Iran braces for oil sanctions after currency crash, protests
TEHRAN, Iran (AP) — Iran is bracing for the restoration of U.S. sanctions on its vital oil industry next week, as it grapples with an economic crisis that has sparked sporadic protests over rising prices, corruption and unemployment. The Trump administration on Friday announced the reimposition of all U.S. sanctions on Iran that had been lifted under the 2015 nuclear deal, ramping up economic pressure on the Islamic Republic. The oil sanctions, set to take effect on Monday, will target the country’s largest source of revenue in the most punishing action taken since the Trump administration withdrew from the 2015 nuclear agreement in May, and will also affect Iranian shipping and financial transactions. Read more @ https://www.apnews.com/f5f3a380400b464f8cd584c5c2044e48
Basket case: euro strength blunts export boost potential
A slump in the euro zone’s biggest trading partners’ currencies this year is blunting any boost that the euro’s weakness versus the dollar could provide the region’s exporters. Two months before the European Central Bank is scheduled to begin winding up its crisis-era bond-buying program, the task is being complicated by signs that the bloc’s economic momentum is running out of steam, and the euro is not helping. While the single currency’s 5 percent drop against the dollar EUR= in 2018 has captured the headlines, in “effective” terms it is roughly flat since January and close to four-year highs. That is according to an ECB-compiled index EUREER=ECBF that comprises the weighted average of the euro versus a basket of the bloc’s 19 main trading partners. Read More @ https://www.reuters.com/article/us-euro-trade/basket-case-euro-strength-blunts-export-boost-potential-idUSKCN1N71FH
“Only A Serious Economic Shock”: ECB Said To Consider New T-LTRO; Euro Tumbles
2012 was a seminal year for Europe and the ECB: that was the year when tensions in Euro markets receded in the second half of 2012, following Mr. Draghi’s seminal “whatever it takes” intervention in July of that year. The resulting containment of re-denomination risk in the Euro area and the wider improvement in market sentiment that followed helped re-establish a basis for better functioning of private markets. As a result, the need for central bank intermediation of intra-Euro area cross-border financial flows diminished. Read More @ https://www.zerohedge.com/news/2018-11-02/only-serious-economic-shock-ecb-said-consider-new-t-ltro-euro-tumbles
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