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Early on Thursday, the US Secretary of State Mike Pompeo praised the Australian Prime Minister’s clear go for participating in the US-led naval mission in the Strait of Hormuz.

Key quote

We heartily welcome Australia’s announcement of its joining freedom of navigation patrols in the Strait of Hormuz as part of the growing International Maritime Security Construct.

FX impact

While news like this has little direct impact, it can exert downward pressure on market’s risk tone, which in turn can be capitalized by the safe-havens such as the Japanese Yen (JPY) and Gold.