The relief comes as the Israel-Hamas conflict continues to be centered mostly around Gaza. And while the situation is doleful, it isn’t one that is having much economic impact globally – at least for now. Once again, the safety bets ahead of the weekend are being unwound now to start the new week.
S&P 500 futures are up 0.7% while European indices are up around 0.7% to 1.0% as well, keeping a more upbeat mood. The dollar is now marginally lower as well with EUR/USD up from 1.0550 to 1.0775 and GBP/USD up from 1.2100 to 1.2130 currently. Both pairs are now up 0.1% on the day. AUD/USD is leading gains, up 0.5% to 0.6365 but is still caught in a downwards channel in the bigger picture:
AUD/USD daily chart