NZD/JPY Exchange rate

EUR/USD trades at around 1.1500 after starting the week on a bearish note. The cautious market stance amid the deepening Middle East conflict and mixed PMI data releases from Germany and the Eurozone cap the pair's upside as focus shifts to US data.

As the Israel-Iran conflict reaches new heights, an old threat is coming back to haunt the markets: that of the closure of the Strait of Hormuz. This narrow arm of the sea in the Persian Gulf, wedged between Iran to the north and the United Arab Emirates and Oman to the south, is much more than a simple sea passage.

Gold price retains its negative bias through the first half of the European session on Monday and currently trades near the lower end of its daily range. The US attack on Iran’s nuclear facilities on Sunday raises the risk of a broader conflict in the Middle East and benefits the US Dollar's status as the global reserve currency.

Solana (SOL) recovers slightly, trading at around $134 at the time of writing on Monday after dipping to a two-month low of $126 the previous day. This price correction was triggered by the rising jitters as the US struck Iran over the weekend, sparking risk aversion in the crypto markets.

GBP/USD is holding its rebound above 1.3400 in the European session on Monday. The fears that Iran would retaliate against US attacks on its nuclear sites continue to support the safe-haven US Dollar. Investors await the June preliminary PMI readings from the UK and the US for fresh trading directives.