OIL prices rallied while the dollar and yen advanced Monday after Hamas launched a shock attack on Israel at the weekend, sparking fresh concerns about tensions in the Middle East. However, SPI Asset Management's Stephen Innes warned: "Historical analysis suggests that oil prices tend to experience sustained gains after the Middle East crises. "But with Middle East analysts considering this to be a pivotal moment for Israel, the view looks incendiary in any current scenario." The yen, considered one of the safest currencies, strengthened against the greenback, though it still remains locked around 11-month lows. There were also losses in Sydney, Singapore, Manila and Wellington, though Sydney and Jakarta eked out gains.

Source: Manila Times October 09, 2023 15:20 UTC