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Markets Calm but Trepidation Runs High
Fears that the Israel-Hamas war was going to widen this past weekend sent gold and oil sharply higher at the end of last week. A reportedly more restrained Israeli entrance into Gaza has seen gold pullback back below $2000 (~-0.6%) and December WTI soften (~-1.7%). The US dollar is mostly softer. Stronger-than-expected Australian retail sales fan the risk of a hike next week and this appears to be helping the Australian dollar lead the advancing G10 currencies. The greenback also remains below JPY150. Most emerging market currencies are off to a firm start. Outside of Japan and Australia, Asia Pacific equity markets ... (full story)