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Market News Amidst The Current Situation Between Israel And Palestine, The EUR/USD Is Trading Higher At 1.0570

Amidst The Current Situation Between Israel And Palestine, The EUR/USD Is Trading Higher At 1.0570

Despite the geopolitical unrest in the Middle East, EUR/USD is still on the rise. Increased flows into the conventional safe-haven assets could result from the war. The US Dollar (USD) was bolstered by Blockbuster US Nonfarm Payrolls.

TOP1 Markets Analyst

2023-10-09

8989

Commencing the week on a positive note, the EUR/USD pair maintained its gains from Wednesday, closing the early Asian session on Monday at 1.0570.

The markets are keeping a careful eye on the renewed military standoff between Israel and Palestine in the Middle East. There is worry that this violence could intensify and expand to other areas of the region, bringing with it geopolitical unpredictability that might affect world markets.

Increased flows into conventional safe-haven assets like US Treasuries, gold, and the Swiss franc (CHF) may result from the Middle East's increasing turmoil. In periods of global unpredictability, investors frequently turn to these assets for protection.

Furthermore, a new oil price spike could be sparked by the crisis, adding to the inflationary pressures. It may prove to be difficult for central banks and big economies to control these new inflationary trends.

The latest spike in the EUR/USD pair could be attributed to the resurgence of geopolitical tensions. When investors reevaluate their holdings in reaction to the increased uncertainty, such events can cause fluctuations in risk sentiment and have an impact on currency markets.

After three days of losses, the US Dollar Index (DXY) has recovered, and as of this writing, it is trading at roughly 106.20. With the release of the highly anticipated US Nonfarm Payrolls data on Friday, the US Dollar (USD) gained momentum.

The Federal Reserve (Fed) is likely to maintain higher interest rates for an extended length of time, which is why US Treasury yields increased. By press time, the yield on the US Treasury bond maturing in 10 years had once again reached its highest point, hovering at 4.80%.

The labour market's estimate of 170K jobs was surpassed by the jobs report's 336K growth in September. A corrected measurement of 227K was obtained in August. In September, US Average Hourly Earnings (MoM) was 0.2%, which was stable but below the 0.3% forecast. In addition, the annual report revealed a drop to 4.2% when it was anticipated to remain steady at 4.3%.