Well, there were a few days there where it looked like everyone would settle down and no one else would get killed.
I guess we were all naive. Israel appears to be striking Iran and at this point, the best we can hope for is that the damage is minimal and casualties are low or zero. And then we go back to hoping that Iran doesn’t return fire.
Signs are pointing to the closure of Iranian airspace but so far markets aren’t freaking out too much. That could change quickly once we see the size and scope of the response.
USDJPY 10 mins
WTI crude oil is up 2.4%, trading at $84.60.
Generally the trade here is to fade fear. It’s worked so far but it works until it doesn’t.