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Week Ahead: US CPI, China's Q2 GDP, and Bank of Canada Meeting Featured
The US dollar was mixed last week. The combination of strong data and the central bank's hawkish hike lifted the New Zealand dollar to the top of the G10 currencies. The roughly 4.5% rally in Brent oil, the first weekly gain in five weeks, seemed to help the Norwegian krone came in a close second. The low yielding Swiss franc and Japanese yen fell last week. The dollar rose against the Swiss franc for the fifth week in the past six. The yen's loss was pared ahead of the weekend after Japan's finance minister urged the nation's pension funds to boost domestic allocation. The impact was short-lived and the dollar ... (full story)
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Iran's Islamic Revolutionary Guard Corps (IRGC) Navy announced that the Strait of Hormuz will be "temporarily closed until further notice," and no ship will be allowed to sail through the waterway, blaming the United States for violating the memorandum of understanding (MoU). The Strait will remain blocked until the US "ceases its interference in [the] region," the navy said in a statement. "Should the aggressor, exploiting this incident (which it itself caused), commit any further transgressions, we shall respond forcefully, and additional enemy bases in the region will be targeted," the IRGC Navy warned, adding that the blame for such an escalation would fall on the US, Israel, and "countries that have placed their territories" at their disposal. IRGC fired a missile at a commercial cargo ship that tried to pass through the strait of Hormuz, U.S. official says. Ship was hit and suffered damages
*US SAYS HORMUZ IS OPEN TO ALL VESSELS SEEKING SAFE TRANSIT The Strait of Hormuz is open to all vessels seeking to lawfully transit the international waterway. U.S. forces are positioned and prepared to ensure that freedom of navigation remains available despite unwarranted Iranian aggression, harassment, threats, and arbitrary… pic.twitter.com/FS3TUBOZEj
Iran's Press TV: Explosions reported in Bushehr, Asaluyeh, southern Iran BREAKING: Strikes are reportedly hitting Asaluyeh and Bushehr right now. -U.S. airstrikes are reported against Asaluyeh in southern Iran, with additional strikes in Bushehr -Asaluyeh is the onshore hub of the South Pars gas field, the crown jewel of Iran's energy economy… pic.twitter.com/gDw1gTPgLj BREAKING: Unconfirmed reports claim HIMARS launches from BAHRAIN toward Iran -Circulating reports describe rocket artillery firing from Bahrain toward Iranian territory, completely unconfirmed -If real, it would mark the first known ground-launched strikes on Iran from a… pic.twitter.com/R8uOmQuJXK At 7:15 p.m. ET today, U.S. Central Command forces began launching the third round of strikes this week against Iran after Islamic Revolutionary Guard Corps forces blatantly attacked M/V GFS Galaxy, a Cyprus-flagged container ship transiting the Strait of Hormuz. A civilian crew…