Daily Market Analysis from ForexMart

Gold prices are stable amid optimism about the negotiations between the United States and China

Gold prices rose slightly on Monday, as investors chose not to place large bets in anticipation of the results of trade negotiations between the United States and China. The spot price of gold rose 0.1% to $3,313.54 per ounce, while futures declined 0.4% to $3,333.80.

Three advisers to Donald Trump will discuss trade differences with their Chinese counterparts in London today, which is causing increased nervousness in the markets, and traders are avoiding long positions before negotiations. Although a complete elimination of tariffs is unlikely, the results of the discussions may improve the situation. However, the high cost of doing business in the United States and the growing budget deficit may increase inflationary pressures.

From a technical point of view, analysts expect spot gold to test the support level at $3,296, and a breakdown below this level could lead to a decline to $3,262. Gold is traditionally viewed as a safe haven asset in an environment of uncertainty and low interest rates. According to official data, the central bank of China increased its gold reserves for the seventh consecutive time in May.

At the same time, the spot price of silver rose 0.2% to $36.03 per ounce; platinum rose 1.6% to $1,187.80; palladium fell 0.1% to $1,045.61.

No News Is Already Good News

Trade negotiations between the United States and China are set to continue for a second day, as both sides aim to ease tensions surrounding technology exports and rare earth elements.

Yesterday, representatives from both countries concluded their first day of talks in London after more than six hours of discussions. The delegations are expected to reconvene today, Tuesday.

"We're doing fine with China. It's not easy with China," President Trump told reporters at the White House on Monday. "I'm only getting good reports."

The U.S. delegation is led by Treasury Secretary Scott Bessent, joined by Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer.

Following the talks, Bessent told reporters that it was a good meeting, and Lutnick called the discussions productive. The Chinese delegation was led by Vice Premier He Lifeng, who left without speaking to the media. He was accompanied by Commerce Minister Wang Wentao and Deputy Minister Li Chenggang, the country's trade representative.

Experts note that Wang has been a key member of President Xi Jinping's entourage on international trips since his appointment in 2020, while Li is a seasoned negotiator who previously served as China's ambassador to the World Trade Organization.

Prior to Monday's meeting, the U.S. signaled its willingness to lift restrictions on the export of certain technologies in exchange for assurances that China would ease its limitations on rare earth exports—elements critical for a wide range of energy, defense, and tech products, including smartphones, fighter jets, and nuclear fuel rods. China currently accounts for nearly 70% of global rare earth production.

This proposed exchange is seen as a delicate diplomatic maneuver in the ongoing tech standoff between the two superpowers. Washington, in urgent need of supply chain diversification, is struggling to find alternative sources of rare earths. In return, lifting tech export restrictions could encourage Chinese companies to enhance their domestic capabilities and reduce reliance on Western suppliers. However, executing such a deal is far from simple. First, the U.S. must be assured that China will follow through on easing rare earth export limits. Second, even if it does, this won't solve America's long-term dependency. Significant investment in domestic mining and processing capabilities is needed, along with building partnerships with other rare earth-rich nations.

Specifically, the Trump administration is reportedly willing to repeal a recent wave of restrictions on the export of chip design software, jet engine parts, chemicals, and nuclear materials. Many of these limitations were introduced in recent weeks amid growing U.S.–China tensions.

When asked about lifting the export bans, Trump sidestepped the question, telling reporters, "We'll see." He added, "China has been ripping off the United States for years," and reiterated, "We want to open China."

EUR/USD Technical Outlook

Buyers now need to push through the 1.1430 level to target a test of 1.1460. From there, a move toward 1.1490 becomes possible, though it would be difficult without the backing of major market players. The ultimate target stands at 1.1530. On the other hand, serious buyer activity is expected only around the 1.1400 level. If absent, it may be worth waiting for a retest of the 1.1361 low or considering long entries from the 1.1314 level.

GBP/USD Technical OutlookPound bulls must overcome immediate resistance at 1.3500 to aim for 1.3545—a level that will be tough to breach. The furthest target is 1.3580. Should the pair decline, bears will attempt to regain control at 1.3473. If successful, breaking below this range would deal a major blow to bullish positions and push GBP/USD toward the 1.3450 low, with potential further downside to 1.3415.
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The U.S. and China: A Small Step Forward. What's Next? (Potential for a reversal and decline in EUR/USD and NZD/USD pairs)

Representatives from the United States and China have reached a framework agreement on trade following two days of high-level talks in London. But why isn't there a sense of euphoria in the markets?

