Maybe not in stride but as Bob Dylan says in Subterranean Homesick Blues: "You don't need a weatherman to know which way the wind blows."
From Marc Chandler at Bannockburn Global Forex:
Overview: After inflicting damage on Iran's proxies (Hamas and Hezbollah), Israel turned to Iran itself following the IAEA's finding that Tehran was in violation of its uranium-enrichment targets. The war continues. The US reportedly helped Israel shoot down missiles aimed at it, but so far Russia, which signed a defense pact with Iran earlier this year has been restrained, as has China, the biggest buyer of Iranian oil. The markets' response will be studied for some time. It is not just the greenback, which seems to have mostly ignored the geopolitical developments, but gold and oil are lower, and stocks are higher. The US dollar is softer against the G10 currencies, but the Swiss franc and Japanese yen are nursing minor losses. Among emerging market currencies that are trading, only the Thai baht and Philippine peso are softer.
Japanese and South Korean equities led Asia Pacific bourses higher today. Among the large markets, only Taiwan and Singapore did not participate in today's advance, though we note that the Taiwanese dollar rose to a new three-year high. Europe's Stoxx 600, which fell in every session last week, is about 0.25% higher today. US index futures are 0.4%-0.5% higher. Benchmark 10-year yields are mostly 1-3 bp higher in Europe, and the 10-year US Treasury yield is up nearly four basis points to 4.43%. Gold initially extended last week's gains. It poked above $3451 before selling pushed it below $3410. It has steadied near $3416. August WTI gapped higher to $75.50 but has been sold back to around $70.60.
USD: Israel's attack on Iran lifted the dollar ahead of the weekend, but it barely rose above the previous session's high. It is trading softer today, but inside last Friday's range....
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