From Marc Chandler at Bannockburn Global Forex:
There are two major concerns that are spurring risk off ahead of the weekend. First, the Middle East war is escalating, and there does not seem to be a near-term off-ramp. Second, the rout in technology stocks is rippling through the equity markets, and sharp losses in many Asia Pacific equity markets have been recorded today and the Nasdaq is poised to gap dramatically lower.
The US dollar is mixed but mostly firmer and it looks poised to finish the week on a firm note. Japan’s finance minister threatened to take “decisive action” if necessary, but the yen failed to respond. The yen is weakest for the fourth week in the past five, though volatility is low. The UK will have a new prime minister on Monday, and the prospect of a market-friendly Chancellor of the Exchequer has spurred a Gilt rally, the same was thought of the current Chancellor a couple of years ago....
....MUCH MORE