The agreements between the delegations followed a phone conversation between Trump and Xi that helped ease tensions between the two countries. A key part of the deal includes China's lifting of restrictions on rare earth metal exports to the U.S., while Washington agreed to ease its recent technology export controls. And that's it. In reality, the agreements addressed only part of the issue and did not fully resolve it. The broader unresolved question is the overall trade relationship between the countries. It appears that investors were hoping for more, which didn't materialize—hence the negative sentiment seen in U.S. stock index futures this morning.

What Can Be Expected from the Markets Now?
Nothing fundamentally new will likely occur. As mentioned, the overall trade issues between China and the U.S. remain unresolved and will probably stay that way until one side claims victory in this economic standoff.

Today, market participants are focused on the upcoming U.S. inflation report. Both headline and core inflation are expected to rise year-over-year.

What Will the Market Reaction Be?
Given that the main issue—the U.S.-China economic conflict—persists, today's inflation release could trigger a negative market reaction. A rise in the Consumer Price Index (CPI) would effectively nullify hopes for a Federal Reserve rate cut in the near future. This could trigger a correction in U.S. equities, which could then spread to global markets. In such an environment, the dollar may become a key beneficiary. It is currently holding above the key support level of 98.00 and is testing levels above 99.00 on the dollar index.

Rising inflation may boost demand for the dollar against other major currencies, especially amid falling inflation in Europe and growing labor market concerns in the UK. These factors both weigh on the euro and pound, key components of the dollar index basket.

U.S. Treasury yields have stabilized in anticipation of the inflation report. The data is expected to shed light on the economic impact of tariffs and broader inflationary trends.

Market Outlook
If inflation data meets or exceeds consensus expectations, this could trigger a corrective wave in equity markets. It may also weigh on demand in the cryptocurrency market. Gold prices may also come under pressure—although geopolitical tensions and the ongoing U.S.-China trade war continue to offer some support.

In this scenario, the dollar will likely be the primary beneficiary, supported by higher inflation and a stable Fed interest rate outlook. This contrasts with the high likelihood of continued rate cuts by the European Central Bank, the Bank of England, and other major global central banks whose currencies are included in the dollar index.

Daily Forecast:
EUR/USD

The pair is consolidating above the 1.1400 support level ahead of the U.S. inflation report. A local downward reversal could occur if the data meets or exceeds expectations. A drop below 1.1400 may amplify bearish pressure, potentially pushing the pair down to 1.1200. A key level for selling the pair is 1.1385.

NZD/USD

The pair is consolidating above the 0.6020 support level in anticipation of the U.S. inflation release. If the data meets or exceeds expectations, a local reversal downward may follow. A move below 0.6020 could intensify the bearish momentum, potentially driving the pair toward 0.5940. A key level for selling the pair is 0.6010.

XAU/USD. Analysis and Forecast

Gold is currently holding on to its intraday losses. Overall positive sentiment in the stock markets is undermining demand for bullion. However, a combination of factors is preventing bears from taking aggressive positions, helping the metal stay above the key psychological level of $3400.

The continued escalation of geopolitical tensions in the Middle East keeps pressuring market optimism, heightening concerns about global instability. At the same time, the growing expectation that the Federal Reserve will further reduce borrowing costs in 2025 is keeping the U.S. dollar from strengthening. This, in turn, is helping to limit gold's downside.

From a technical standpoint, Friday's breakout above the round $3400 level and positive oscillators on the daily chart favor XAU/USD bulls. Therefore, any further corrective pullback can be seen as a buying opportunity, with downside likely to remain limited around the $3400 level. However, a drop below this level would pave the way for deeper losses toward the $3370 level. A decisive break below this zone would invalidate the constructive outlook, shifting the short-term bias in favor of the bears.

On the other hand, momentum beyond the Asian session high in the $3455–3453 level would allow the precious metal to target a retest of the all-time high at the psychological $3500 level, reached in April. A decisive move beyond that level could act as a new trigger for the bulls, paving the way for an extension of the recently well-established uptrend.
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Middle East Crisis as a Prelude to Global War... (Limited Downside Possible for Bitcoin and EUR/USD)

The missile standoff between the U.S. proxy Israel and Iran continues. Yesterday's unexpected departure of the U.S. president from the G7 summit in Canada sparked speculation that America might engage more directly in the Israeli-Iranian conflict. However, Donald Trump keeps insisting that the conflict must be resolved peacefully.

