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The price of oil is now above $50 per barrel, as the war in Gaza escalates. This affects the Ausralian and Canadian dollars.

AUD/USD is now at 0.7101, and USD/CAD is at 1.1884 as oil price sits above $50.

Hammas rockets have reached further into Israel. The Israeli army is operating deeper inside the Gaza strip, now seiging Gaza city. The IDF has suffered a few casualties in the last 24 hours.

Also the Lebanese front might join: reports in Lebanon indicate that Hizballah is mounting forces along the southern border. Nasrallah’s men say it’s only defensive, but a second front could be opened in the middle east, and this might be only a “Gaza War” or a “Gaza Conflict”.