Commodities Analysis by Ipek Ozkardeskaya covering: British Pound US Dollar, US Dollar Japanese Yen, US Dollar Index Futures, Crude Oil WTI Futures. Read Ipek Ozkardeskaya's latest article on Investing.com
Global headlines were shaken yesterday by the news that Israel is considering striking Iran’s oil facilities, and that Joe Biden may let Israel do it. This comes after Iran’s latest attack, which was in response to a Hezbollah strike on Israel. And that, of course, followed Israel’s ongoing conflict in Gaza.
Tactical longs will benefit from the rising tensions as long as they last, and until the focus will return to the market fundamentals of ample global supply and prospects of slowing global demand.Even though the rising oil prices should not last long , they may have an impact on the short and medium-run inflation outlook. That, combined with strikes in US East and Gulf coasts are inflationary.
And overall, Citi’s US Surprise Index -which has hit a bottom this summer – rebounded strongly since then, and stepped into the positive territory lately, meaning that there are more positive surprises to the data these days than negative surprises and that the Fed doves have probably went far ahead of themselves.Today’s jobs data will be very important in providing a final conclusion to the week’s so far stronger-than-expected US jobs figures.
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