White House Press Secretary K. Leavitt stated Monday that Trump returned to Washington to "attend to many important matters," but later amended this explanation on social media, linking his departure directly to the Middle East situation. Many market participants interpreted this as a signal that the crisis is escalating to a level where both sides are striking critical infrastructure, prompting speculation that the U.S. might become more involved in supporting its regional proxy. Meanwhile, the president continues to take a hands-off approach, saying he's unaware or uninvolved—only intensifying the negative effects of growing uncertainty.

On these developments, crude oil prices, which had started to correct lower and energy sector stocks, resumed upward movement. Given the likely long duration and potential intensification of the conflict—particularly if Tehran retaliates by striking U.S. military bases or blocking sea trade routes off its coast (especially if aggressive Western nations join the fray)—we may soon see oil prices soar to $100, $150, or even higher. That would deliver a severe blow to Western economies and global trade overall, with all the negative ripple effects such a crisis entails.

Meanwhile, worsening conditions in the U.S. economy may force the Federal Reserve to resume rate cuts, which could drive inflation even higher despite already being far from the 2% target. This conflict could throw the U.S. back into an era of double-digit inflation not seen since the 1970s–80s.

In such a scenario, the U.S. dollar would lose its status as a safe-haven asset, and interest in dollar-denominated assets would fade. At the forefront would be the massive U.S. national debt, which Washington will likely never be able to repay to foreign creditors.

Considering these dynamics, one can conclude that failure to de-escalate the Middle East crisis could soon pull more countries into its orbit and trigger a new world war with catastrophic consequences.

What to Expect in Today's Markets?
Today, investors are focused on the release of U.S. retail sales data. However, it's important to note that markets remain preoccupied with the Middle East. Events unfolding there will continue to dictate risk appetite and asset flows. For now, investors remain hopeful that full-scale war can be avoided, which has so far prevented gold and oil prices from skyrocketing. Stocks, cryptocurrencies, and the U.S. dollar are consolidating in tight ranges. This behavior is likely to continue even after the Fed's policy decision tomorrow, which isn't expected to offer new insight into Chairman Jerome Powell's stance on either internal or external crises.

Forecast for the day:
Bitcoin
BTC continues to trade in a broad but gradually declining range. The wave of negative sentiment—now amplified by Middle East tensions—puts pressure on crypto demand. Bitcoin is likely to fall further. A drop below $106,733 may trigger a move down to $104,129 and possibly to $100,350, which marks the lower boundary of this short-term trend. The sell level to monitor is $106,504.80.

EUR/USD
The pair is surging rapidly. The euro, viewed as an alternative to the dollar, is rising not because of eurozone strength but because investors are fleeing dollar assets amid fears that U.S. involvement in the Middle East conflict could severely undermine the greenback. Markets have essentially abandoned the long-standing notion that the dollar, as the world's reserve currency, offers protection from financial turmoil. However, if the Fed holds policy steady, that might lead to profit-taking, causing a correction in EUR/USD. A drop below 1.1540 could spark further downside toward 1.1420. The key sell level to monitor is 1.1535.

The main events by the morning: June 18

The Fed meeting will be held today – the markets are waiting for a rate decision. Last time, in March, officials expected an average of two declines in 2025, given the uncertainty surrounding Donald Trump's economic policy. Most observers do not expect changes today either: many members of the regulator tend to maintain previously announced guidelines, despite new risks.

The United States will not impose sanctions against Russia until at least July due to an overloaded international and domestic agenda. At the same time, the sanctions bill on 500% duties for buyers of Russian oil and gas is still being finalized in the Senate. At the same time, exceptions are being considered for countries that support Ukraine but continue to purchase energy resources from Moscow.

The first investment fund for mining cryptocurrencies has appeared in Russia. The Power Systems company has launched a closed–end mutual investment fund Finam - Cryptozavod 1.0 for qualified investors, which allows them to become co-owners of a mining business. A five-year fund with a volume of 850 million rubles or more and a minimum entry amount of 5 million rubles assumes a yield of 49% per annum and a commission of 1% of the asset value.

