Asia Summary and Highlights 17 July
IRGC reaffirms that no oil and gas will pass through the Strait of Hormuz so long as US attacks continue
Asia Session
And we are back to square one with the IRGC announcing no oil and gas will pass through the Strait of Hormuz. It has been the way since the beginning of the week and the announcement is just a confirmation of the hardball tactics Iran has been using to counter Trump's maximum pressure strategy. AUD/USD is trading 0.24% lower at 0.6980. NZD/USD also trading 0.13% lower while USD/CAD slips 0.05%. Oil is little changed for the session.
USD/JPY is still waiting for the next trigger to break out of recent consolidation. The push and pull between haven USD and JPY have pretty much neutralized each other and see the pair in between. JGB yields are also performing individually but broadly in the same fashion of U.S. Treasury yields. USD/JPY is trading 0.03% higher at 162.43. Else, EUR/USD down 0.03% and GBP/USD is down 0.13%.