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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange Market Review]: Tensions in the Middle East escalate, oil prices are rampant, and gold and US dollars are rising at the same time." Hope it will be helpful to you! The original content is as follows:
On Friday, June 13, safe-haven capital flows dominated the actions of financial markets as investors closely monitor the deepening of the Middle East conflict in the wake of Israel's attack on Iran, targeting locations for nuclear enrichment programs. In the second half of the day, the U.S. Economic Calendar will release the University of Michigan's consumer confidence index for June.
Israeli Prime Minister Benjamin stofoco.comanyahu announced earlier on Friday that they had launched Operation RisingLion to undermine Iran's nuclear infrastructure, ballistic missile plants and its military capabilities. stofoco.comanyahu also pointed out how many days the operation will last. The General Staff of the Iranian Armed Forces responded on Friday that Israel and the United States will "pay a very heavy price." The latest news surrounding the conflict suggests that Israel has intercepted drones launched by Iran in Jordan and Syrian airspace.
U.S. President Donald Trump will hold a National Security Council meeting later that day to discuss the Israel-Iran conflict. White House Secretary of State Marco Rubio issued a statement following the initial attack warning Iran not to retaliate against U.S. interests or personnel.
The US dollar (USD) index gained traction after falling nearly 0.8% on Thursday and traded in the positive zone above 98.00.
Euro/USD rose to its highest level since November 2021 at 1.1600square. The pair remained behind early Friday, trading around 1.1550. The European Economic Calendar will provide data on industrial production and trade differences for April later in the trading day. Several European Central Bank policymakers are also planning to speak.
GBP/USD turned down in early European trading on Friday and fell to 1.3550. Still, the pair is expected to move slightly higher at the close of the week.
The US dollar/yen rebounded after falling below 143.00 in the early Asian session on Friday and rose slightly higher around 143.70.
Gold benefited from the risk-averse market atmosphere, trading above $3,400 in early Friday, up about 1% on the day.
Crude oil prices also soared with immediate response to this development. West Texas Intermediate (WTI) prices corrected lower after rising to their highest since January above $74, with the last trading price approaching $70, still up about 4% on the day.
Euro: The intraday bias of the euro/dollar first turns neutral and is currently down. As long as the support level of 1.1372 is held, it is expected to rebound further. Above 1.1630 will resume a rebound from 1.0176 to 61.8%, with forecasts of 1.0176 to 1.1572, from 1.1064 to 1.1572. However, a breakout of 1.1372 support will indicate a short-term peak and turn down to get a deeper pullback.
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