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Early Thursday in Asia, Sputnik came out with the news of the escalation of geopolitical tension between Turkey and Syria. The news mentions that the Turkish Ministry of Defence reported on Wednesday that two Turkish soldiers were killed and 2 injured in an airstrike in Idlib, Syria, the ministry said in a statement on Twitter.

Translation of the tweet from Turkish Military:

“As a result of an air attack on our elements in the Idlib region to provide a ceasefire, 2 of our hero gunmates were martyred and 2 of our hero gunmen were injured. Regime targets in the region were immediately taken under fire; continue to be taken.”

FX implications

While the update is a risk-negative, the market’s current attention is on coronavirus that keeps the risk-tone heavy. That said, the S&P 500 Futures and USD/JPY remains under pressure by the press time around 3,100 (-1.03%) and 110.38% (-0.05%) by the time of writing.