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FOREX: Markets Stabilise Following Iranian Vol, Although Growth Proxy FX Lags

FOREX
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Markets on a surer footing following the Iran-headline induced volatility, with EUR/USD recovering to trade back above lows and US equity markets stabilising after the break below the Monday low for the e-mini S&P. Limits to the extended reaction likely follow expectations that an Iranian attack would be similar in scope to that launched in April - which was successfully defended by Israeli defence mechanisms and resulted in minimal damage.

  • While most currency pairs have partly reversed the initial move, GBP/USD is still slipping, leaving GBP higher against just SEK and NZD as growth proxy currencies remain soft. GBP/USD is now ~150 pips below the cycle high from last week, and nearing 1.3269 support - the 38.2% retracement for the upleg off the mid-September low.
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Markets on a surer footing following the Iran-headline induced volatility, with EUR/USD recovering to trade back above lows and US equity markets stabilising after the break below the Monday low for the e-mini S&P. Limits to the extended reaction likely follow expectations that an Iranian attack would be similar in scope to that launched in April - which was successfully defended by Israeli defence mechanisms and resulted in minimal damage.

  • While most currency pairs have partly reversed the initial move, GBP/USD is still slipping, leaving GBP higher against just SEK and NZD as growth proxy currencies remain soft. GBP/USD is now ~150 pips below the cycle high from last week, and nearing 1.3269 support - the 38.2% retracement for the upleg off the mid-September low.