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He however made it clear that “We are open to more direct contact,” adding that the coming months “may be unusually significant” in British-Iranian relations. Speaking to MPs in the House of Commons , Hague said “It is clear that the new president and ministers in Iran are presenting themselves and their country in a much more positive way than in the recent past. There is no doubt that the tone of the meetings with them is different. We must test the Iranian government’s sincerity to the full, and it is important that our channels of communication are open for that”. Hague further informed that he has had detailed discussions with Iranian foreign minister Mohammad Javad Zarif on how to improve the functioning of the UK-Iran bilateral relationship. The diplomatic relations between London and Tehran suffered a severe setback when UK’s embassy compounds in Tehran were overrun in 2011 and the Vienna Convention flouted. The Iranian Majles later voted to downgrade relations with the UK. “It is understood on both sides that given this history, progress in our bilateral relationship needs to proceed on a step-by-step and reciprocal basis. The Foreign Minister and I agreed our officials would meet to discuss this. The first such meeting has already taken place, and will be followed by a further meeting in Geneva next week” Hague added “I have made very clear to Mr Zarif that we are open to more direct contact and further improvements in our bilateral relationship. We have therefore agreed that both our countries will now appoint a non-resident Charge d’affaires tasked with implementing the building of relations, including interim steps on the way towards eventual re-opening of both our Embassies, as well as dialogue on other issues of mutual concern.” The development comes weeks after President Barack Obama and Iranian president Hassan Rouhani made history with a phone call, thawing three decade freeze between US and Iran. It was the first time that leaders from the US and Iran had directly communicated since the 1979 Iranian revolution. Britain’s foreign office later said in a statement “The UK will not have a diplomatic presence in Tehran until we are confident our staff will be safe and able to carry out the full range of functions.
FX Headlines: Weak UK Production Data Drops Sterling, Weighs on Euro
Markets closed FX Headlines: Weak UK Production Data Drops Sterling, Weighs on Euro By Christopher Vecchio | DailyFX 11 hours ago -0.0129 Talking Points – Weak UK data leads British Pound lower; Euro and Swiss Franc hurt amid implication that regions growth may have peaked in midsummer. – ECBs Draghi hits the lecture circuit with a speech in the US today. – Volatility to remain high as tensions around US fiscal talks remain elevated. To keep up with the European data and news as the week goes forward, be sure to sign up for my distribution list . EURO-ZONE ECONOMIC CALENDAR The Euro is weaker in the first part of the European trading day despite a lack of data on the calendar. Indeed, it seems that investors are driving the Euro lower for two-fold: one, that UK data was so weak, suggesting that regional economic activity may have cooled; and two, recent positive headlines out of the US regarding the fiscal debacle. A small pullback in the German Industrial Production figures due today, in context of the UK data, would confirm a slowdown in economic activity and lead to a near-term negative tone for European FX. Later on in the day, after the US equity market closes, ECB President Mario Draghi will be giving a speech at Harvard University. Just last week, President Draghi toned down the ECBs dovish rhetoric and pushed the central bank into a more neutral position . Clarification of this perspective could help the Euro stabilize if loses continue throughout the day. The data represents a significant step backwards in light of the fact that it not only undercut the market consesus, it also represented a steeper decline than the previous month. If UK production data is topping, it could be a sign that the broader region is seeing a cooling of economic momentum; the Euro-Zone accounts for over 40% of the UKs exports. UK Gilt yields slid to multi-week lows (10YY at six-week lows) suggesting that investosr are embracing the data in a negative fashion.