Consumer prices in the eurozone rose by 1.9% year-on-year in May. The result coincided with the preliminary estimate and the consensus forecast of analysts. This is stated in the report of the statistical office of the European Union, which provided the final data. Thus, inflation slowed down from 2.2% in April.

China is promoting the digital yuan in its quest for a multipolar currency system. An international operations center for the digital yuan will be established in Shanghai, driven by interest in alternatives to the dollar amid trade disputes between the United States and China. Beijing is striving to make the yuan a global reserve currency, but the lack of full convertibility of capital slows down this process.

The main events by the morning: June 19

Russia and China condemn Israel's actions that violate the UN Charter: the result of a telephone conversation between Putin and Xi Jinping. The two countries have the same position: both leaders are confident that the resolution of the situation in the Middle East cannot be achieved by force, but only by political and diplomatic methods.

Microsoft will lay off thousands of employees amid investments in AI. WSJ reports that the company is planning several thousand layoffs. They will affect sales teams and other departments. The planned staff reduction is taking place against the background of growing investments in AI – in May, about 6 thousand software developers were already laid off.

Platinum has peaked in more than 10 years amid increased demand and supply shortages. Spot prices rose by more than 2%, reaching $1,350.17 per ounce. Since the beginning of the year, the value of platinum has increased by more than 45% due to a shortage of supply and active replenishment of stocks by jewelry manufacturers. There is also a growing interest from Asian buyers, especially from China and India. Tensions in the Middle East are further stimulating purchases of platinum as a safe asset.

The Central Bank of Norway lowered the rate for the first time in 5 years – from 4.5% to 4.25% per annum. This decision by the central bank came as a surprise to analysts and caused a drop in the national currency and government bond yields. The dollar rose by 1.5% against the Norwegian krone, the euro – by 0.9%. At the same time, the yield on ten–year government securities decreased by 10 basis points to 3.95% per annum, which is the lowest since May 12. Norges Bank has kept the rate at its highest level in 15 years since December 2023.

Euro-based stablecoins may start competing with the US dollar by 2028. Experts predict that the weakening of the dollar, which has reached a three-year low, creates opportunities for strengthening the euro as a reserve currency. Currently, the market is dominated by 56 stablecoins pegged to the dollar, against 12 pegged to the euro. And when this gap narrows, more euro-based stablecoins will appear.
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Iran attacks exacerbate oil crisis: S&P 500 freezes ahead of key US data

Markets on Edge: Investors Brace for Sell-Off After US Strike on Iran
Financial markets are on alert this Monday as investors anticipate a sharp downturn following a US military strike on Iran over the weekend. The potential for retaliation and a surge in oil prices is weighing heavily on global sentiment.

Middle East Tensions Eclipse Economic Reports
The escalating crisis in the Middle East has overtaken the release of US economic data as the primary focus for investors. The unexpected move by President Donald Trump to back Israel's military campaign against Iran has heightened concerns over market volatility, inflation trends, and the Federal Reserve's next steps on interest rates.

S&P 500 Stalls Below Record Highs
The S&P 500 index, while rebounding from early April losses, remains approximately 2.7 percent below its February peak. Despite nearing the 5 percent threshold from its previous high over the past 27 trading sessions, it has yet to reach a new record.

Oil Prices Climb, Markets Hold Their Breath
The growing conflict between Israel and Iran has already driven oil prices higher. Though equities have remained relatively stable so far, market participants remain wary. A sustained rise in energy prices could fuel inflation and disrupt the Fed's expected path toward interest rate cuts.

Fed Holds Rates Steady, But Leaves the Door Open to Cuts
During its Wednesday meeting, the US Federal Reserve kept interest rates unchanged. Policymakers signaled that borrowing costs could still decline later this year, though the expected pace of rate cuts is likely to be slower than projected in March. Officials pointed to anticipated inflationary pressure, potentially fueled by President Donald Trump's tariff plans, as a reason for the revised outlook.

A Data-Heavy Week Ahead for US Markets
Investors are bracing for a flood of key economic reports. Monday brings updates on US business activity and home sales. Consumer confidence figures are set for release on Tuesday, followed by Friday's PCE price index, the Fed's preferred measure of inflation.

