Return to Insights

Israel Hits Iran’s Isfahan Province

Friday feeling, Israeli missile strike on Iran, today's speech from the PM on sicknote culture, and lower-than-expected UK retail sales for March.

Friday Feeling

Check out this weeks playlist here!

Five Feet High and Rising – Johnny Cash

Mercy Now – Mary Gauthier

Both Sides Now – Joni Mitchell

Safe From Harm – Massive Attack

Smokin Out The Window – Bruno Mars

Israel Hits Iran’s Isfahan Province

This morning, the world is reacting to the news that an Israeli missile hit an Iranian site in the in central province of Isfahan. The extent of the damage is currently unclear, with Tehran downplaying the incident.

The strike follows days of speculation on how Benjamin Netanyahu’s War Cabinet would respond to the Iranian attack on Israel in which Tehran fired 300 drones and missiles. Iran says that this was in retaliation to the strike on its consulate in Syria at the start of the month which killed 13 people amongst which were senior military officials.

As news emerges on last night’s strike, attention turns to how the most recent hostilities may play out. The US, and others including the UK, have already urged restraint on all sides with concerns over the prospect of escalation into a regional conflict. According to the BBC’s Chief international correspondent, Lyse Doucet, “Tehran says its old doctrine of “strategic patience,” of playing a longer game when its assets and individuals are attacked, has ended.”

Though it’s unclear where the strike landed, some are speculating on whether it targeted the Isfahan Nuclear Technology Centre which holds a uranium conversion facility. According to a former US official speaking to the BBC, “Isfahan really is to a great extent the centre of the Iranian nuclear programme in terms of training, research and, what some would say, the development of the Iranian nuclear capability.” At 07:11 this morning, the UN atomic watchdog the International Atomic Energy Agency said that no damage has been caused on the site and is continuing to monitor developments.

Iran has said that no such damage has taken place there, though such reports have not been independently verified.

PM’s to Speak on ‘Fit to Work Notes’

Today, the Prime Minster is expected to criticise the country’s ‘sicknote culture’ in a bid to drive up productivity. Attention has recently been focused on the rising number of those that are ‘economically inactive’. Recent data suggested that there are now 2.8 million economically inactive people which is defined by the ONS as “People not in employment who have not been seeking work within the last 4 weeks and/or are unable to start work within the next 2 weeks.”

According to the ONS this has been partially due to a rise in long-term sickness which has been rising throughout all age groups. (A rise in the number of students has also fed into the rise).

Sunak is expected to float the idea of “work and health professionals” issuing ‘fit to work’ notes. Presently, only doctors, nurses, pharmacists, physiotherapists and occupational therapists can do so.

The Telegraph is citing how Sunak will say that while we should “never dismiss or downplay the illnesses people have”, “more honest about the risk of over-medicalising the everyday challenges and worries of life”.

Sunak’s plans are coming under fire however with many critics citing longer waiting times and pressure on the health service leading. According to an investigation by The Times, in the first ten months of 2023, it took more than 28 days to hold 14.9m NHS appointments, a rise from 12.8m in the previous year.

UK Retail Sales Miss Expectations

UK Retail Sales for March have come in considerably lower-than-expected this morning, hitting 0% growth on a month-on-month basis. This was far lower than the market consensus which was pointing to a 0.3% print. On an annualised basis the figures came in at 0.8%, a marked increase from the previous figure which saw a 0.3% contraction.

According to the ONS automotive fuel and non-food stores sales volumes rose by 3.2% and 0.5%, respectively, though this was offset by falls in food stores and non-store retailers which fell 0.7% and 1.5%.

Ready to talk FX?

Get in touch with one of our friendly and knowledgeable experts to see how FX strategy can drive commercial impact in your business.



Find out how we have helped our clients meet their hedging requirements.

Los rendimientos y el resultado de los PMI En EE.UU impulsan al billete verde

La moneda común mantiene algunas ganancias  muy contenidas en su cruce frente al billete verde...

Esperando las Actas del FOMC para tomar una nueva dirección

La moneda común ha experimentado pérdidas contenidas en su cruce frente al billete verde...

El par encuentra cierta calma en la previa de la publicación de las Actas del FOMC

Hoy hemos amanecido conociendo el Índice de Precios de Producción alemán. La lectura mensual ha cumplido con las previsiones, mientras que el IPP anual de abril se ha situado por encima de las previsiones...

El par comienza la semana con la mirada puesta en las Actas del FOMC

La moneda común ha comenzado la semana ganando parte del terreno perdido en su cruce particular frente al billete verde...

El dólar recupera terreno para cerrar la semana

La moneda común a comenzado la jornada con algunas pérdidas frente al billete verde...

El IPC y las Ventas Minoristas castigan al billete verde

Durante la jornada de ayer, pudimos observar un repunte en el par EUR USD. Este vino dado, principalmente por datos de Estados Unidos...

Miradas puestas en el IPC de EE.UU

La moneda común ha comenzado la jornada continuando con su movimiento alcista en su cruce particular frente al billete verde...

El par permanece estable. Miradas puestas en el PIB de la zona euro

En la zona euro, ayer fue un día tranquilo en cuanto a la publicación de datos macro relevantes y declaraciones de expertos. Hoy conoceremos el Índice Armonizado de Precios al Consumo de Alemania, así como el Índice de Precios al Consumidor...

Encuentra más información con relación inteligentes en divisas