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The war in Iran rages on without a clear end in sight, with market participants now bracing for the possibility that the conflict drags on for a matter of months, rather than just weeks.
Risk appetite rebounded on Monday morning after some upbeat comments from President Trump suggested that an end to the Iran war may not be as far off as previously feared.
The war in Iran rages on without a clear end in sight, and as US and Israeli strikes continue, and Iran digs its heels in by continuing to block the Strait of Hormuz, markets are bracing for a conflict that could drag on for a number of months, rather than merely weeks.
Any doubts about whether the dollar still retained its safe haven status in times of geopolitical turmoil have been dispelled.
News of the joint US-Israel attack on Iran broke after the close of trading in a week of relatively mild trading in financial markets.
A tentative rally in the dollar was sharply reversed over the weekend after the US Supreme Court ruled most of President Trump's tariffs to be illegal.
The US dollar confirmed last week that it remains a safe-haven currency of choice for investors during times of global conflict.
The New Year has begun with a bang following the shock ousting and capture of Venezuela President Nicolás Maduro by US forces over the weekend, but the early reaction in currency and futures markets has been calm.
The dollar sold off against most of its peers after the Federal Reserve fell short of delivering on market expectations for a "hawkish cut" last week.
As the results of the UK general election filtered through during the early hours, markets responded with a shrug to the anticipated Labour majority victory under newly-appointed Prime Minister Keir Starmer. Despite a narrower victory margin than both the polls and models had predicted, the impact on sterling has thus far been muted, reflecting investor preparedness for the political landscape that lies ahead.
Investors have no time to rest on their laurels as we approach the Christmas break and year-end, with all of the world’s ‘Big Three’ central banks to unveil their final policy decisions of 2023 this week.
Currencies were thrust out of their recent slumber on Tuesday, as a softer-than-expected US inflation report sent the dollar sharply lower and raised the possibility of a long-awaited dovish pivot from the Federal Reserve at its meeting this evening.
