Iran warns US against Hormuz transit

Agustin Wazne FXStreet

Iran’s top joint military command issued a series of warnings on Monday over the Strait of Hormuz, saying any unauthorized United States (US) transit would be confronted and cautioning neighboring countries against supporting Washington.

Key takeaways:

Iran will not allow the United States to intervene in the management of the Strait of Hormuz.
Any attempt by the United States to transit through the Strait without Iran’s authorization will be strongly confronted.
To the leaders of regional countries, any cooperation with the United States will be considered war against Iran.
If the war widens, it will reach all the countries of the region. Responsibility lies with the United States and its allies.”

Author

Agustin Wazne

FXStreet

Agustin Wazne joined FXStreet as a Junior News Editor, focusing on Commodities and covering Majors.

GBP/USD looks offered near 1.3370

The now better tone in the Greenback weighs on the risk complex and sends GBP/USD to the area of three-day troughs around 1.3370. Indeed, Cable adds to Friday’s pullback and returns to the area below its 200-day SMA, leaving the door open to a deeper retracement in the near term.

EUR/USD comes under pressure, challenges 1.1400

EUR/USD fades the earlier bull run and faces renewed selling interest at the beginning of the week. That said, the pair builds on Friday’s losses and approaches the 1.1400 region in response to a decent rebound in the US Dollar.

Gold struggles to rebound, trades well below $4,100

Gold struggles to recover after opening with a bearish gap and trades well below $4,100, losing more than 1% on a daily basis. The US Dollar (USD) stays resilient against its rivals as markets cling to a cautious stance amid the persistent uncertainty in the Middle East. Tuesday's CPI inflation data from the US and Fed Chair Warsh's testimony could trigger the next big reaction in the precious metal.

Crypto Today: Bitcoin, Ethereum, XRP stay under pressure as US and Iran exchange fresh attacks

The cryptocurrency market broadly corrects on Monday, as risk-averse sentiment persists amid fresh military attacks between the US and Iran in the Middle East. Bitcoin hovers above $63,000, reinforcing a weak technical structure while Ethereum trades below $1,800 with the next key support near $1,700.

The week ahead: Geopolitical risks rise, Warsh speaks to congress and earnings season gathers pace

It’s a shaky start to the week for financial markets. The oil price has risen by nearly 4% and Brent crude is trading above $79 per barrel. This comes after more attacks between the US and Iran in the Gulf, and statements from the Iranian regime that it has closed the Strait of Hormuz.

Five sessions, one round trip: Why the whipsaw is exactly what Warsh ordered

Markets opened July with a December hike as the base case and spent five trading sessions unlearning and relearning it. A 57K payrolls print bled the tightening bets out of the strip; a re-shut Strait of Hormuz is pushing them back in. Wednesday's minutes from the June FOMC meeting landed mid-round-trip, describing a world that had already stopped existing.