-The Geopolitical space is back on the radar as reports suggest that Israel is getting ready for a grounds attack on Gaza with the US providing air support. Market fears surrounding the influence of external players in the conflict is starting to play out – Reactions aren’t exactly out of proportion yet.

-The US Dollar remains supported in the market this week as yields continues to push higher in the market. USDJPY stepped above 150.80 before price corrected lower towards 149.850, price is back to trading around 150.450 as of the time of writing – Intervention by the BOJ could be impending.

-Risk mood (sentiment) is negative this morning as market worries surrounding the middle east conflict returns, rising yields also not helping risk mood much today. Equities are mostly lower on the day with tech stocks the major laggard on the session.

-In the commodities space, USOIL pushed back into the $85.00/bbl yesterday although prices aren’t exactly doing too much this morning just yet. Gold is currently finding support around $1985 and could potentially be on course for another test of $1995 level today.

-In FX, US Dollar is the clearest market mover today as the strongest currency in the market with rising yields staging a major support for the currency.

Cumulative Strength: USD

Cumulative Weakness: EUR and GBP

-EURUSD is running into support around 1.05350 stalling further downsides, If price rises back towards 1.05650 then we could get another opportunity to sell the pair – the ECB monetary decision later is a major risk factor to consider for this trade later today.

-GBPUSD is also lower but running into support on the day, pullback towards 1.2105 could also be considered for further downsides. AUDUSD has found support around 0.6274 and currently testing resistance around 0.6300, if this level holds then we could be in for another leg lower.

-Looking ahead, European Central Bank (ECB) monetary policy decision is the major event on the economic calendar today. The central bank is expected to keep rates unchanged today – President Lagarde press conference is the major event to watch out for today.

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