[MARKET UPDATE] Crude lifts back towards earlier highs, equities dented and the USD lifted on reports that two missiles hit a US patrol boat
- Note, some of the moves are potentially being driven by wider reporting around the new Iranian control zone in the Strait of Hormuz, an updated reported at 09:45BST.
- Note, this has lifted USD/JPY above 157.00; desk is attentive to any potential intervention around/above this level given action in recent sessions.
Context
The headlines indicate rising geopolitical tensions, particularly with Iran, which are impacting crude oil prices and the USD. Elevated concerns surrounding missile strikes on a US patrol boat have resulted in a flight to safety, benefiting the dollar and hitting equities. Traders should monitor the potential for further USD/JPY intervention as it surpasses significant technical levels.
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