IRAN: French Foreign Min-'Time Is Running Out' To Avoid Snapback Sanctions

Aug-22 13:38

Following a call between Iranian Foreign Minister Abbas Araghchi and his counterparts from the E3 nations (France, Germany and the UK) as well as European Commission High Representative for Foreign Affairs and Security Policy Kaja Kallas, both sides have confirmed that nuclear talks will resume on Tuesday, 26 August at the deputy ministerial level. French Foreign Minister Jean-Noel Barrot said that the call focused on Iran's nuclear programme and snapback sanctions that are due to come into force from 17 October, and that "time is running out" if the sanctions are to be avoided. 

  • As noted earlier (see 'SECURITY: Iran And E3 Work On Last-Ditch Effort To Prevent 'Snapback' Sanctions', 10:36BST), the E3 have threatened to begin the process of implementing snapback sanctions if no progress is made on nuclear talks by the end of August.
  • Iran International reports that Araghchi, "cautioned that resorting to such a step would have serious consequences. Araghchi said Iran remained committed to diplomacy but would continue to defend its rights and interests." The minister said Iran would consult with its "friends" in the UN Security Council on the effects of the E3 triggering snapback sanctions.
  • As Laurence Norman at WSJ notes, Iran has "left it awfully late if [they are seeking an extension]. We’re less than a week away from the initial target date for triggering SnapBack and E3 wanted to see actual progress not words. Next Tuesday cutting it very fine." There remains scepticism over whether Iran is actively looking to avoid the snapback sanctions, or simply preparing the ground to claim it is the E3 that is to blame as Tehran sought to continue talks. 

 

Historical bullets

AUDUSD TECHS: Fresh Cycle High

Jul-23 13:34
  • RES 4: 0.6700 76.4% retracement of the Sep 30 ‘24 - Apr 9 bear leg
  • RES 3: 0.6688 High Nov 7 ‘24
  • RES 2: 0.6621 0.764 proj of the Jun 23 - Jul 1- 17 price swing  
  • RES 1: 0.6601 Intraday high  
  • PRICE: 0.6587 @ 14:33 BST Jul 23
  • SUP 1: 0.6494/6455 50-day EMA / Low Jul 17
  • SUP 2: 0.6435 23.6% retracement of the Sep 9 - Jul 11 bull leg   
  • SUP 3: 0.6373 Low Jun 23 and a bear trigger  
  • SUP 4: 0.6357 Low May 12

The trend set-up in AUDUSD remains bullish and this week’s gains reinforce current conditions. Today’s appreciation has resulted in a print above key short-term resistance at 0.6595, the Jul 11 high and bull trigger. This resumes the uptrend and sights are on 0.6688, the Nov 7’ 24 high. Support to watch is around the 50-day EMA, at 0.6494. A clear break of this EMA would highlight a stronger reversal. 

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