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US Dollar Soars Amid Fed Delay Expectations, Global Tensions

US Dollar Rally Amidst Geopolitical Strains and Economic Data Releases

The US Dollar experienced a notable surge last week, attributed to growing expectations that the Federal Reserve may delay its policy shift in light of recent geopolitical events. This rally saw the USD Index climb over 1.5% and reach its highest point since early November, with the index currently in a consolidation phase around the 106.00 mark as of early Monday.

Key economic reports such as the NY Empire State Manufacturing Index and Retail Sales data are poised to take center stage in the US economic docket, potentially influencing market sentiment and currency valuations.

Geopolitical tensions escalated over the weekend following Iran’s drone assault, which was a response to the suspected Israeli attack on Iran’s consulate in Damascus earlier in April. The Iranian Foreign Ministry issued a statement asserting Iran’s readiness to defend its interests against any military aggression. In contrast, UN Secretary-General Antonio Guterres labeled Iran’s actions as a “serious escalation,” urging all parties to exercise restraint to prevent further regional instability.

US stock index futures saw a modest uptick at the start of the new week, following a sharp downturn on Wall Street last Friday. Meanwhile, gold prices briefly surpassed $2,370 in early Asian trading before dipping below $2,360 during the European morning.

The Euro faced significant pressure, with EURUSD dropping below the 1.0700 threshold on Friday and hovering around 1.0650 in early European trade. Investors are awaiting Eurostat’s release of Industrial Production data for February, which could influence the currency’s trajectory.

The British Pound also felt the weight of market forces, losing 1.5% last week and marking its most substantial one-week decline since July. GBPUSD remains subdued below the 1.2500 level as of Monday.

In Asia, Japanese Finance Minister Shunichi Suzuki expressed vigilance over foreign exchange movements, emphasizing preparedness in response to the Yen’s broad weakness. The USDJPY pair continued its upward momentum from the previous week, trading near a three-decade high at around 154.00 early Monday.

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Businesses Secure Long-Term Stability with New Lease Agreements

The EURUSD currency pair remains in a tight range above the 1.0900 support level on Monday as it struggles for direction. Investors seek fresh cues at the start of a busy data week, which may indicate how much the Federal Reserve will cut interest rates in September.

India Sees 22.5% Growth in Tax Collections, Boosted by Lease Revenues

India's net direct tax collections saw a significant boost, growing by 22.5% as of August 11, compared to 19.54% the previous month. This surge was driven by a 30% rise in Personal Income Tax revenues and a 111% increase in Securities Transaction Tax receipts, despite modest corporate tax growth.

New Tech Firm Secures Long-Term Lease in Downtown Business District

A major tech firm has signed a long-term lease for a new office space in downtown San Francisco, signaling confidence in the city's commercial real estate market. The move is expected to bring hundreds of jobs to the area and boost local businesses.

Lawmakers Consider Alternatives as Lease Deduction Nears Expiration

Lawmakers are evaluating alternatives to the expiring 20% deduction for qualified business income introduced by the Tax Cuts and Jobs Act. One option is corporate integration, which could address existing distortions. Businesses with a lease may also be impacted by these potential changes.