US-Iran Tensions, Yen, and other News of the Market

US-Iran Tensions, Yen,  and other News of the Market

Not much changed since yesterday on the market. The market became a little bit worried as there are tensions between Iran and the United States. Currencies turned volatile on Wednesday. The yen jumped to a three-month peak, but after it retreated. Trump tweets that all is well.

The precious metal is still at an almost seven-year high, a bit below $1600 per ounce. The Swiss franc gave back gains, and so did gold, but to a lesser extent.

Yen Forex

Much depends on what response the United States is planning. Investors’ whole focus is on that.

Sean Callow, the Westpac analyst, said that most people are betting that this is not going to remain our primary focus three months from now.

Initially, the oil prices jumped. Nevertheless, it fell back as analysts said market tensions might ease. It might reduce because extended oil production facilities remain unaffected by attacks.

After a bumpy ride, the Chinese yuan around the afternoon held on to most of Tuesday’s steep gains at 6.9418 per dollar.

On other major currencies, the dollar gave back a few its overnight gains. It fell about 0.1% against the pound, Aussie and kiwi.

Yen

By a strong showing in a non-manufacturing business survey, the dollar had been buoyed overnight.

The market became a little bit worried as there are tensions between Iran and the United States. Currencies turned volatile on Wednesday. The yen jumped to a three-month peak, but after it retreated. Trump tweets that all is well.

More than a dozen ballistic missiles shot through the night from the Iranian territory, said the United States Military. These ballistic missiles were heading towards the two Iraqi military bases.

Iran’s Islamic Revolutionary Guards Corps said they fired missiles to retaliate for last week’s killing of commander Qassem Soleimani, according to a statement on state TV.

It sent the yen to a three-month high. But after, it settled back as the absence of immediate reports of casualties steadied nerves. From both sides, Twitter posts were playing down the prospect of further escalation. It also helped to calm the currency market.

It is the leading news for now.

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