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The Indian Embassy in Saudi Arabia: IndiGo has cancelled flights to and from Riyadh, Jeddah, Dammam and Medina until October 17.On October 13th, Citigroup stated that the Gulf regions economy is expected to contract by 3.1% this year, reversing the 4.5% growth forecast for 2025, as regional conflicts disrupt oil production and drag down non-oil sector activity. The bank predicts that oil sector output will shrink by 13.7%, while non-oil sector growth is expected to slow to 1.0% from 5.1% last year. Citigroup noted that the impact on the six Gulf economies will vary significantly, depending on the availability of alternative export routes and the extent of disruption to trade and tourism. Its forecast is based on the assumption that shipping in the Strait of Hormuz will return to normal in the fourth quarter; however, continued disruptions will pose further downside risks.The Ukrainian Ministry of Defense announced that the Ukrainian parliament has supported an initiative by the Ministry of Defense to allocate 100% of the defense export licensing fees to the Ukrainian Armed Forces. The fees for export control documents on military and dual-use goods will be divided equally: half will be used for the procurement, modernization, and maintenance of weapons and equipment, and the other half for military personnel salaries.According to Polish media outlet RMF FM, German police have detained a third person in connection with the Starlink fire in Poland.The Emir of Qatar stated that the countrys total revenue fell by 42% in the first half of the year.

Bulls in EUR / USD Have Taken Out Significant Lows, Dropping Below 1.0570 So Far

Alina Haynes

Mar 01, 2023 11:51

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On Tuesday, the EUR / USD exchange rate hit a bottom of 1.0573, but that was not the only development. Early in the day, higher-than-expected French inflation figures drew investors to the Euro, driving short-term euro zone yields to their greatest levels in at least a decade. Then, at the start of the US trading session, the pair increased to 1.0645 as US data showed that, in contrast to several prior inflationary results, the Fed's rate rises were starting to have the intended impact.

 

According to ANZ Bank analysts, "Base effects from Russia's invasion of Ukraine last year should start to push annual inflation down from March, but the ECB will be mainly worried with consecutive monthly inflation rises." Inflation statistics for Germany and the euro zone will be released soon, giving the Governing Council meeting in March a more comprehensive inflation picture.

 

Unexpectedly, the US Consumer Sentiment dropped in February, dropping from 106 in January to 102.9, far below the anticipated 108.5. The US Dollar suffered as a result. In addition, the Chicago PMI business poll for February came in lower than expected, and the S&P CoreLogic Case Shiller national house price index rose only 5.8% year over year and dropped 0.5% in December.

 

Expectations regarding the Fed's interest rate policy will be heavily influenced by the US Nonfarm Payrolls employment statistics for February, which will be published on March 10, and the Consumer Price Index, which will be released on March 14. The ISM manufacturing PMI will likely continue to represent the sector's fragility in February (market expectation: 45.5), according to analysts at Westpac, and the final assessment of the S&P Global manufacturing PMI will probably support this as well. "Weaker demand is expected to keep construction spending down in January (market consensus: 0.2%);" Neel Kashkari, president of the Minneapolis Federal Reserve, will also speak.


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