Consumers Cautious, But Sentiment May Be Rebounding
US consumer confidence has dipped in recent months amid fears that tariffs could push the economy toward recession and stoke inflation. However, with inflation remaining tame and the US-China trade conflict showing signs of de-escalation, market participants are hoping for a rebound in household sentiment.

European Stocks Struggle for Direction Amid Middle East Escalation
European markets opened the week with mixed performance, as rising geopolitical tensions weighed on investor mood. The joint US-Israeli strikes on Iran's nuclear facilities over the weekend introduced fresh uncertainty into an already fragile global landscape.

Key European Indices:
STOXX 600: down 0.01 percent to 536.57 points;
Germany (DAX): down 0.1 percent;
France (CAC 40): down 0.1 percent;
Spain (IBEX): up 0.1 percent;
United Kingdom (FTSE): up 0.04 percent.
Deadline Nears: Trade Talks Falter as Tariff Expiry Looms
With the July 8 deadline to lift US tariffs approaching, negotiations with Washington appear to have stalled. Hopes for a breakthrough are fading, adding to market uncertainty.

Eurozone Growth Stalls Again in June
Economic momentum across the eurozone remained stagnant for the second consecutive month. According to a report released Monday, the service sector — typically the driving force of the region's economy — showed only modest improvement. Meanwhile, manufacturing activity registered no change at all.

UK Sees Modest Rebound in Business Activity
In contrast, the United Kingdom posted a slight uptick in business activity for June, offering a tentative sign that the domestic economy may be stabilizing.

Tech and Energy Lead Market Gains
Technology stocks led the advance across European markets, climbing 0.6 percent. The energy sector followed with a 0.3 percent gain, fueled by rising oil prices amid renewed concerns over supply disruptions following strikes on Iranian facilities.

Defense Sector Under Pressure
Shares in the European aerospace and defense industry declined by 0.9 percent, as investor sentiment shifted in light of escalating tensions and market volatility.

Corporate Headlines: Mergers, Divestitures, and Clinical Results
Spectris soared by 14.9 percent after private equity firm Advent announced its intention to acquire the scientific instruments manufacturer in a deal valued at 4.4 billion pounds;
Holcim gained 11.1 percent after the Swiss construction materials giant completed the spin-off of its North American division, Amrize, marking a key step in its restructuring strategy;
Novo Nordisk declined by 2.8 percent following the release of full results from late-stage clinical trials of its experimental weight-loss drug, CagriSema. Despite reaching this advanced phase, the market's reaction was tepid;
UCB advanced 4.4 percent after Morgan Stanley upgraded the Belgian biopharmaceutical company's rating from "equal weight" to "overweight," citing improved growth prospects

Iran-Israel peace hint rattles markets: What's happening to oil, gold and currencies

Global Markets Rally as Oil Tumbles Amid Middle East Tensions
Global equity markets ended Monday on a high note, shaking off concerns over growing tensions in the Middle East. Investors appeared unfazed by Iran's retaliatory strikes on US military facilities in Qatar, focusing instead on broader market momentum. Meanwhile, oil prices plummeted following recent highs not seen in months.

Iran's Strikes Seen as Controlled Move
Tehran's decision to launch airstrikes on American bases in Qatar sent ripples through geopolitical circles, but the market response was surprisingly calm. According to a senior regional source, Iran had informed the United States through diplomatic channels ahead of the attack — a move interpreted as a bid to de-escalate the situation rather than provoke further conflict.

Oil Slides Sharply After Reaching Recent Peaks
Oil benchmarks, which had recently surged to five-month highs, reversed direction sharply on Monday.

Brent crude dropped by 7.2% to close at 71.48 dollars per barrel, while WTI fell by the same margin to 68.51 dollars.

Index Performance Recap
Despite geopolitical uncertainty, Wall Street closed in the green:

Dow Jones: +0.89% to 42,581.78;
S&P 500: +0.96% to 6,025.17;
Nasdaq Composite: +0.94% to 19,630.98.
In Europe:

STOXX 600: -0.28%.
Across Asian markets:

MSCI Asia Pacific (excluding Japan): -0.70%.
The broader MSCI World Index gained 0.49%, reflecting a more optimistic global investment climate.

