Israel Orders North Gaza Evacuation, US Labels Hamas Worse Than ISIS; Oil Surges
Portfolio Pulse from Piero Cingari
The escalating conflict in Gaza Strip has led to increased risk aversion in global markets. Israel's Defense Forces have issued an evacuation mandate for the northern sector of Gaza, which could affect over 1 million Palestinians. This has led to a surge in safe-haven assets, with Treasuries rallying and yields retracting. Gold, as tracked by the SPDR Gold Trust (GLD), saw a 1.6% uptick, while the U.S. dollar index (DXY), as tracked by the Invesco DB USD Index Bullish Fund ETF (UUP), held steady. The Israeli shekel fell 0.6% against the dollar. Amid the turmoil, oil prices surged by over 3.5%.

October 13, 2023 | 1:18 pm
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POSITIVE IMPACT
Gold, as tracked by the SPDR Gold Trust (GLD), saw a 1.6% uptick due to the escalating conflict in the Gaza Strip.
The conflict in the Gaza Strip has led to increased risk aversion, causing investors to seek refuge in safe-haven assets like gold. This has resulted in an uptick in the price of GLD.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
The U.S. dollar index (DXY), as tracked by the Invesco DB USD Index Bullish Fund ETF (UUP), held steady amid the escalating conflict in the Gaza Strip.
The conflict in the Gaza Strip has led to increased risk aversion, but the U.S. dollar index, as tracked by UUP, has remained steady. This suggests that investors are not fleeing from the dollar despite the geopolitical tensions.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100