Reported over 30 dead in Gaza and Israel as fighting quickly escalates

Ross J Burland FXStreet

The news is heating up around the Israel and Palestine conflict and escalations that could lead towards a full-scale war, the UN Special Envoy to the Middle East Peace Process warned Tuesday.

"Stop the fire immediately. We’re escalating towards a full-scale war. Leaders on all sides have to take the responsibility of de-escalation," Tor Wennesland wrote on Twitter.

"The cost of war in Gaza is devastating & is being paid by ordinary people. UN is working w/ all sides to restore calm. Stop the violence now," he said.

This is the worst fighting between Israelis and Palestinians in seven years.

Israeli warplanes have launched raids beginning late Monday in the Gaza Strip in an offensive the army called Operation Guardians of the Wall.

Militants in Gaza have fired rockets at the metropolis of Tel Aviv, the southern city of Ashkelon and Israel’s main airport.

In Gaza, at least 30 Palestinians, including 10 children, had been killed by Tuesday night, and 203 others were wounded, according to health officials.

The conflict started to originally escalate in the Sheikh Jarrah neighbourhood of East Jerusalem since last week, after an Israeli court ordered the evictions of Palestinian families.

In a move that has never been recognized by the international community, Israel occupied East Jerusalem during the 1967 Arab-Israeli war and annexed the entire city in 1980.

The yen crosses should be a focus on risk off and considering how it has recently been favoured as the markets go to funding currency of choice.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

GBP/USD declines as market caution lifts US Dollar

GBP/USD extends its gains for the second successive day, trading around 1.3200 during the Asian hours on Wednesday. The currency pair depreciated as the US Dollar gained momentum, driven by a combination of robust domestic economic data and a complex, mixed geopolitical landscape.

EUR/USD hits one-year low, eyes 1.1350 as bullish USD offsets oversold RSI

The EUR/USD pair drifts lower for the third straight day – also marking the fifth day of a negative move in the previous six – and drops to over a one-year low during the Asian session on Wednesday. Spot prices currently trade around the 1.1365 area, down nearly 0.15% for the day, and seem vulnerable to slide further amid a bullish US Dollar.

$4,050: Gold dives to fresh two-week low as Fed rate hike bets boost US Dollar

Gold drifts lower for the second straight day – also marking the fifth day of a negative move in the previous six – and drops to a nearly two-week low during the Asian session on Wednesday. Despite easing inflationary concerns in the face of the recent fall in Crude Oil prices, traders have been pricing in a greater chance of a rate hike by the US Federal Reserve.

Dogecoin tests a key make-or-break point amid waning retail support

Dogecoin trades below $0.08000 maintaining a steady decline for the seventh straight week. The meme coin is losing its retail strength as DOGE futures Open Interest drops 10% in 24 hours, while institutional demand remains muted with zero inflows so far this week.

"Rearranging the deckchairs on the Titanic": UK's fiscal crisis outlasts another Prime Minister

Keir Starmer's resignation as the UK Prime Minister comes ten years after the Brexit referendum vote, a coincidence that financial markets have been quick to note. The British Pound trades around 1.3220 against the US Dollar on Thursday.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.