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Gaza War Will Make Oil Prices Higher

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By Published: Last Modified: Forex News

Today, Israel made a blitz attack on the Hammas strongholds in the Gaza strip. This is a big move in an ongoing conflict.

Without getting into the complicated mideast politics, a violent conflict somewhere in the middle east always moves oil prices higher.

There’s always a fear that a war in Gaza could flare up the middle east. Arab oil suppliers always make militant declarations, and this causes spikes in oil prices.

Now, in the Forex Market, oil prices always play a role. A change in oil prices has a correlation to the Japanese Yen. It has a much more direct impact on the US dollar, which is dependant on oil imports, and on countries that produce oil.

When the market will open between Sunday and Monday, the news from Gaza will sure shake the markets. AUD/USD, NZD/USD and CAD/USD are always the first to move in such cases.

Despite the thin market during the holidays, the breakout of the conflict will spark spikes in the Forex charts as well.

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Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned the significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.