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Forex Today: Risk Sentiment Improves as Mideast Tension Lowers

The apparent absence of an immediate retaliation by Israel to Iran’s weekend attack has seen markets open with somewhat improved risk sentiment.   

  1. Saturday night saw Iran launch a significantly-sized attack against Israel using drones, cruise missiles, and ballistic missiles. Israel and cooperating nations managed to intercept almost everything fired, and Israel suffered only one casualty and some very minor damage to a military airbase. It seems that the USA has talked Israel out of retaliating, at least for the time being, and this has seen tensions in the region lessen. We can expect to see the prices of crude oil and gasoline lessen at the same time.
  2. Monday’s Asian session saw the USD/JPY currency pair rise quite strongly to reach a new 34-year high just below the round number at ¥154. Trend traders will be interested here on the long side, although the breakout point is now some way below at ¥152.
  3. The prices of Nickel and Aluminium have shot higher dramatically after new sanctions were placed on Russia, which is a major producer of both metals.
  4. Markets are awaiting releases today of:
  1. US Retail Sales data
  2. US Empire State Manufacturing Index
  1. In the Forex market, since today’s Tokyo open, the strongest major currency has been the Australian Dollar, and the weakest major currency has been the Japanese Yen. The Israeli Shekel is also increasing in value quite strongly.
  2. The minor commodity Cocoa continues to look very bullish after making another higher daily close last Friday, and trading even higher in London this morning. The commodity superfood has almost tripled in value over the last year alone, with many analysts suggesting supply side shortages are at least partly to blame for the meteoric rise. There is more and more demand for Cocoa every year as it is coveted as a key ingredient for chocolate but also as a superfood in its own right. Trend traders will be interested here on the long side. As well as Cocoa futures, there are Cocoa ETNs available which may be more suitable for retail traders and investors.
  3. Markets are awaiting the policy meeting which will take place later today at the European Central Bank. The Bank is expected to leave its Main Refinancing Rate at 4.50%.
  4. There will be high-impact data releases later today concerning US PPI data and Unemployment Claims.

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    Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.


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