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Currencies trade flat as markets wait for US-Iran weekend risk
Most major FX pairs held within Wednesday’s ranges while traders stayed cautious ahead of further US-Iran developments.
Markets took a cautious pause across asset classes as investors avoided building new positions ahead of the weekend’s elevated US-Iran risk. While Asia saw a sharp selloff, Europe showed only modest declines and US equity futures were largely steady, signaling a muted cross-asset response.
Brent crude stayed boxed in a familiar USD 85-87 range after a rally stalled below USD 90, and gold slipped back under the USD 4,000 level with limited follow-through selling. In rates, the US 10-year Treasury yield edged higher but did not reclaim the 4.6% level, underscoring the broader wait-and-see tone.
Currency markets were similarly subdued, with nearly all major pairs and crosses trapped within Wednesday’s ranges. One driver of that caution is that recent US military operations have increasingly been described as preparation for broader action, with US strikes targeting Iranian air defenses, radar, missile and drone sites, and maritime assets.
Action Forex also pointed to evolving macro expectations in FX performance, noting the New Zealand dollar as the strongest performer as markets priced additional RBNZ tightening, with the Canadian dollar next. The overall lack of FX movement reflected investors’ reluctance to express a clear direction until the geopolitical outlook becomes clearer.
Latest closeGold $4,067.10 ▲0.1%|WTI crude $80.18 ▲1.1%|Brent $85.39 ▲0.8%