1.75% in the second quarter of 2027 (previously the survey expected a final rate of 1.50%).A Reuters poll shows that 97% of economists expect the Bank of Japan to raise interest rates to 1.25% on September 18 (compared to 57% in the August survey).Iranian Foreign Ministry spokesman Bagaei: US Secretary of State Rubios lies cannot replace the facts. Ansar Hezbollah (the Houthi rebels) is an independent actor that makes its own decisions; it neither accepts anyones instructions nor acts as anyones agent.Conflict Situation: 1. Iranian Foreign Ministry: Will respond decisively to any attack by the US military. 2. US Central Command: No US Navy warships were attacked; 10 Iranian oil tankers were destroyed. 3. Iranian Revolutionary Guard: Strikeed 2 US warships and 8 oil tankers, and also struck 10 vessels violating regulations. 4. Houthi rebels in Yemen: In the past 12 hours, Saudi warplanes conducted 48 airstrikes on the provinces of Artev, Marib, Taiz, Khodaeda, Saada, and Albayda. These airstrikes will be punished. 5. Iranian officials stated that Tehran is prepared for a more intense war with the US if necessary. The official stated that Iran will escalate its response to US attacks. 6. Saudi-led coalition in Yemen: Houthi rebels attacked the Saudi cities of Khamis Mushait, Abha, and Jizan on Wednesday using ballistic missiles and drones. 7. According to Iranian media reports, Saudi Arabia recently launched airstrikes against Houthi-controlled areas in Yemen. The Houthis claimed at least 70 attacks on six provinces. Sources indicated that Saudi forces used artillery and drones to attack parts of Saada province in northern Yemen, an area controlled by the Houthis. Strait of Hormuz: 1. Iran announced it will establish a new maritime "sanctions zone." 2. UK Maritime Trade Organization: Several merchant ships were attacked in the Gulf. 3. The Iranian Revolutionary Guard proposed a series of conditions for ending the war. 4. According to Saudi media Alhadath: Iranian media reported that an oil tanker was attacked in the Strait of Hormuz. 5. Pakistan reportedly issued a warning to Iran on behalf of Saudi Arabia, demanding that it restrain attacks by the Houthi rebels in Yemen. Given Pakistans defense agreements with Saudi Arabia and Turkey, this move carries significant weight. 6. According to Iranian state media: Explosions were heard off Qeshm Island, Iran, and several areas in Sirik were hit by artillery fire. Other matters: 1. US officials and Western diplomats say the Trump administration has not opposed the UK-led initiative to impose new sanctions on Israeli settlements in the occupied West Bank. 2. Japanese Foreign Ministry: Japan and Oman held a video conference of international law officials to exchange views on international law issues related to the Strait of Hormuz. 3. Israeli officials: The UK has been notified that its consulate in Jerusalem must close. 4. UN envoy: Houthi cross-border attacks could escalate the conflict, endanger civilians, and undermine political efforts. 5. US President Trump: We are not seeking a deal with Iran. Negotiations with Iran are possible. The war with Iran will end immediately after the midterm elections. 6. Iran: Once the war ends, it will prepare for IAEA inspections.

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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