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Iran will most likely retaliate and perhaps the first move will involve the disruption of oil shipments through the State of Hormuz.

But, what will China say to that, given nearly 50% of its imported oil comes from the Gulf region?

For now, risk is scaling back and that’s obvious from yen outflows. Watch how the euro and dollar could perform over the next few days.

Timestamps

USDJPY 4H 01:30

EURUSD 4H 03:30

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