LIVE MARKETS-Friday flight to safety
Uncertainty looms as safe-haven currencies, gold, and crude oil jump due to reports of Israel launching an attack on Iran. A further flight to safety is expected before the weekend, with rising geopolitical tensions in the Middle East. Last Friday, safe havens rallied ahead of possible escalation.
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FRIDAY FLIGHT TO SAFETY
Safe-haven currencies, gold and crude oil jumped after the latest reports of Israel launching an attack on Iran, with markets jittery about the next steps. While moves had eased a bit by the European open, another burst of “risk off” seems likely by the end of the day.
Israel launched an attack on Iranian soil on Friday, sources said, in the latest tit-for-tat exchange between the two arch foes. A senior Iranian official told Reuters Iran has no plan to strike back immediately, while state media had an initially subdued response to the attack.
Still, uncertainty looms.
“We will likely see a further flight to safety before the weekly closing bell on fear of further escalation of tensions during the weekend,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.
“Shorting oil and gold is risky as Middle East is boiling. Having exposure to these commodities is a good hedge against the rising geopolitical tensions in the region.”
Last Friday, safe havens like U.S. Treasuries, gold and oil all rallied ahead of possible escalation over the weekend, before giving back some of those gains Monday.
(Anna Pruchnicka)
FOR FRIDAY’S OTHER LIVE MARKETS POSTS
RISK OFF CLICK HERE
FUTURES FLASHING RED CLICK HERE
MIDEAST FLARE-UP SPOOKS MARKET CLICK HERE
Iran’s Oil Exports Since 2018