Markets saw limited movement Monday, but all eyes are on Israel's next steps after an Iranian drone and missile strike.
Markets saw limited movement Monday, but all eyes are on Israel's next steps after an Iranian drone and missile strike on Saturday.
"I think the FX market ultimately will take its cue from oil prices because ultimately, that's the channel through which it spills over to the FX market," he said.Markets had priced in the "well-telegraphed" event, which explains the price decline, Amrita Sen, founder of Energy Aspects, told CNBC's "Street Signs Europe."
Conflict between Israel and Iran is unlikely to have a severe impact on the global economy, Schmieding continued, pointing to theDisruption to oil shipments through the Strait of Hormuz "would be a very different matter," he said, calling this the "key risk to watch." However, this hit to oil exports would hurt Iran badly, Schmieding continued, meaning that Tehran is unlikely to want to escalate to such a level.
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