ForexLive Asia-Pacific FX news wrap: Oil higher after murderous attack on Israel
<ul><li><a href="https://www.forexlive.com/centralbank/federal-reserve-officials-speaking-today-include-logan-barr-and-vice-chair-jefferson-20231009/">Federal Reserve officials speaking today include Logan, Barr and vice chair Jefferson</a></li><li><a href="https://www.forexlive.com/centralbank/ecb-speakers-coming-up-monday-include-knot-de-cos-de-guindos-and-more-20231009/">ECB speakers coming up Monday include Knot, de Cos, de Guindos, and more.</a></li><li><a href="https://www.forexlive.com/news/us-earthquake-seattle-buildings-swaying-20231009/">US earthquake – Seattle buildings swaying</a></li><li><a href="https://www.forexlive.com/centralbank/bank-of-england-monetary-policy-committee-member-mann-speaking-on-inflation-monday-9-oct-20231009/">Bank of England Monetary Policy Committee member Mann speaking on inflation Monday 9 Oct.</a></li><li><a href="https://www.forexlive.com/news/us-partial-market-holiday-on-monday-9-october-2023-columbus-day-20231009/">US (partial) market holiday on Monday, 9 October 2023 – Columbus Day</a></li><li><a href="https://www.forexlive.com/news/us-autoworkers-to-go-on-strike-at-volvo-group-owned-mack-trucks-20231009/">US autoworkers to go on strike at Volvo Group-owned Mack Trucks</a></li><li><a href="https://www.forexlive.com/centralbank/pboc-sets-usd-cny-reference-rate-for-today-at-71789-vs-estimate-at-72945-20231009/">PBOC sets USD/ CNY reference rate for today at 7.1789 (vs. estimate at 7.2945)</a></li><li><a href="https://www.forexlive.com/news/monday-morning-trade-in-securities-and-derivatives-has-been-cancelled-in-hong-kong-20231009/">Monday morning trade in securities and derivatives has been cancelled in Hong Kong</a></li><li><a href="https://www.forexlive.com/centralbank/pboc-is-expected-to-set-the-usdcny-reference-rate-at-72945-reuters-estimate-20231009/">PBOC is expected to set the USD/CNY reference rate at 7.2945 – Reuters estimate</a></li><li><a href="https://www.forexlive.com/centralbank/japan-likely-wont-intervene-to-reverse-yen-downtrend-japan-ex-top-fx-diplomat-20231009/">Japan likely won't intervene to reverse yen downtrend – Japan ex-top FX diplomat</a></li><li><a href="https://www.forexlive.com/news/israel-massing-100000-troops-in-southern-israel-to-neutralize-hamas-military-facilities-20231008/">Israel massing 100,000 troops in southern Israel to neutralize Hamas' military facilities</a></li><li><a href="https://www.forexlive.com/news/australia-agreed-to-ensure-a-stable-supply-of-energy-resources-such-as-lng-coal-to-japan-20231008/">Australia agreed to ensure a stable supply of energy resources such as LNG, coal to Japan</a></li><li><a href="https://www.forexlive.com/news/workers-at-chevrons-two-lng-in-western-australia-voted-to-restart-strikes-on-friday-20231008/">Workers at Chevron's two LNG in Western Australia voted to restart strikes on Friday</a></li><li><a href="https://www.forexlive.com/news/gold-update-higher-after-the-hamas-weekend-attack-on-israel-20231008/">Gold update – higher after the Hamas weekend attack on Israel</a></li><li><a href="https://www.forexlive.com/news/us-markets-open-globex-sunday-evening-trade-sp-nasdaq-down-oil-up-20231008/">US markets open (Globex Sunday evening trade): S&P, NASDAQ down, oil up</a></li><li><a href="https://www.forexlive.com/news/japan-has-issued-a-tsunami-advisory-izu-island-area-eastern-japan-20231008/">Japan has issued a tsunami advisory – Izu Island area (eastern Japan)</a></li><li><a href="https://www.forexlive.com/news/wall-street-journal-reports-that-iran-helped-plot-the-attack-on-israel-20231008/">Wall Street Journal reports that Iran helped plot the attack on Israel</a></li><li><a href="https://www.forexlive.com/news/airlines-cancel-flights-into-tel-aviv-isreal-after-hamas-murderous-attacks-on-civilians-20231008/">Airlines cancel flights into Tel Aviv, Isreal after Hamas murderous attacks on civilians</a></li><li><a href="https://www.forexlive.com/news/trade-ideas-thread-monday-9-october-2023-20231008/">Trade ideas thread – Monday, 9 October 2023</a></li><li><a href="https://www.forexlive.com/news/monday-morning-open-levels-indicative-forex-prices-9-october-2023-usd-higher-20231008/">Monday morning open levels – indicative forex prices – 9 October 2023 – USD higher</a></li><li><a href="https://www.forexlive.com/centralbank/newsquawk-week-ahead-fomc-minutes-ecb-minutes-us-china-cpi-and-uk-gdp-20231008/">Newsquawk Week Ahead: FOMC minutes, ECB minutes, US & China CPI and UK GDP</a></li><li><a href="https://www.forexlive.com/news/weekly-market-outlook-09-13-october-20231008/">Weekly Market Outlook (09-13 October)</a></li><li><a href="https://www.forexlive.com/news/as-the-scope-of-hamas-attacks-come-into-view-the-middle-east-future-grows-murky-20231008/">As the scope of Hamas attacks come into view, the Middle East future grows murky</a></li><li><a href="https://www.forexlive.com/news/saudia-arabia-willing-to-boost-oil-production-if-prices-are-high-to-win-us-agreement-20231007/">Saudia Arabia willing to boost oil production if prices are high to win US agreement</a></li></ul><p>
The
horrific news over the weekend was that Hamas launched a massive
attack against Israel from Gaza, way beyond anything seen in decades
including:</p><ul><li><p>
over
3,000 missiles launched into Israel</p></li><li><p>
a
ground attack targeting civilians that killed more than 700 innocent
people, including
more than 200 kids at a music festival. A music festival.
</p></li><li><p>
military
and civilian hostages
taken, some already executed by the terrorists</p></li></ul><p>As
I post, the death toll due to the attack and its immediate aftermath
is now over 1,100.</p><p>Markets
responded in the early Monday hours, with only FX markets
functioning, with a bid for the safe-haven US dollar and, to a lesser
extent, JPY. More markets reopened in the following hours:</p><ul><li>oil
is higher, jumping more than 4% as I update
</li><li>gold
is up</li><li>US
Treasury futures rose, Japanese markets were out on a holiday today
so cash Treasury trade was limited</li><li>‘risk’
traded lower – equities and equity index futures, and risk
currencies such as AUD</li></ul><p>As
I update there have been partial retracements in
markets but oil remains not too far from its session high. This is
happening at a time with the US strategic petroleum reserve is at
historically low levels.</p><p>There
was little other news, but just noting:</p><ul><li>Japan,
Taiwan and South Korea were closed for a holiday on Monday. Taiwan
will remain closed on Tuesday.
</li><li>Morning
trade on the Hong Kong Exchange was closed due to Typhoon
Koinu. The
typhoon has hit
just a month after the city was paralyzed by record-breaking
rainfall.</li><li>Union
workers at Volvo-owned Mack Trucks rejected a proposed five-year
contract deal and will go on strike at 7 am on Monday, the United
Auto Workers confirmed.</li></ul><p>Reminder, it's a partial market holiday in the US today. The NYSE and Nasdaq will be open but the bond market will be closed. </p>
This article was written by Eamonn Sheridan at www.forexlive.com.
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