Economy

2023-07-04 09:33:23

The dollar, like other major currencies, remained stable on Tuesday in the absence of strong economic indicators and while the American national holiday will keep investors away from their consoles in the United States.

Around 9:10 a.m. GMT (11:10 a.m. in Paris), the Dollar index, which compares the greenback to a basket of other major currencies, climbed 0.04% to 103.03 points.

“The session looks quiet in Europe, without the United States for July 4, and little data before the PMIs for June tomorrow”, comments Michael Hewson, analyst at CMC Markets.

Several European PMI indicators are due out on Wednesday and might give clues to the economy’s resilience to central bank rate hikes.

“It is clear that the European Central Bank (ECB) will raise its rates in July. Speculation is regarding what will happen following,” said You-Na Park-Heger, analyst at Commerzbank.

A slowdown in growth might push the ECB to fewer rate hikes, which would make the euro less attractive.

In Australia, the central bank decided on Tuesday to leave its rates unchanged, at 4.1%, in the face of an “uncertain” economic context.

The Reserve Bank of Australia (RBA) meets more often than the major central banks, with monthly monetary policy decisions, Mr Hewson said.

The officials of the monetary institute have therefore decided to wait but “with a still strong labor market and persistent services inflation, it is unlikely that rates will not rise further in Australia”, he warns.

The Australian dollar did not suffer from the central bank’s wait-and-see attitude and rose 0.14% to 1.4967 Australian dollars for one US dollar.

Tuesday class Monday class

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09:10 GMT 9:00 PM GMT

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#dollar #dozes #American #national #holiday

2023-07-03 17:51:59

(New York) Oil prices, which opened higher on Monday on the heels of further production cuts from Russia and Saudi Arabia, finally ended lower, reflecting some pessimism on request.

Updated yesterday at 3:46 p.m.

2023-07-04 06:47:39

Saudi Arabia’s decision to extend oil production cuts is not surprising, but massive, 1 million barrels per day during August. Add to that Russia’s announcement to cut production by half of this number for the same month, which removes approximately 1.5% of the global demand for oil outside the market for the month of August.

The kingdom has already cut a huge portion of its oil production in a bid to prop up prices amid fears of a global economic slowdown. So far, its efforts have not been truly rewarded, as Brent crude is still trading at less than $81 a barrel, the price at which Saudi Arabia can balance its budget, according to the International Monetary Fund.

Russia’s announcement comes following the OPEC+ member agreed to cut 500,000 bpd in March. Given that it produced more oil that month and the following month in April than it said, the market may take a closer look at whether Russia sticks to its new target.

For Russia, the various embargoes, restrictions and price caps of the G7 have already limited how much it can earn from its oil, which is currently trading at $20 a barrel less than Brent. So there may be less incentive for it to cut production, but doing so might ease tensions between Russia and Saudi Arabia and preserve unity in OPEC+.

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#Saudi #Arabia #Russia #extend #oil #production #cuts #potential #impact

2023-07-04 09:45:01

After taking power with the Military Committee for National Recovery (CMRN) on April 3, 1984, Lansana Conté faced at the beginning of July 1985 his first attempt at destabilization which came from within his camp.

First Prime Minister, then Minister of Education, Diarra Traoré was one of the soldiers who formed the Military Committee for National Recovery (CMRN) and who seized power at the death of Sekou Touré on March 26, 1984.

While he is traveling to Lomé in Togo for the summit of the Economic Community of West African States (ECOWAS), a press release broadcast on Guinean Radio Television on the night of Thursday, July 04 1985 announces the seizure of power by the “Supreme Council of State” chaired by Colonel Diarra Traoré.

The response is organized in the barracks to defend the power of General Conté and the putschists fail in their attempt to seize power. Lansana Conté returned to Conakry on Friday July 05, 1985. Diarra Traoré was arrested with several other dignitaries of the regime, including among others: Captain Amadou Kouyaté Secretary of State for Security, Abraham Kabassan Keita Secretary of State for Rural Development, Lancinet Keita permanent secretary of CMRN…

A trial was opened once morest the perpetrators of this coup attempt on July 7, 1985 and will be held until July 19, when Colonel Diarra and his main accomplices would have already been executed. At the end of this trial, 175 civil and military personalities will be condemned, including 59 to the death penalty, 80 to life imprisonment.

On September 16, 2019 Amadou Damaro Camara, current president of the Guinean National Assembly, published an essay entitled ” Colonel Diarra Traoré’s failed coup where he recounts this attempt with which he was associated.

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#TODAY #July #attempted #coup #Diarra #Traoré