Fed's Bowman Hints at Rate Cuts as Labor Market Risks Rise
Federal Reserve Vice Chair for Supervision Michelle Bowman suggested on Monday that the US central bank may be approaching a point where lowering interest rates becomes appropriate. Her growing concern about labor market vulnerabilities appears to be overtaking previous fears about persistent inflation driven by high import tariffs.

Her comments prompted a swift reaction in financial markets, especially among currency traders.

Mixed Signals on Currency Markets
Following Bowman's remarks, the US dollar posted mixed results. It rose slightly against the Japanese yen by 0.08 percent to reach 146.15 but declined by 0.68 percent versus the Swiss franc, settling at 0.81260. The euro recovered from earlier losses and gained 0.49 percent to reach 1.157675 dollars.

The dollar index, which tracks the greenback against a basket of major currencies, slipped by 0.5 percent to 98.39.

Gold Prices Rebound After Early Losses
Precious metals saw upward momentum as well. Spot gold rose by 0.23 percent to 3375.71 dollars per ounce, while US gold futures advanced by 0.3 percent to 3395 dollars.

European Stocks Rally on Truce Announcement
Investor sentiment soared across European markets on Tuesday after former US President Donald Trump announced a ceasefire agreement between Iran and Israel. The news was greeted with relief by traders, boosting appetite for risk across global exchanges.

The STOXX 600, a broad gauge of European equities, rose by 1.4 percent to 542.6 points. Germany's DAX index led the gains with an increase of nearly 2 percent.

Israeli Prime Minister Benjamin Netanyahu confirmed that his government accepted the US-brokered ceasefire proposal.

Oil Drops to Two-Week Lows as Supply Fears Fade, Gold Retreats on Risk Appetite
Oil prices fell to their lowest levels in two weeks amid a noticeable decline in supply-related concerns. Meanwhile, investor appetite for riskier assets pushed gold prices down to nearly two-week lows, signaling a broader shift in market sentiment.

Market Split: Energy Slips While Travel Stocks Surge
Sectors responded differently to the shifting market dynamics. Energy shares declined by 3.5 percent, reflecting the weakness in oil prices. In contrast, travel and leisure stocks rallied, rising by 4.3 percent, supported by growing investor optimism about global economic resilience and consumer demand.

AstraZeneca Gains as Lung Cancer Drug Gets US Approval
Shares of UK-based pharmaceutical giant AstraZeneca rose by 1.3 percent after the company, alongside its Japanese partner Daiichi Sankyo, received approval from US regulators for their precision lung cancer treatment, Datroway. The approval is seen as a significant milestone in the company's oncology pipelines.

Spotlight on Powell's Congressional Testimony
Investor attention is now focused on upcoming remarks by Federal Reserve Chair Jerome Powell before the US Congress. His testimony is expected to provide crucial clues about the central bank's policy direction and could influence financial markets in the short term.

The main events by the morning: June 25

Russian oil has broken two records at once: a record high price and record low imports. The cost of a barrel of Urals crude oil last week exceeded $68, which was the highest since January. Now the price of Russian oil has dropped to $65-$65.23 per barrel. At the same time, shipments fell to a minimum in 2 months — 220 thousand barrels per day. During the week, this figure decreased by 4%.

The duty on wheat exports from Russia has been reduced 2.3 times since June 25. Now the duty rate is 248.3 rubles against 566 rubles per ton a week earlier, the Ministry of Agriculture said. The duty on barley will once again be zero, and on corn it will decrease to 358.1 rubles from 397.3 rubles per ton. The new rates will be valid until July 1.

Some American media outlets claim that the United States has failed to destroy Iran's nuclear program. CNN, citing U.S. intelligence, notes that the main components of the country's nuclear program have not been destroyed. The US attack most likely only set the nuclear program back a few months. Trump critically disagrees with the intelligence data and publicly defends the success of the attack on Iran.

China has become more interested in building the Power of Siberia-2 amid the conflict between Iran and Israel. It showed that oil supplies from the Middle East may not be so reliable, and China needs stable alternatives. However, the problem is that China is trying to promote not very favorable conditions for the Russian Federation and purchase gas at almost the same price at which it is sold on the Russian domestic market.

The UK will spend the proceeds from the Russian frozen assets on missiles for Ukraine. The country will supply 350 latest air defense missiles. The ammunition is planned to be used with the help of Raven systems previously supplied by the UK — five of them are still on their way to Ukraine.