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Risk Off Continues, Although Markets Away From Extremes

CROSS ASSET

Risk off moves continue to extend on Middle East conflict fears. Headlines have crossed that Israeli missiles have hit an Iran site, per US officials (ABC). This followed earlier reports on Twitter of reported explosions near the City of Isfahan in Central Iran.

  • US equity futures sit off 1.1 %- to 1.4% with Nasdaq futures underperforming. Oil prices are up nearly 3.5% for Brent in terms of the front month contract, last around $90/bbl. Gold is rallying, back above $2400.
  • US Tsys have surged, with yields off around 8-10bps across most parts of the curve, we have moved away from the extremes. In the FX space yen is significantly outperforming, up 0.25% against the USD. The pair did see a brief dip under 154.00, but we have since recovered some ground. AUD and NZD are down by 0.6% and 0.55% respectively, also slightly up from session lows.
  • In Asia FX, the won is off around 1.1%, All other USD/Asia pairs are higher.
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