Oil prices surge on announcement of Hormuz blockade, New York markets swing wildly (7/13~7/17)
Iran's IRGC declared a blockade of the Strait of Hormuz on 7month 12day, and U.S. forces struck about 140military targets inside Iran. As international oil prices rebound, New York's foreign exchange and bond markets are expected to react sensitively to oil prices and U.S. inflation data from 7month 13~17day.
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Next week (7month 13~17day), New York's foreign exchange and bond markets are expected to move around tensions in the Strait of Hormuz and U.S. inflation data. This situation could have an immediate impact on international oil prices, the dollar, and bond yields, drawing intense market attention.
The Islamic Revolutionary Guard Corps (IRGC) of Iran declared a blockade of the Strait of Hormuz at 7month 12day morning, citing an attempt by some vessels to pass illegally under Korean time.
In response to the IRGC's attacks on merchant ships, the U.S. military struck about 140military targets inside Iran.
West Texas Intermediate (WTI) rose last week 3.96%, and thereby 4broke a streak of consecutive weekly declines.
Bond and foreign exchange markets are first watching for any further rise in international oil prices. At the same time, U.S. inflation data to be released this week and remarks from Federal Reserve officials are also key variables.
Remarks by Federal Reserve official Kevin Warsh are scheduled for this week and are drawing attention as his last comments before the Fed enters its official blackout period.
Market participants believe that oil prices, inflation data, and Federal Reserve remarks will determine the direction of the dollar and U.S. Treasury yields.
Sources: 연합인포맥스
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