Israeli media, says Iranian attacks on Tel Aviv, Haifa heaviest barrage since war began'Unprecedented' number of US Air Force aerial refueling tankers heading toward Europe (not necessarily to the Middle East, but perhaps)Israel has detected another wave of ballistic missiles launched from IranTrump says US will continue to support IsraelReports that Iran tells Qatar, Oman it won’t negotiate with US ‘while under attack’Al Jazeera cite Iran Foreign Minister: "will prepare the ground for a return to diplomacy"A US official has said again that the US is not considering joining the war with Iran
China:
China refuses to approve exports of specific rare earth metals used in US weapon systemsChina stats spokesperson: Economic recovery foundation needs strengtheningChina Industrial Output May 2025 +5.8% y/y (expected 5.9%, prior +6.1%)All China May new home prices -3.5% y/y (April -4.0%)PBOC sets USD/ CNY reference rate for today at 7.1789 (vs. estimate at 7.1854)Other:
ICYMI - Bank of Japan to consider halving JGB taper pace from 2026New Zealand surveyed economists expect turnaround to slightly better growth in year aheadICYMI Trump over the weekend: said "possible" the US could get involved in Israel-IranSouth Korea says it will provide financial and shipping support to exportersICYMI - New bank loans in China rose less than expected in MayAsking prices for UK homes show biggest June fall since 2011New Zealand’s Services PMI for May remains in deep contraction at 44.0 vs. prior 48.1USD/JPY has risen above 144.50Oil futures open higher to begin the new week / US equity index futures lowerFutures trade is about to open for the new week - Israel-Iran attacks continuePBOC says it will will inject cash via outright reverse repos for the second timeTrade ideas thread - Monday, 16 June, insightful charts, technical analysis, ideasMonday open levels, indicative FX prices, 16 June 2025Tensions between Israel and Iran surged over Sunday and Monday, as both sides launched fresh attacks, fuelling fears of a broader regional conflict.
The Israeli Defence Forces struck missile sites in central Iran, along with Revolutionary Guard facilities in Qazvin and the Parchin military complex near Tehran. Iran responded with its most extensive missile barrage to date, with footage suggesting ballistic missile impacts at the Haifa Oil Refinery and near Tel Aviv and Jerusalem.
Gold rose for a fourth straight session to a near two-month high as safe-haven demand picked up. Oil gapped higher at the open, buoyed by reports that Israeli strikes may have targeted Iranian energy infrastructure. However, prices later retraced, filling the gap as markets assessed escalation risks.
Adding to concerns over potential regional spillover, a large-scale military airlift appears to be underway, with an unusually high number of U.S. Air Force KC-135 and KC-46 aerial refueling tankers departing from bases across the U.S. and seemingly preparing to cross the Atlantic toward Europe.
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Japanese government bond prices fell in the Tokyo morning session as inflation concerns outweighed safe-haven demand. Yields rose, tracking oil prices higher amid the Israel-Iran tensions. The Bank of Japan meets today and Tuesday, with policy expected to remain unchanged, though focus is on potential plans to slow the pace of JGB tapering from 2026. USD/JPY rose during the session.
China’s new home prices fell at the fastest pace in seven months in May, down 0.22% from April, highlighting persistent weakness in the property sector and prompting renewed official pledges to stabilise the market.
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Other:
Group of Seven leaders meet in Canada this week. There are many other nations in attendance, trade talks with Trump top of the agenda. the US Federal Reserve's Federal Open Market Committee (FOMC) meet on WednesdayBank of Japan statement is due Tuesday, Japan time (see above), as always, there is no firm time scheduled for the releaseBrent update, gap and back-fill:
This article was written by Eamonn Sheridan at www.forexlive.com. Read More Details
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