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Asia FX: Oil shock keeps tone cautious
Confirmed
In Short: OCBC's Christopher Wong expects Asia ex-Japan currencies to begin the week cautiously due to rising oil prices and renewed US-Iran tensions, despite optimism in equity markets.
OCBC's Christopher Wong expects Asia ex-Japan (AxJ) currencies to start the week on a selectively cautious footing, influenced by renewed US-Iran tensions that have lifted Brent crude prices above US$96.
While optimism around potential peace talks has boosted global equities, currency markets are taking a more cautious approach, particularly affecting the Canadian dollar (loonie).
Equity markets responded swiftly to the developments, with stocks across Asia, Europe, and North America moving higher, but the cautious sentiment in currency markets is expected to persist.
What's confirmed
What's still developing
- Nothing material beyond the confirmed record.