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Crude Oil Soars on US-Iran Tensions, Boosting Dollar & Pressuring EUR/JPY

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The Story

News Summary

  • WTI crude oil soared on US-Iran tensions, boosting inflation expectations and supporting the USD despite falling yields.
  • Higher energy costs pressured EUR and JPY, though JPY found some support from safe-haven demand and potential BOJ intervention.
  • Gold and silver recovered slightly on short-covering but face long-term bearish pressure from fund liquidation.
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