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October 13 - According to AFP, Houthi political bureau member Buhati said on the 12th that if the United States participates in an aggression against Yemen, the Houthis will respond swiftly and painfully, and will strike the United States and all its interests in the region.On October 13th, US President Trump stated on the 12th that he believed both Russia and Ukraine agreed to his proposed "energy ceasefire," and that Russia and Ukraine must reach an agreement to end the conflict. Before leaving the White House for Ohio, Trump told reporters that Russian President Putin and Ukrainian President Zelensky must sit down and negotiate to end this "absurd war," adding, "We will get them to an agreement." He also claimed that Putin was more eager for an agreement than Zelensky. When asked if both Russia and Ukraine agreed to an "energy ceasefire," Trump said, "They both agreed. You know why? Because I said they agreed."The European-Mediterranean Seismological Centre has revised the magnitude of the Panama earthquake from 6.5 to 6.The European-Mediterranean Seismological Centre reports a 6.5-magnitude earthquake in the Panama region.October 13th - According to sources, Abu Dhabi National Oil Company (Adnoc)s logistics subsidiary is in talks to acquire a significant stake in HEA Energy. The deal could value the Middle Eastern offshore energy services company at up to $3 billion. If completed, this transaction would strengthen the UAEs position in the offshore oil and gas services sector; just months after the UAE withdrew from the Organization of the Petroleum Exporting Countries (OPEC).

As Fed Chair Powell endorses higher rate hikes, EUR / USD falls toward 1.0530

Daniel Rogers

Mar 08, 2023 14:00

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During the Asian session, the EUR / USD pair broke below the consolidation around 1.0550 to the downside. It appears that the major currency pair has resumed its decline, and further losses are anticipated due to pessimistic market sentiment. The currency pair is expected to find support near 1.0530.

 

Futures on the S&P 500 have lost their dead cat bounce as the motif of risk aversion gains strength. The US Dollar Index (DXY) has already reached a three-month high above 105.60, and gains are anticipated due to a general improvement in the appeal of safe-haven assets. The yield on the 10-year Treasury note has surpassed 3.97 percent. Powell, the chairman of the Federal Reserve, believes that increasing interest rates is "appropriate and suitable" for controlling the nation's rising inflation. He has asserted that the current monetary policy is inadequately restrictive to bring inflation down to the desired levels.

 

The extraordinary increase in payrolls reported in January has prompted contemplation of a higher termination rate than previously anticipated. Prior to this, Fed Governor Christopher Waller stated that February's economic data was a one-time anomaly and that price pressures would resume their downward trend beginning the following month. Consequently, investors will gain greater insight following the release of the US Automatic Data Processing (ADP) Employment Change (Feb) data, which is anticipated to be higher at 200K compared to the previous release of 106K.

 

On the Eurozone front, investors are concentrating on German January Retail Sales data. Compared to the previously reported contraction of 5.3%, it is anticipated that the monthly data will indicate an expansion of 2.0%. As a consequence, inflationary pressures may intensify as a rebound in retail demand may boost the German Consumer Price Index (CPI).

 

Klaas Knot, a policymaker at the European Central Bank (ECB), stated on Tuesday that the ECB is likely to continue raising interest rates for "quite some time" following March. According to him, the current rate of interest rate hikes could continue through May if underlying inflation does not decrease significantly.


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