News

Commercial vessel passage will commence immediately and will be fully restored within 30 days, taking into account Iran’s need to remove technical and military obstacles and to carry out mine clearance operations. Iran will hold talks with Oman and consult with other Gulf coastal countries to determine the future management and maritime service arrangements for the Strait of Hormuz. The future management of the Strait of Hormuz will be based on “applicable international law and the sovereign rights of the coastal states of the strait.”

Golden Ten Data, June 18 – Schroders Senior Economist George Brown stated that by keeping the benchmark interest rate unchanged, the Bank of England is currently buying time, and the threshold for raising rates remains “very high.” A weak labor market and sluggish economic growth should limit the second-round effects caused by soaring energy prices. The preliminary agreement to reopen the Strait of Hormuz should also reduce some of the more extreme upside risks facing energy prices. However, the Bank of England cannot afford to be complacent. “If inflation expectations continue to rise, the Bank of England may still be forced to take action.”

The EUR/USD has hit a two-and-a-half-month low, with an overall clear bearish trend.