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Reuters has reported that the US State Department is very concerned about reported attack on Turkish soldiers in Syria. This follows news that twenty-nine Turkish soldiers have been killed in a Syrian government forces attack in Syria’s Idlib.

More here: The killing of 29 Turkish troops creating risk-off in early Asia

FX implications

With the coronavirus sending markets into a technical correction, the last thing long risk positions will want to hear are the drums of war beating over Syria. The usual suspects, such as the yen, CHF and gold will be underpinned by such news that the US will stand by its NATO ally, Turkey.